Piper Sandler analyst David Amsellem initiated coverage of Xeris Pharmaceuticals (XERS) with an Overweight rating and $12 price target. The analyst believes that Gvoke, the company's recently launched, ready-to-use injectable form of glucagon for severe hypoglycemia in insulin-dependent diabetes patients, represents a "far better option" than glucagon emergency kits that have historically been available. He believes the product will, over time, play a large role in driving far greater prescription volumes "in what historically has been a vastly underpenetrated space." Further, Amsellem does not view competition between Gvoke and Eli Lilly's (LLY) Baqsimi, an intranasal spray form of glucagon, as a zero-sum game. Gvoke peak U.S. sales in excess of $250M are realistic, says the analyst.