Why Xeris Biopharma Stock Zoomed 7% Higher on Wednesday

Core Insights - Xeris Biopharma experienced a significant stock price increase of over 7% following the news that a potential commercial threat from Corcept Therapeutics had been neutralized due to the FDA's decision [1][2] - The FDA did not approve Corcept's relacorilant for treating hypertension related to Cushing's syndrome, citing insufficient evidence of the drug's effectiveness [2][3] - Xeris's existing drug, Recorlev, which treats Cushing's syndrome, will not face competition from Corcept's drug, enhancing Xeris's market position [4] Market Analysis - Analyst Glen Santangelo from Jefferies reiterated a buy recommendation for Xeris with a price target of $10, highlighting the growing addressable market for Cushing's disease [5] - The U.S. market for Cushing's syndrome, currently valued at $1 billion, could potentially triple by 2030 if awareness of the disorder increases [6] - Corcept's setback is viewed as a clear advantage for Xeris, positioning the company favorably for future growth [6]