Xeris Biopharma: Strong 2025 Outperformance and Underappreciated Multiyear Growth Drive Buy Rating

H.C. Wainwright analyst Brandon Folkes reiterated a Buy rating on Xeris Pharmaceuticals today and set a price target of $10.00.

Brandon Folkes has given his Buy rating due to a combination of factors tied to Xeris Biopharma’s stronger-than-expected 2025 performance and its implications for future growth. The company’s preliminary 2025 revenue meaningfully exceeded both management guidance and market expectations, and the implied fourth-quarter run-rate suggests that the Street’s 2026 revenue forecast is now well within reach. This momentum is being driven by solid commercial execution across the portfolio, including growing revenue and patient numbers for key products such as Recorlev, Gvoke, and Keveyis. As these results continue to build confidence in management’s longer-term revenue targets, Folkes views the current valuation as not fully reflecting Xeris’s multiyear growth potential.

Folkes also anchors his Buy recommendation in a valuation framework that indicates substantial upside. On a 2026 EV/sales basis, Xeris trades roughly in line with biopharma peers, yet its long-range revenue outlook and recent track record of outperformance suggest it deserves a higher multiple. His discounted cash flow analysis, which applies an elevated exit multiple to future earnings and a firm-specific cost of capital, further supports a price target that is well above the current share price. In his view, if the market increasingly credits the company’s long-term projections and the growth drivers behind Recorlev remain durable, Xeris’s shares could rerate higher over several years as execution continues and visibility on future revenues improves.

According to TipRanks, Folkes is a 3-star analyst with an average return of 3.3% and a 42.64% success rate. Folkes covers the Healthcare sector, focusing on stocks such as MannKind, Omeros, and Milestone Pharmaceuticals.