NDR Takeaways: Next Leg of the Story in the Pipeline – Reit OW; PT to $12

Research evidence excerpt

Equity Research

U.S. Specialty Pharmaceuticals

20 August 2026

Xeris Biopharma Holdings Inc.

NDR Takeaways: Next Leg of the

Story in the Pipeline – Reit OW; PT

to $12

We hosted mgt & came away w/ greater conviction in

Recorlev's path to $1B as awareness is rising among

physicians. Further, we think the P3 XP-8121 trial could

kickstart the next leg for shares as it aims to solve common

issues w oral levothyroxine, one of the higher-vol TRxs in the

US. PT to $12.

OVERWEIGHT

XERS

Unchanged

U.S. Specialty

Pharmaceuticals

NEUTRAL

Unchanged

USD 12.00

Price Target

raised 33% from USD 9.00

Price (18-Aug-26)

Potential Upside/Downside

USD 8.85

+35.6%

Source: Bloomberg, Barclays Research

Market Cap (USD mn)

NDR meetings reinforce our conviction around the LT opportunity for Recorlev &

XP-8121. Last week, we hosted the company's CEO, CFO and IR for an NDR and came away with

increased confidence around Recorlev's path to $1B as well as the outlook for XP-8121, which is

entering Phase 3 this year. Broad-based takeaways from the meetings are: 1) investors were

encouraged by 2Q results & initial volatility likely driven by one-time impacts on net loss (loss on

debt extinguishment); 2) the Recorlev trajectory is early and other players in the space

contributing to rising awareness and TAM for Cushing's; and 3) in our view the pipeline is

underappreciated in the stock, which we think is likely to change as the company brings the

upcoming trial & opportunity into greater focus at the virtual investor event on 9/9. We are

raising our PT from $9 to $12 with our forecasts incorporating risk-adj sales for XP-8121 (SC

levothyroxine) for the treatment of hypothyroidism, which could have data in FY29 and launch

in FY30.

Shares Outstanding (mn)

Free Float (%)

52 Wk Avg Daily Volume (mn)

Dividend Yield (%)

Return on Equity TTM (%)

Current BVPS (USD)

Source: Bloomberg

Price Performance

52 Week range

Exchange-Nasdaq

USD 10.08-5.25

We think the company's evolution (and stock performance) thus far has been driven by Recorlev

and while momentum there remains robust, we see potential for another leg higher as the

company advances its pipeline into Phase 3:

1.…