Xeris Biopharma (XERS)


Market Price (11/3/2026): $10.2 | Market Cap: $1.9 BilSector: Health Care | Industry: Pharmaceuticals

Xeris Biopharma (XERS)


Market Price (11/3/2026): $10.2
Market Cap: $1.9 Bil
Sector: Health Care
Industry: Pharmaceuticals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 36%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%

Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 159x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 31x

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 67%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.1%

Key risks
XERS key risks include [1] its dependence on a limited product lineup and a history of unprofitability, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 36%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%
2 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.
3 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 159x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 31x
4 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 67%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.1%
6 Key risks
XERS key risks include [1] its dependence on a limited product lineup and a history of unprofitability, Show more.

XERS in ETFs

Weight = XERS's share of each fund

VTI0.00%
ITOT0.00%
IWM0.06%
IWO0.12%
VTWO0.05%
SCHA0.05%
DFAS0.02%
VHT0.02%
+3 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/2/2026

Xeris Biopharma (XERS) stock has gained about 25% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Revenue Growth and Positive Guidance.

Xeris Biopharma reported robust financial results for fiscal Q2 2026, which ended June 30, 2026, announcing on August 6, 2026, that total revenue increased to over $92 million, surpassing analyst estimates of $90.12 million. This growth was significantly driven by a 34% year-over-year increase in net product revenue, with Recorlev net revenue rising 81% year-over-year to approximately $57 million. Despite a reported earnings per share (EPS) loss of ($0.18) due in part to a one-time non-cash GAAP charge related to convertible note remeasurement, the company tightened its full-year 2026 total revenue guidance to a favorable range of $385 million to $390 million, indicating confidence in its operational performance.

2. Positive Intellectual Property Developments and Pipeline Advancement.

The company strengthened its intellectual property portfolio with key patent announcements, including a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for a new Keveyis patent, expected to extend protection through at least 2039. Additionally, a second patent (U.S. Patent No. 12,691,089) for XP-8121, an investigational drug candidate for hypothyroidism, was granted by the USPTO on July 28, 2026. Further demonstrating pipeline progress, Xeris Biopharma hosted a webinar on September 9, 2026, to detail the Phase 3 development program for XP-8121, highlighting its potential in addressing a significant patient population.

Show more
Updated on 11/2/2026

Xeris Biopharma (XERS) stock has gained about 25% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Revenue Growth and Positive Guidance.

Xeris Biopharma reported robust financial results for fiscal Q2 2026, which ended June 30, 2026, announcing on August 6, 2026, that total revenue increased to over $92 million, surpassing analyst estimates of $90.12 million. This growth was significantly driven by a 34% year-over-year increase in net product revenue, with Recorlev net revenue rising 81% year-over-year to approximately $57 million. Despite a reported earnings per share (EPS) loss of ($0.18) due in part to a one-time non-cash GAAP charge related to convertible note remeasurement, the company tightened its full-year 2026 total revenue guidance to a favorable range of $385 million to $390 million, indicating confidence in its operational performance.

2. Positive Intellectual Property Developments and Pipeline Advancement.

The company strengthened its intellectual property portfolio with key patent announcements, including a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for a new Keveyis patent, expected to extend protection through at least 2039. Additionally, a second patent (U.S. Patent No. 12,691,089) for XP-8121, an investigational drug candidate for hypothyroidism, was granted by the USPTO on July 28, 2026. Further demonstrating pipeline progress, Xeris Biopharma hosted a webinar on September 9, 2026, to detail the Phase 3 development program for XP-8121, highlighting its potential in addressing a significant patient population.

3. Multiple Analyst Upgrades and Increased Price Targets.

Between September and October 2026, Xeris Biopharma received several favorable analyst revisions, contributing to positive market sentiment. Leerink Partners raised its price objective from $12.00 to $16.00 with an "outperform" rating in September 2026, while Barclays increased its price target from $12.00 to $14.00 with an "overweight" rating in October 2026. Oppenheimer also reiterated an "Outperform" rating, maintaining an $18.00 price target. These upgrades and target increases contributed to a consensus rating shift for the stock to "Moderate Buy" or "Strong Buy," with an average price target ranging from $12.86 to $13.20, reflecting enhanced analyst confidence.

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Stock Movement Drivers

Fundamental Drivers

The 25.9% change in XERS stock from 7/31/2026 to 11/2/2026 was primarily driven by a 19.7% change in the company's P/S Multiple.
(LTM values as of)731202611022026Change
Stock Price ($)8.0810.1725.9%
Change Contribution By: 
Total Revenues ($ Mil)3153356.5%
P/S Multiple4.45.219.7%
Shares Outstanding (Mil)171173-1.3%
Cumulative Contribution25.9%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/2/2026
ReturnCorrelation
XERS25.9% 
Market (SPY)0.7%24.2%
Sector (XLV)13.6%24.9%

Fundamental Drivers

The 66.0% change in XERS stock from 4/30/2026 to 11/2/2026 was primarily driven by a 50.4% change in the company's P/S Multiple.
(LTM values as of)430202611022026Change
Stock Price ($)6.1210.1766.0%
Change Contribution By: 
Total Revenues ($ Mil)29233514.9%
P/S Multiple3.55.250.4%
Shares Outstanding (Mil)166173-3.9%
Cumulative Contribution66.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/2/2026
ReturnCorrelation
XERS66.0% 
Market (SPY)4.9%11.9%
Sector (XLV)27.0%27.7%

Fundamental Drivers

The 4.8% change in XERS stock from 10/31/2025 to 11/2/2026 was primarily driven by a 36.3% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202511022026Change
Stock Price ($)9.7010.174.8%
Change Contribution By: 
Total Revenues ($ Mil)24633536.3%
P/S Multiple6.35.2-16.7%
Shares Outstanding (Mil)159173-7.7%
Cumulative Contribution4.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/2/2026
ReturnCorrelation
XERS4.8% 
Market (SPY)11.2%20.8%
Sector (XLV)29.6%16.8%

Fundamental Drivers

The 455.7% change in XERS stock from 10/31/2023 to 11/2/2026 was primarily driven by a 179.5% change in the company's P/S Multiple.
(LTM values as of)1031202311022026Change
Stock Price ($)1.8310.17455.7%
Change Contribution By: 
Total Revenues ($ Mil)134335150.2%
P/S Multiple1.95.2179.5%
Shares Outstanding (Mil)137173-20.5%
Cumulative Contribution455.7%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/2/2026
ReturnCorrelation
XERS455.7% 
Market (SPY)86.0%25.8%
Sector (XLV)55.2%22.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
XERS Return-40%-55%77%44%132%30%107%
Peers Return13%25%52%19%6%64%341%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
XERS Win Rate42%33%58%75%75%64% 
Peers Win Rate46%54%56%52%50%59% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
XERS Max Drawdown-76%-61%-51%-47%-35%-35% 
Peers Max Drawdown-30%-27%-30%-34%-45%-31% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: CORT, AMPH, LLY, HALO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/2/2026 (YTD)

How Low Can It Go

EventXERSS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-39.0%-9.5%
  % Gain to Breakeven63.9%10.5%
  Time to Breakeven50 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-56.6%-24.5%
  % Gain to Breakeven130.3%32.4%
  Time to Breakeven208 days427 days
2020 COVID-19 Crash
  % Loss-68.3%-33.7%
  % Gain to Breakeven215.8%50.9%
  Time to Breakeven65 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-13.7%-19.2%
  % Gain to Breakeven15.9%23.8%
  Time to Breakeven15 days105 days

Compare to CORT, AMPH, LLY, HALO

In The Past

Xeris Biopharma's stock fell -7.8% during the 2025 US Tariff Shock. Such a loss loss requires a 8.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventXERSS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-39.0%-9.5%
  % Gain to Breakeven63.9%10.5%
  Time to Breakeven50 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-56.6%-24.5%
  % Gain to Breakeven130.3%32.4%
  Time to Breakeven208 days427 days
2020 COVID-19 Crash
  % Loss-68.3%-33.7%
  % Gain to Breakeven215.8%50.9%
  Time to Breakeven65 days140 days

Compare to CORT, AMPH, LLY, HALO

In The Past

Xeris Biopharma's stock fell -7.8% during the 2025 US Tariff Shock. Such a loss loss requires a 8.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Xeris Biopharma (XERS)

Xeris Biopharma Holdings, Inc. (XERS) is a biopharmaceutical company dedicated to developing and commercializing specialized therapies. The company strategically focuses on addressing critical medical needs within specific patient populations across the fields of endocrinology, neurology, and gastroenterology.

Xeris currently markets three key products. These include Gvoke, a ready-to-use liquid glucagon specifically designed for the treatment of severe hypoglycemia; Keveyis, a therapy indicated for hyperkalemic, hypokalemic, and related variants of primary periodic paralysis; and Recorlev, a cortisol synthesis inhibitor approved for managing endogenous hypercortisolemia in adult patients with Cushing's syndrome.

In addition to its marketed portfolio, Xeris maintains a robust pipeline of development programs. These initiatives aim to extend the use of current products into new indications and applications, as well as to introduce new therapies. The company leverages its proprietary formulation technology platforms, XeriSol and XeriJect, to support these development efforts and enhance drug delivery.

AI Analysis | Feedback

Here are 1-3 brief analogies for Xeris Biopharma (XERS):

  • Like a BioMarin Pharmaceuticals focused on specialized conditions in endocrinology and neurology.
  • Think of it as a Jazz Pharmaceuticals that uses proprietary formulation technology to develop and commercialize specialized therapies.

AI Analysis | Feedback

  • Gvoke: A ready-to-use liquid glucagon for the treatment of severe hypoglycemia.
  • Keveyis: A therapy for the treatment of hyperkalemic, hypokalemic, and related variants of primary periodic paralysis.
  • Recorlev: A cortisol synthesis inhibitor approved for the treatment of endogenous hypercortisolemia in adult patients with Cushing's syndrome.

AI Analysis | Feedback

Xeris Biopharma (XERS) primarily sells its pharmaceutical products to a limited number of major wholesale drug distributors in the U.S. These distributors then sell the products to pharmacies, hospitals, and other healthcare providers.

The major customer companies are:

  • AmerisourceBergen Corporation (NYSE: ABC)
  • Cardinal Health, Inc. (NYSE: CAH)
  • McKesson Corporation (NYSE: MCK)

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John Shannon, Chief Executive Officer

John Shannon was appointed Chief Executive Officer in August 2024. He joined Xeris in 2017 as Chief Operating Officer and was promoted to President in 2020. Mr. Shannon has over 35 years of experience in the pharmaceutical and healthcare industry. Prior to Xeris, he served as CEO and Director for Catheter Connections, Inc. through its acquisition by Merit Medical in January 2016. Before that, he was Chief Commercial Officer for Durata Therapeutics, which was acquired by Actavis (now Allergan) in November 2014. He also held several roles at Baxter Healthcare.

Steven Pieper, Chief Financial Officer

Steven Pieper is the Chief Financial Officer of Xeris, a role he assumed in July 2021 after serving as Vice President of Finance since joining the company in 2017. He brings over 20 years of experience in the life science industry. Prior to Xeris, Mr. Pieper served as the CFO and COO of Catheter Connections Inc., which was acquired by Merit Medical in January 2016. He also held the position of Director of Finance at Durata Therapeutics Inc., a biopharmaceutical company that was acquired by Actavis (now Allergan) in November 2014. Mr. Pieper began his career in healthcare at Baxter Healthcare Corporation.

Kevin McCulloch, President and Chief Operating Officer

Kevin McCulloch was named President and Chief Operating Officer of Xeris in August 2024. He joined Xeris Pharmaceuticals in October 2018 as Senior Vice President, Global Operations and Business Development and was appointed Chief Commercial Officer in September 2021. Mr. McCulloch has over 35 years of experience in the pharmaceutical and medical device industry in various leadership and general management roles.

Beth P. Hecht, Chief Legal Officer and Corporate Secretary

Beth P. Hecht serves as the Chief Legal Officer and Corporate Secretary of Xeris Pharmaceuticals. She has over 25 years of experience as a corporate executive in the life science industry, most recently serving as Managing Director and Chief Legal and Administrative Officer for Auven Therapeutics, a global biotechnology and pharmaceutical private equity firm. Ms. Hecht is currently a member of the Board of Directors of Iterum Therapeutics (Nasdaq: ITRM) and previously served on the Board of Directors of Neos Therapeutics.

Anh Nguyen, MD, MBA, Chief Medical Officer

Anh Nguyen, MD, MBA, is the Chief Medical Officer of Xeris. She joined the company in February 2025, where she steers clinical development and medical affairs.

AI Analysis | Feedback

Here are the key risks to Xeris Biopharma's business:

  1. Intellectual Property Protection and Patent Litigation: Xeris Biopharma's business heavily relies on the patent protection and market exclusivity of its key products, particularly Recorlev. The company recently filed patent infringement lawsuits to prevent generic versions of Recorlev from entering the market until its patents expire in March 2040, underscoring the critical nature of intellectual property for long-term revenue. Any adverse outcomes from such litigation or the loss of patent exclusivity could significantly impact the commercial viability and revenue potential of its products.
  2. Intense Competition and Market Pressure: Xeris Biopharma operates in highly competitive therapeutic areas, facing established pharmaceutical giants and emerging biotechnology firms. Products like Gvoke face competition from legacy glucagon products from companies such as Eli Lilly and Novo Nordisk, as well as the potential threat of newer nasal and oral glucagon alternatives. Similarly, Recorlev and Keveyis face competition, including from generic alternatives that have already impacted Keveyis. This intense competitive landscape, characterized by pricing pressure, the vast sales forces of larger rivals, and market access challenges, can significantly impact Xeris's market share and profitability.
  3. Reliance on a Limited Product Portfolio and Commercialization Success: The company's financial performance and future growth are largely dependent on the commercial success and market acceptance of its currently marketed products: Gvoke, Keveyis, and Recorlev. While Xeris has shown revenue growth, underperformance of this concentrated product lineup, or if rising research and development (R&D) and selling, general, and administrative (SG&A) expenses outpace revenue growth, could negatively affect its path to sustained profitability. The ability to successfully commercialize these products and any future pipeline candidates remains a critical risk.

AI Analysis | Feedback

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Xeris Biopharma (NASDAQ: XERS) markets therapies for endocrinology, neurology, and gastroenterology, including Gvoke, Keveyis, and Recorlev. Here are the addressable markets for their main products:
  • Gvoke (severe hypoglycemia): The U.S. addressable market for glucagon, which Gvoke addresses, includes approximately 8 million individuals taking insulin or at high risk for hypoglycemia, as mandated by ADA guidelines. Xeris's COO estimated in January 2025 that 15 million people with diabetes in the U.S. are at "outsized risk of having their blood sugar go too low," though only about 1 million currently carry a glucagon product. The U.S. glucagon delivery devices market size was estimated at $446.98 million in 2023 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 8.33% from 2024 to 2030. The global glucagon market was estimated at $610.87 million in 2025 and is forecast to reach $852.85 million by 2031.
  • Keveyis (primary periodic paralysis): The U.S. addressable market for Keveyis is estimated to be 4,000-5,000 diagnosed patients with Primary Periodic Paralysis (PPP). PPP is a rare genetic condition causing episodes of muscle weakness or temporary paralysis.
  • Recorlev (Cushing's syndrome): The U.S. addressable market for Recorlev, which treats endogenous hypercortisolemia in adult patients with Cushing's syndrome, is comprised of a small patient population. There are fewer than 20,000 individuals diagnosed with Cushing's syndrome in the U.S., with even fewer having the endogenous hypercortisolemia diagnosis. More specifically, the Cushing's Syndrome market in the U.S. is estimated to have 3,000-4,500 patients. While not a direct market size, Xeris anticipates Recorlev to reach annual net revenues of approximately $1 billion by 2035. Earlier estimations from 2020 suggested a potential U.S. market for Recorlev of approximately $700 million per year based on roughly 2,000 ketoconazole-treated patients, and another source from 2020 indicated a potential $2 billion+ total addressable annual market in the U.S..

AI Analysis | Feedback

Xeris Biopharma (NASDAQ: XERS) is poised for future revenue growth over the next 2-3 years, driven by the strong performance of its commercial products and the advancement of its pipeline. Key drivers include:

  1. Accelerating Growth of Recorlev: Recorlev, a therapy for endogenous hypercortisolemia in adult patients with Cushing's syndrome, is consistently identified as Xeris's primary growth engine. The company has observed an accelerating demand for Recorlev, with its net revenue more than doubling in 2024 and experiencing over 100% growth in 2025. Xeris has significantly expanded its commercial footprint for Recorlev, including doubling its sales organization, to drive further adoption and anticipates a third commercial expansion in Q3 2026, aiming for $1 billion in peak sales by 2035.
  2. Continued Strong Demand and Market Share for Gvoke: Gvoke, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia, continues to demonstrate strong demand and has maintained approximately 35% market share. The company expects Gvoke to achieve high single-digit to low double-digit growth, driven by increasing the number of protected patients and favorable net pricing. The recent approval of Gvoke VialDx also presents an opportunity for market expansion.
  3. Advancement of XP-8121 into Phase 3 Trials: Xeris's pipeline product, XP-8121, a once-weekly subcutaneous levothyroxine for hypothyroidism, is Phase 3 ready with trials targeted to begin in the second half of 2026. This asset holds significant long-term potential, with projected peak sales between $1 billion and $3 billion, representing a substantial future revenue stream as it progresses through clinical development.
  4. Resilience and Patient Growth of Keveyis: Despite facing generic competition, Keveyis, a therapy for primary periodic paralysis, has shown resilience. It maintained a stable patient base through Q4 2024 and returned to growth in Q4 2025, with increased patient numbers offsetting pricing pressures. Xeris continues to invest in Keveyis through prescriber outreach and enhanced patient services, positioning it as a steady contributor to the company's revenue.

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Share Issuance

  • Xeris' issued share capital, excluding treasury shares, consisted of 66,497,370 shares of common stock as of July 28, 2021.
  • In May 2022, Xeris entered into an Open Market Sale Agreement to offer, issue, and sell up to $75.0 million of its common stock.
  • Total shares outstanding increased to 172,431,290 as of February 27, 2026, from 161,480,367 as of July 31, 2025.

Outbound Investments

  • Xeris acquired Strongbridge Biopharma plc in 2021 through a scheme of arrangement under Irish law, as outlined in a Transaction Agreement dated May 24, 2021.

Capital Expenditures

  • Capital expenditures were approximately $0.292 million for the six months ended June 30, 2025, and approximately $0.561 million for the six months ended June 30, 2024.
  • Beyond traditional capital expenditures, Xeris plans to significantly allocate capital to Research & Development (R&D), with an expected increase of approximately $25 million in R&D expenses in 2026 to initiate the Phase 3 study for XP-8121.
  • Another substantial allocation of capital is projected for Selling, General & Administrative (SG&A) expenses, with an anticipated increase of approximately $45 million in 2026, primarily for commercial expansion investments related to Recorlev.

Better Bets vs. Xeris Biopharma (XERS)

Peer Outperformance in Pharmaceuticals

XERS has outperformed 93% of its 60 Pharmaceuticals peers over 5Y. Among the peers that beat it is LLY. Pharmaceuticals ranks 6th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Pharmaceuticals constituents that XERS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
59%
of 70 industry peers · 4.8% return
3Y
95%
of 66 industry peers · 435.3% return
5Y
93%
of 60 industry peers · 424.2% return
Pharmaceuticals peers with revenue growth within 4pp of XERS's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
XERS Xeris Biopharma 35.8% -102.4x 4.8%435.3%424.2% —
LLY Eli Lilly 39.4% 45.6x 64.6%153.7%474.9% +51pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Health Care sector, ranked by 5Y. Pharmaceuticals is XERS's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 12.2%58.2%97.6% CAH 476% · MCK 367% · COR 185%
Health Care Services 20 31.1%37.7%14.8% HIMS 210% · RDNT 129% · DGX 92%
Managed Health Care 8 34.6%-3.7%-3.5% OSCR 84% · HQY 53% · ELV 6%
Health Care Facilities 25 12.6%15.4%-12.2% THC 286% · NHC 227% · EHC 195%
Health Care Equipment 50 6.4%12.3%-19.4% GKOS 430% · UFPT 355% · TMDX 141%
Pharmaceuticals ← 61 -13.3%6.7%-37.3% LQDA 968% · KNSA 499% · LLY 475%
Health Care Supplies 11 21.4%11.8%-38.8% LNTH 314% · HAE 68% · MMSI 30%
Life Sciences Tools & Services 107 -9.1%-10.2%-70.3% NTRA 232% · AXGN 227% · MEDP 186%
Biotechnology 364 -26.5%-33.1%-81.8% TRVI 1017% · DNTH 1008% · ELVN 1002%
Health Care Technology 21 -27.4%-55.9%-82.2% VEEV -3% · DOCS -55%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

XERSCORTAMPHLLYHALOMedian
NameXeris Bi.Corcept .Amphasta.Eli LillyHalozyme. 
Mkt Price10.1281.0026.901,397.12129.0981.00
Mkt Cap1.78.51.21,246.115.18.5
Rev LTM33583173086,4621,664831
Op Inc LTM37611444,315931114
FCF LTM5610715311,689518153
FCF 3Y Avg01371475,283489147
CFO LTM5711018530,645819185
CFO 3Y Avg113818617,580595186

Growth & Margins

XERSCORTAMPHLLYHALOMedian
NameXeris Bi.Corcept .Amphasta.Eli LillyHalozyme. 
Rev Chg LTM36.3%16.0%1.0%45.5%41.2%36.3%
Rev Chg 3Y Avg35.8%24.9%11.4%39.4%29.7%29.7%
Rev Chg Q28.7%31.7%5.4%38.6%47.7%31.7%
QoQ Delta Rev Chg LTM6.5%8.0%1.3%8.5%10.3%8.0%
Op Inc Chg LTM472.6%-93.7%-37.1%67.9%36.3%36.3%
Op Inc Chg 3Y Avg195.8%-28.2%5.6%68.3%45.8%45.8%
Op Mgn LTM10.9%0.8%15.7%51.3%55.9%15.7%
Op Mgn 3Y Avg-4.5%12.5%24.3%43.7%53.3%24.3%
QoQ Delta Op Mgn LTM-0.5%1.8%-0.5%1.5%-0.1%-0.1%
CFO/Rev LTM16.9%13.2%25.3%35.4%49.2%25.3%
CFO/Rev 3Y Avg-3.5%20.1%25.7%25.7%47.9%25.7%
FCF/Rev LTM16.6%12.9%20.9%13.5%31.2%16.6%
FCF/Rev 3Y Avg-3.9%19.9%20.4%6.3%41.3%19.9%

Valuation

XERSCORTAMPHLLYHALOMedian
NameXeris Bi.Corcept .Amphasta.Eli LillyHalozyme. 
Mkt Cap1.78.51.21,246.115.18.5
P/S5.210.31.614.49.19.1
P/Op Inc47.81,332.610.328.116.328.1
P/EBIT157.71,332.69.228.125.128.1
P/E-101.9154.714.945.236.636.6
P/CFO30.977.86.440.718.530.9
Total Yield-1.0%0.7%6.7%2.7%2.7%2.7%
Dividend Yield0.0%0.0%0.0%0.5%0.0%0.0%
FCF Yield 3Y Avg-3.3%1.9%10.0%0.6%6.8%1.9%
D/E0.20.00.60.00.10.1
Net D/E0.1-0.00.30.00.10.1

Returns

XERSCORTAMPHLLYHALOMedian
NameXeris Bi.Corcept .Amphasta.Eli LillyHalozyme. 
1M Rtn11.5%-30.3%5.8%22.2%17.5%11.5%
3M Rtn24.5%-28.2%33.0%24.8%56.9%24.8%
6M Rtn59.6%57.0%18.3%44.8%99.9%57.0%
12M Rtn4.3%10.2%5.5%62.9%98.0%10.2%
3Y Rtn432.6%216.2%-42.3%151.2%262.8%216.2%
1M Excs Rtn13.8%-27.9%8.1%24.6%19.9%13.8%
3M Excs Rtn26.1%-23.7%37.7%27.9%57.6%27.9%
6M Excs Rtn54.9%52.2%13.6%40.1%95.2%52.2%
12M Excs Rtn-6.3%1.5%-1.4%56.0%89.2%1.5%
3Y Excs Rtn427.8%111.1%-122.0%69.6%190.8%111.1%

Comparison Analyses

null

FDA Approved Drugs Data

Expand for More
Post-Approval Fwd Returns
FDA
App #
Brand
Name
Generic
Name
Dosage
Form
FDA
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
NDA212097  GVOKE KITglucagonsolution9102019-7.6%-79.4%-50.6%-73.0%4.4%
Collapse to Preview
Post-Approval Fwd Returns
FDA
App #
Brand
Name
Generic
Name
Dosage
Form
FDA
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
NDA212097  GVOKE KITglucagonsolution9102019-7.6%-79.4%-50.6%-73.0%4.4%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Recorlev139643070
Gvoke9483675339
Keveyis4850574910
Royalty, contract and other revenue961110
Other product revenue200  
Total29220316411050


Price Behavior

Price Behavior
Market Price$10.17 
Market Cap ($ Bil)1.8 
First Trading Date06/21/2018 
Distance from 52W High-8.6% 
   50 Days200 Days
DMA Price$9.34$7.51
DMA Trendupup
Distance from DMA8.9%35.4%
 3M1YR
Volatility57.5%53.7%
Downside Capture99.4097.07
Upside Capture264.3090.90
Correlation (S&P 500)26.1%21.5%
XERS Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta1.511.551.190.440.861.00
Up Beta3.923.291.551.511.750.73
Down Beta-0.44-0.32-0.49-0.710.541.19
Up Capture359%313%245%120%62%242%
Bmk +ve Days12182862130427
Stock +ve Days13243469127374
Down Capture122%66%67%-22%76%95%
Bmk -ve Days10253664121325
Stock -ve Days9192954116343

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with XERS
XERS4.8%53.7%0.28-
Sector ETF (XLV)29.7%16.4%1.3916.9%
Equity (SPY)11.6%12.8%0.5720.8%
Gold (GLD)-2.3%28.6%-0.09-0.6%
Commodities (DBC)43.1%20.9%1.60-20.0%
Real Estate (VNQ)11.0%13.7%0.5016.7%
Bitcoin (BTCUSD)-28.8%43.6%-0.6612.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with XERS
XERS39.8%66.9%0.77-
Sector ETF (XLV)8.6%15.3%0.3726.5%
Equity (SPY)12.0%17.1%0.5231.2%
Gold (GLD)16.5%19.0%0.695.3%
Commodities (DBC)8.4%19.6%0.312.6%
Real Estate (VNQ)1.1%18.9%-0.0527.0%
Bitcoin (BTCUSD)4.1%51.6%0.2620.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with XERS
XERS-6.6%78.1%0.26-
Sector ETF (XLV)12.1%16.8%0.5930.0%
Equity (SPY)15.2%17.9%0.7235.5%
Gold (GLD)11.6%16.5%0.576.5%
Commodities (DBC)7.8%18.1%0.3411.3%
Real Estate (VNQ)5.4%20.7%0.2230.1%
Bitcoin (BTCUSD)61.7%66.3%1.0115.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity8.0 Mil
Short Interest: % Change Since 930202611.5%
Average Daily Volume2.5 Mil
Days-to-Cover Short Interest3.3 days
Basic Shares Quantity172.8 Mil
Short % of Basic Shares4.6%

Earnings Returns History

Updated 11/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/2026-9.2%4.7%5.9%
5/7/20264.1%0.9%-3.0%
3/2/2026-1.6%-5.1%-8.5%
1/8/202612.8%5.1%-2.8%
11/6/2025-21.9%-23.1%-29.2%
8/7/202520.2%32.6%43.0%
5/8/202515.2%3.6%2.2%
3/6/20259.5%21.2%29.4%
...
SUMMARY STATS   
# Positive151517
# Negative10108
Median Positive6.1%13.0%11.7%
Median Negative-8.6%-9.4%-5.7%
Max Positive20.2%35.2%43.0%
Max Negative-21.9%-28.2%-33.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/2026-9.2%4.7%5.9%
5/7/20264.1%0.9%-3.0%
3/2/2026-1.6%-5.1%-8.5%
1/8/202612.8%5.1%-2.8%
11/6/2025-21.9%-23.1%-29.2%
8/7/202520.2%32.6%43.0%
5/8/202515.2%3.6%2.2%
3/6/20259.5%21.2%29.4%
1/10/20251.2%-4.2%6.2%
11/8/20243.3%-9.2%7.4%
8/8/20244.7%19.7%17.8%
5/9/20241.6%7.0%25.9%
3/6/2024-19.5%-28.2%-33.4%
1/4/202412.9%25.0%9.4%
11/9/2023-8.8%-25.8%2.5%
8/8/20233.6%-9.6%-12.4%
5/9/202313.7%18.3%20.8%
3/8/2023-11.8%-15.0%23.5%
1/5/2023-1.0%2.9%13.5%
11/9/2022-1.3%-7.3%-2.7%
8/10/202213.5%10.0%5.3%
5/11/2022-8.4%35.2%5.6%
3/10/20226.1%13.0%-0.8%
1/18/20221.4%-4.5%15.8%
11/10/2021-3.1%21.9%11.7%
SUMMARY STATS   
# Positive151517
# Negative10108
Median Positive6.1%13.0%11.7%
Median Negative-8.6%-9.4%-5.7%
Max Positive20.2%35.2%43.0%
Max Negative-21.9%-28.2%-33.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202503/02/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202403/06/202510-K
09/30/202411/08/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202303/06/202410-K
09/30/202311/09/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202203/08/202310-K
09/30/202211/09/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202503/02/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202403/06/202510-K
09/30/202411/08/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202303/06/202410-K
09/30/202311/09/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202203/08/202310-K
09/30/202211/09/202210-Q
06/30/202208/10/202210-Q
03/31/202205/11/202210-Q
12/31/202103/11/202210-K
09/30/202111/10/202110-Q
06/30/202108/05/202110-Q
03/31/202105/13/202110-Q
12/31/202003/09/202110-K
09/30/202011/09/202010-Q
06/30/202008/10/202010-Q
03/31/202005/07/202010-Q
12/31/201903/12/202010-K
09/30/201911/07/201910-Q

Recent Forward Guidance

Updated 11/2/2026

Latest: Q2 2026 Earnings Reported 8/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Total RevenueReported385.00 Mil387.50 Mil390.00 Mil0.6% RaisedGuidance: 385.00 Mil for 2026


Prior: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Total RevenueReported380.00 Mil385.00 Mil390.00 Mil0.7% RaisedGuidance: 382.50 Mil for 2026
2026 Total Revenue GrowthReported 30.0%    

Insider Activity

Updated 10/2/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Pieper, StevenSee RemarksDirectSell100220269.415,00047,03612,709,761Form
2McCulloch, KevinSee RemarksDirectSell100220269.4115,000141,12015,045,349Form
3Hecht, BethSee RemarksDirectSell100220269.4116,666156,79210,453,400Form
4McCulloch, KevinSee RemarksDirectSell929202610.0025,000250,00016,142,080Form
5McCulloch, KevinSee RemarksDirectSell90120268.4915,000127,30813,912,286Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Pieper, StevenSee RemarksDirectSell100220269.415,00047,03612,709,761Form
2McCulloch, KevinSee RemarksDirectSell100220269.4115,000141,12015,045,349Form
3Hecht, BethSee RemarksDirectSell100220269.4116,666156,79210,453,400Form
4McCulloch, KevinSee RemarksDirectSell929202610.0025,000250,00016,142,080Form
5McCulloch, KevinSee RemarksDirectSell90120268.4915,000127,30813,912,286Form
6Hecht, BethSee RemarksDirectSell90120268.4916,666141,4349,570,928Form
7Pieper, StevenSee RemarksDirectSell90120268.505,00042,50011,526,450Form
8Pieper, StevenSee RemarksDirectSell81220268.505,00042,50011,568,950Form
9McCulloch, KevinSee RemarksDirectSell80420268.0215,000120,24013,435,826Form
10Hecht, BethSee RemarksDirectSell80420268.0116,666133,5539,171,146Form
11Pieper, StevenSee RemarksDirectSell70720268.5227,600235,27611,644,919Form
12Pieper, StevenSee RemarksDirectSell70720268.5017,400147,90011,846,050Form
13McCulloch, KevinSee RemarksDirectSell70220268.0390,000722,51113,576,190Form
14Hecht, BethSee RemarksDirectSell70220268.0316,666133,8609,326,064Form
15Halkuff, Dawn DirectSell60520266.0920,000121,886578,958Form
16Bormann-Kennedy, Barbara-Jean Anne DirectSell60520266.0916,00097,507770,916Form
17Johnson, John DirectSell60520266.0915,00091,4224,163,254Form
18Persky, Marla DirectSell60520265.9015,50091,433746,211Form
19Hecht, BethSee RemarksDirectSell60220266.0616,667100,9827,128,215Form
20Hecht, BethSee RemarksDirectSell50120266.2316,667103,8057,431,320Form
21Hecht, BethSee RemarksDirectSell40320265.9916,66799,8597,248,635Form
22Brady, James Aloysius DirectSell40120265.5410,83460,036494,104Form
23Hecht, BethSee RemarksDirectSell30420266.2516,667104,0867,659,560Form
24Hecht, BethSee RemarksDirectSell20220267.4516,667124,1479,260,030Form
25Shannon, John Patrick JRSee RemarksDirectSell10620267.0824,907176,25719,144,652Form
26Hecht, BethSee RemarksDirectSell10520267.4316,667123,7769,714,496Form
27Johnson, John DirectSell121920257.22135,400977,0195,037,227Form
28Bormann-Kennedy, Barbara-Jean Anne DirectSell121520257.0915,000106,4141,010,938Form
29Hecht, BethSee RemarksDirectSell120220257.0116,667116,7819,250,077Form
30Shannon, John Patrick JRSee RemarksDirectSell111720257.4623,242173,40219,719,772Form
31Hecht, BethSee RemarksDirectSell111320257.4016,667123,2969,889,430Form

Investor Activity (13F)

Updated Nov 3, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Voss Capital, LP$8.0 Mil0.5%39ADD +273.1%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Voss Capital, LP$8.0 Mil0.5%39ADD +273.1%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Voss Capital, LP$8.0 Mil0.5%39ADD +273.1%13F
Core Cache Last Updated: 11/2/2026