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Dec. 31, 2021, 8:53 a.m. EST

Xeris Biopharma soars on premarket leading volume after FDA approval of Cushing's syndrome treatment

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By Tomi Kilgore

Shares of Xeris Biopharma Holdings Inc. /zigman2/quotes/207093206/composite XERS -1.36% shot up 24.3% on heavy volume in premarket trading Friday toward a five-month high, after the biopharmaceutical company said its Recorlev has been approved by the U.S. Food and Drug Administration for the treatment of endogenous hypercortisolemia in adults with Cushing's syndrome, which is a potentially fatal endocrine disease. Trading volume ballooned to 4.4 million shares, enough to make the stock the most actively traded ahead of the open, and well above the full-day average of about 1.9 million shares. " With this approval, Xeris' experienced endocrinology-focused commercial organization can begin rapidly working to help address the needs of Cushing's syndrome patients in the U.S. who are treated with prescription therapy," said Chief Executive Paul Edick. The stock had run up 35.0% since closing at an 18-month low of $1.80 on Oct. 28 through Thursday, but had still plunged 51.6% year to date, while the iShares Biotechnology ETF /zigman2/quotes/206189322/composite IBB +0.50% had gained 1.5% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.01% had climbed 27.2%.

/zigman2/quotes/207093206/composite
US : U.S.: Nasdaq
$ 2.17
-0.03 -1.36%
Volume: 1.25M
May 20, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$298.16 million
Rev. per Employee
$215,878
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/zigman2/quotes/206189322/composite
US : U.S.: Nasdaq
$ 115.61
+0.58 +0.50%
Volume: 1.84M
May 20, 2022 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,901.36
+0.57 +0.01%
Volume: 3.00B
May 20, 2022 5:03p
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