Xeris Biopharma Holdings, Inc. (XERS) Stock Price & How to Invest
Last updated October 2026
Short answer
Xeris Biopharma (XERS) is a small-cap commercial-stage drugmaker whose story is now mostly Recorlev, its Cushing's syndrome drug, which grew about 81% in the June 2026 quarter. Investors buy XERS through any US brokerage on Nasdaq. At roughly $11 and a ~$2.0B market cap, the stock prices in continued Recorlev growth plus some value for XP-8121, a weekly thyroid injection still years from approval.
XERS stock price
As of 2026-10-23, Xeris Biopharma Holdings, Inc. (XERS) last closed at $10.70, up 17.2% over the past year. Over the past 52 weeks it has traded between $5.29 and $11.13.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Xeris Biopharma Holdings, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Xeris Biopharma Holdings, Inc. (XERS) do?
Xeris Biopharma Holdings is a Chicago-based biopharmaceutical company that sells three approved medicines in the US. Recorlev (levoketoconazole) is a cortisol synthesis inhibitor for adults with endogenous hypercortisolemia, the hormonal condition behind Cushing's syndrome. Gvoke is a ready-to-use liquid glucagon, sold as a prefilled syringe and autoinjector (HypoPen), for severe low blood sugar in people with diabetes. Keveyis (dichlorphenamide) treats primary periodic paralysis, a rare muscle disorder. Two of the three came from the 2021 Strongbridge Biopharma acquisition, and the company also owns a formulation platform (XeriSol and XeriJect) that turns drugs into stable, non-aqueous injectables, which underpins its pipeline candidate XP-8121, a once-weekly subcutaneous levothyroxine for hypothyroidism.
The recent numbers show a business that has crossed into scale. Full-year 2025 revenue was about $291.8M, up roughly 44%, and the company reported a small net profit of about $0.6M after years of losses. In the June 2026 quarter, revenue rose about 29% to ~$92.1M, with Recorlev up about 81% to ~$56.8M, while Gvoke slipped about 4% to ~$22.5M and Keveyis grew about 2% to ~$11.7M. Gross margin improved to about 86% from 82%, and adjusted EBITDA was about $19.3M. A one-time, non-cash charge of roughly $31M tied to exchanging the 2028 convertible notes produced a reported quarterly net loss of about $31.1M. Management tightened 2026 revenue guidance to $385M to $390M, implying more than 30% growth.
The investment picture comes down to how far Recorlev can run and what XP-8121 is worth. Recorlev now generates more than 60% of revenue, so XERS behaves increasingly like a single-product rare-disease company. Hypercortisolemia is believed to be underdiagnosed, which gives Recorlev room to grow, but Corcept and Recordati sell established competing drugs and new mechanisms are in development. XP-8121 targets the enormous hypothyroid market, yet its pivotal trial is only starting and topline data are not expected until late 2028. As of October 2026, the stock trades near its 52-week high of about $11.33, at roughly 6x trailing sales.
What's driving Xeris Biopharma Holdings, Inc. (XERS)?
1. Recorlev demand in an underdiagnosed disease
Recorlev is the engine. Sales went from about $64M in 2024 to ~$139.3M in 2025 (up ~117%), then ~$49.8M in the March 2026 quarter and ~$56.8M in June, which annualizes above $220M. Management attributes the gains to patient demand rather than price, driven by more endocrinologists screening for hypercortisolemia and by a larger sales force. Medical literature suggests many cases go undiagnosed, particularly among people with hard-to-control diabetes and hypertension, so the pool of potential patients may be much larger than the treated population today. Whether Recorlev keeps adding several million dollars of revenue each quarter is the single largest driver of the stock.
2. Margin expansion and operating leverage
Because Recorlev carries high gross margins, its growing share of sales lifts the whole company. Gross margin reached about 86% in the June 2026 quarter, up from 82% a year earlier, and adjusted EBITDA was ~$19.3M for the quarter and ~$34.4M for the first half, up about $17.5M year over year. Full-year 2025 adjusted EBITDA was about $59.4M. With revenue guided to $385M to $390M and selling costs growing slower than sales, the company has a path to consistent GAAP profitability, offset by R&D spending that management expects to rise about $25M versus 2025 as the XP-8121 Phase 3 program begins.
3. XP-8121 weekly levothyroxine
XP-8121 is a once-weekly subcutaneous injection of levothyroxine, the hormone taken daily by tens of millions of Americans with hypothyroidism. Daily oral levothyroxine is cheap but finicky: absorption is affected by food, coffee, other drugs and gut conditions, and missed doses are common. Xeris presented its pivotal Phase 3 plan in September 2026, a study of about 500 patients comparing weekly XP-8121 with daily oral therapy over roughly 54 weeks, with initiation targeted by year-end 2026, topline data around late 2028 and potential approval and launch around 2030. A second US patent was granted in July 2026. Even a small slice of this market would be large relative to Xeris today.
4. Cleaner balance sheet and capital structure
Xeris has spent 2026 simplifying its debt. Exchanges in June and July retired the remaining 8% convertible notes due 2028, removing about $23.0M of debt for ~$23.0M of cash plus about 5.0 million shares, and the company says no 2028 notes remain. That left a Hayfin senior secured term loan as the main borrowing, with roughly $250M of debt on the June 30 balance sheet against about $122M of cash. Share count reached about 182 million in July 2026. Rising EBITDA gives the company more room to service or refinance this debt, which matters because the XP-8121 trial will consume cash for several years before it could generate any revenue.
What are the risks to Xeris Biopharma Holdings, Inc. (XERS)?
Concentration is the central risk. Recorlev is now more than 60% of revenue, so any slowdown in new patient starts, a payer pushback on its price, a safety signal (the label carries boxed warnings for liver toxicity and QT prolongation) or a stronger competitor could hit the whole company. Corcept's Korlym and its newer candidate relacorilant, plus Recordati's Isturisa, compete for the same endocrinologists, and Crinetics and others are developing new approaches for cortisol disorders. Gvoke is shrinking slightly in a crowded glucagon market that includes nasal Baqsimi and cheaper kits, and Keveyis faces generic dichlorphenamide. XP-8121 is a long-dated bet: Phase 3 readout is not expected until late 2028, a non-inferiority trial can still fail or show tolerability issues with weekly injections, and patients and insurers may resist paying a premium over one of the cheapest drugs in medicine. The company still carries roughly $250M of secured debt, has diluted shareholders to retire convertibles, and could issue more equity to fund development. At roughly 6x trailing sales near a 52-week high, expectations are elevated, and a single soft quarter could move the stock sharply.
What is the Xeris Biopharma Holdings, Inc. (XERS) forecast?
7 analysts publish price targets on XERS, averaging $12.86 against a $11.16 price as of October 2026, or +15.2%. The published targets run from $8.00 to $18.00, a wide spread, and the ratings split 6 buy, 1 hold, 0 sell. Over the last six months there have been 3 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.
Read the full XERS forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.
Is XERS a buy or a sell?
We give no verdict on Xeris Biopharma Holdings, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Recorlev demand in an underdiagnosed disease. Recorlev is the engine. The most optimistic published target, $18.00, assumes this works close to its best case.
The case against. Concentration is the central risk. The most pessimistic target, $8.00, is roughly what XERS is worth if this bites instead.
Read the full bull and bear case on XERS, including what would have to change to break either one. Walnut is not an investment adviser.
How is Xeris Biopharma Holdings, Inc. (XERS) valued? (approximate, October 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Xeris Biopharma Holdings, Inc.'s investor relations page or your broker.
- Revenue (TTM): ~$335M (June 2026 quarter ~$92.1M, +29% YoY)
- 2026 revenue guidance: ~$385M to $390M (+32% to +34%)
- Adjusted EBITDA (H1 2026): ~$34.4M (FY2025 ~$59.4M)
- Gross margin (Q2 2026): ~86%
- Cash / total debt: ~$122M / ~$250M (June 30, 2026)
- Market cap: ~$2.0B (~$11 per share, ~182M shares)
At about $2.0B in market value and roughly $2.1B to $2.2B in enterprise value, XERS trades near 6x trailing revenue and about 5.5x the midpoint of 2026 guidance. The trailing P/E is not meaningful because the June quarter included a ~$31M non-cash charge from the convertible note exchange, which pushed reported results to a loss. Investors are effectively valuing the company on revenue growth and EBITDA trajectory, with Recorlev doing most of the work, and treating XP-8121 as an option whose value depends on a Phase 3 readout expected around late 2028.
Who competes with Xeris Biopharma Holdings, Inc. (XERS)?
Cushing's syndrome and hypercortisolemia
Corcept Therapeutics (CORT) sells Korlym (mifepristone), which blocks cortisol's effects rather than its production, and is developing relacorilant. Recordati sells Isturisa (osilodrostat) and Signifor. Crinetics (CRNX) and others are developing new agents. These companies compete directly with Recorlev for the same endocrinologists and patients, and they set the benchmark for growth.
Severe hypoglycemia rescue
Gvoke competes with Baqsimi nasal glucagon (now owned by Amphastar, AMPH), Zegalogue (dasiglucagon), and traditional glucagon emergency kits, including generics. The category is small and price sensitive, and needle-free nasal delivery has taken share, which helps explain why Gvoke revenue has been flat to slightly down.
Hypothyroidism and rare neuromuscular disease
For XP-8121, the competition is entrenched daily oral levothyroxine, including AbbVie's Synthroid, Levoxyl, Tirosint and many inexpensive generics, which any weekly injection must justify itself against. Keveyis competes with generic dichlorphenamide from other manufacturers in primary periodic paralysis, a niche where generic pricing pressure limits growth.
What stocks are similar to Xeris Biopharma Holdings, Inc. (XERS)?
Other names that sit close to XERS: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Xeris Biopharma Holdings, Inc. (XERS)
There are three common ways to get XERS exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so XERS sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where XERS fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Xeris Biopharma Holdings, Inc. (XERS)
XERS is a growth story built on one rare-disease drug, Recorlev, with a long-dated thyroid option attached. The valuation leans on Recorlev holding its pace against well-funded Cushing's competitors.
More on Xeris Biopharma Holdings, Inc. (XERS)
Whether XERS is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is XERS a buy or a sell?, and where the stock could go from here in the XERS stock forecast.
For income investors, whether XERS pays a dividend and how the payout looks is covered in does XERS pay a dividend? And to weigh XERS against a peer, read the full side-by-side comparisons: XERS vs CORT and XERS vs CRNX.
Wondering how XERS fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Xeris Biopharma Holdings, Inc. with AI
Connect the broker you already use and ask Walnut's AI how XERS fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What does Xeris Biopharma do?
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Xeris Biopharma develops and sells specialty medicines, mostly for rare and endocrine conditions. Its three marketed US products are Recorlev for endogenous hypercortisolemia (Cushing's syndrome), Gvoke ready-to-use liquid glucagon for severe hypoglycemia, and Keveyis for primary periodic paralysis. The company also owns formulation technology, branded XeriSol and XeriJect, that keeps drugs stable in non-aqueous liquids so they can be injected without mixing. That platform is the basis for XP-8121, a once-weekly injectable levothyroxine for hypothyroidism now heading into Phase 3. Xeris is headquartered in Chicago, employs roughly 435 people and trades on Nasdaq under XERS. It became the current holding company in 2021 when it acquired Strongbridge Biopharma, which brought Recorlev and Keveyis into the portfolio.
How do you invest in XERS stock?
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XERS is listed on the Nasdaq, so it can be bought through essentially any US brokerage account, including platforms that offer fractional shares. Investors typically look at the company's quarterly results, the Recorlev growth rate, guidance, and the XP-8121 timeline before deciding how much exposure to hold. Because XERS is a small-cap biotech with concentrated revenue, it tends to move more than the broader market, often by double digits around earnings or clinical news, so some investors size it as a small position within a diversified portfolio or a healthcare basket. The company does not pay a dividend. Walnut is not an investment adviser; this describes how the stock can be accessed, not whether it suits any particular investor.
Why has Recorlev grown so fast?
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Recorlev revenue rose about 117% in 2025 to roughly $139.3M and was up about 81% year over year in the June 2026 quarter at ~$56.8M. The company attributes the growth mainly to patient demand rather than price. Awareness of hypercortisolemia has increased, partly because research has suggested that a meaningful share of people with difficult-to-control type 2 diabetes may have excess cortisol, which encourages more screening. Xeris also expanded its endocrinology sales force and patient support programs. Recorlev works by blocking cortisol production, and for patients who cannot have or did not respond to surgery, the treatment is chronic, so each new patient tends to add recurring revenue. The open question is how long growth at this pace can last.
What is XP-8121 and when could it launch?
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XP-8121 is a weekly subcutaneous injection of levothyroxine, the thyroid hormone replacement taken as a daily pill by tens of millions of people. Daily oral dosing is sensitive to food, coffee, other medicines and digestive conditions, and many patients struggle to keep thyroid levels in range. Xeris says a weekly injection could make dosing more consistent. Earlier studies showed that weekly doses produced similar steady-state exposure to daily oral dosing. In September 2026 the company outlined a pivotal Phase 3 study of roughly 500 patients over about 54 weeks, planned to start by year-end 2026, with topline results expected around late 2028 and a potential FDA approval and launch around 2030. The timeline is long and the outcome is uncertain.
Is Xeris Biopharma profitable?
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On an adjusted basis, yes, and improving. Xeris reported full-year 2025 net income of about $0.6M, its first profitable year, compared with a net loss of about $54.8M in 2024, and adjusted EBITDA of about $59.4M. In the first half of 2026 adjusted EBITDA reached about $34.4M. GAAP results swung to a net loss of about $31.1M in the June 2026 quarter, but that was driven by a one-time, non-cash charge of roughly $31M related to exchanging its 2028 convertible notes, not by weaker operations. Gross margin rose to about 86%. R&D costs are expected to climb by about $25M in 2026 as XP-8121 moves into Phase 3, which will weigh on reported profits for several years.
How much debt does Xeris have?
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As of June 30, 2026, Xeris carried roughly $250M of debt on its balance sheet, mostly a senior secured term loan from Hayfin Capital that was refinanced in March 2024 at about $200M, against roughly $122M of cash. During 2026 the company retired its remaining 8% convertible notes due 2028 through privately negotiated exchanges, paying about $23.0M in cash and issuing roughly 5.0 million shares in July to eliminate about $23.0M of remaining notes. The company says none of those notes remain outstanding. Rising EBITDA improves its ability to service the loan, but leverage is still meaningful for a company of its size, and future refinancing or equity raises could dilute shareholders or raise interest costs.
Who are Xeris Biopharma's main competitors?
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In Cushing's syndrome, Recorlev competes most directly with Corcept Therapeutics, which sells Korlym and is developing relacorilant, and with Recordati, which sells Isturisa and Signifor. Crinetics and other biotechs are developing new treatments for cortisol disorders. Gvoke competes with nasal glucagon Baqsimi (owned by Amphastar), Zegalogue (dasiglucagon) and traditional glucagon kits, including generics. Keveyis faces generic dichlorphenamide. For the XP-8121 pipeline program, the competition is entrenched daily oral levothyroxine, including AbbVie's Synthroid and numerous low-cost generics, which means a weekly injection would need to show clear convenience or consistency benefits to win prescriptions and insurance coverage at a premium price.
What are the biggest risks for XERS stock?
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The biggest risk is dependence on Recorlev, which now produces more than 60% of revenue. A slowdown in new patients, pricing pressure, a safety issue (Recorlev carries boxed warnings for liver injury and QT prolongation) or a competitive breakthrough from Corcept, Recordati or a newer entrant could hurt results quickly. Gvoke is shrinking slightly and Keveyis faces generics, so the rest of the portfolio provides limited cushion. XP-8121 will not read out pivotal data until around late 2028 and may fail or struggle commercially against cheap daily pills. The company also has roughly $250M of secured debt and has issued shares to retire convertibles. Trading near a 52-week high at about 6x trailing sales, the stock has historically swung sharply on earnings.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Xeris Biopharma Holdings, Inc.'s investor relations page or your broker before making investment decisions.