Xeris Biopharma downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst David Amsellem downgraded Xeris Biopharma (XERS) to Neutral from Overweight with an unchanged price target of $3, post the Q3 report. The company’s path to significant EBITDA generation “remains gradual,” in part a function of a cost structure that is seemingly out of proportion to its endocrinology and rare disease-focused commercial model, the analyst tells investors in a research note. The firm believes Xeris shares, which are up 50% year-to-date, are essentially fairly valued.