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Xeris Biopharma (NASDAQ:XERS) traded higher on Thursday after Oppenheimer launched its coverage with an Outperform rating and a $5 per share target, citing its drug formulation technologies, XeriSol and XeriJect.
Designed to administer subcutaneous or intramuscular treatments instead of intravenous infusions, XeriSol and XeriJect enable convenient and economical drug storage and improve it the overall healthcare experience.
Oppenheimer analyst Leland Gershell notes that the company has already attracted partnerships from Regeneron (REGN) and Amgen (AMGN) with its XeriJect formulation, and more deals are likely on the horizon.
Gershell says XeriJect has significant advantages over similar technology from Halozyme (HALO).
XERS’ investigational therapy, XP-8121, based on XeriSol technology, is designed to overcome some of the major limitations in the current management of hypothyroidism.
Topline data for XP-8121 in hypothyroidism, expected in mid-2024 from an interim study, “will increase our confidence in this candidate’s potential $1 billion-plus sales opportunity and catalyze investor interest,” the analyst wrote.