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

Shares of Xeris Biopharma Holdings Inc.
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
had gained 1.5% and the S&P 500
had climbed 27.2%.