MRK - Xeris gains 6% following H.C. Wainwright buy initiation; sees 122% return

Xeris Biopharma (XERS +7.2%) is up in morning trading after H.C. Wainwright initiated the company with a buy rating. The firm has a $4 price target (~122% return). Analyst Oren Livnat says that Recorlev (levoketoconazole) for Cushing's syndrome, which has a Jan. 1, 2022 PDUFA date, will do well for the company. He predicts $170M in peak sales for the drug. Livnat adds that Xeris' acquisition of Strongbridge Biopharma, which closed earlier this month, gives the company a foot in the orphan disease space and can help provide profitability. Read about a partnership Xeris recently entered into with Merck (MRK +1.4%).

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Xeris gains 6% following H.C. Wainwright buy initiation; sees 122% return