Exagen (NASDAQ:XGN) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Exagen (NASDAQ:XGN) had its target price lifted by investment analysts at Canaccord Genuity Group from $9.00 to $11.00 in a report released on Monday, Marketbeat reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 48.45% from the stock’s previous close.

XGN has been the subject of a number of other research reports. Roth Capital started coverage on shares of Exagen in a report on Wednesday, June 24th. They issued a “buy” rating and a $8.00 price target for the company. BTIG Research raised their price objective on shares of Exagen from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. B. Riley Financial started coverage on shares of Exagen in a report on Friday, September 11th. They set a “buy” rating and a $12.00 price objective on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Exagen in a report on Friday, August 7th. Finally, TD Cowen upped their target price on shares of Exagen from $10.00 to $11.00 and gave the stock a “buy” rating in a research report on Tuesday, October 13th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $10.12.

Exagen Price Performance

Shares of XGN stock opened at $7.41 on Monday. The stock has a 50 day simple moving average of $7.77 and a 200-day simple moving average of $5.45. Exagen has a 12-month low of $2.59 and a 12-month high of $12.23. The company has a debt-to-equity ratio of 1.96, a current ratio of 3.18 and a quick ratio of 3.18.

Exagen (NASDAQ:XGN) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.06. Exagen had a negative return on equity of 104.46% and a negative net margin of 26.61%. The business had revenue of $19.94 million during the quarter, compared to analysts’ expectations of $17.80 million. Equities research analysts expect that Exagen will post -0.69 earnings per share for the current year.

Insider Buying and Selling at Exagen

In other news, CEO John Aballi sold 34,294 shares of the firm’s stock in a transaction on Friday, October 16th. The stock was sold at an average price of $7.87, for a total value of $269,893.78. Following the completion of the transaction, the chief executive officer owned 805,540 shares in the company, valued at $6,339,599.80. This trade represents a 4.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, major shareholder Jorey Chernett purchased 14,000 shares of the business’s stock in a transaction dated Monday, October 19th. The shares were purchased at an average cost of $7.46 per share, with a total value of $104,440.00. Following the purchase, the insider directly owned 2,618,540 shares in the company, valued at approximately $19,534,308.40. The trade was a 0.54% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 10.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Exagen

Large investors have recently added to or reduced their stakes in the business. Corient Private Wealth LP purchased a new position in shares of Exagen during the 2nd quarter worth approximately $52,000. Penbrook Management LLC purchased a new stake in Exagen in the 3rd quarter valued at approximately $92,000. Bank of New York Mellon Corp purchased a new stake in Exagen in the 2nd quarter valued at approximately $97,000. R Squared Ltd lifted its stake in Exagen by 49.0% in the 1st quarter. R Squared Ltd now owns 27,107 shares of the company’s stock valued at $81,000 after buying an additional 8,915 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Exagen by 137.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 62,571 shares of the company’s stock valued at $188,000 after buying an additional 36,213 shares during the last quarter. 75.25% of the stock is owned by institutional investors and hedge funds.

Exagen Company Profile

Exagen Inc (NASDAQ: XGN) is a diagnostic healthcare company focused on autoimmune diseases. The company develops and commercializes blood tests designed to help physicians diagnose, differentiate and monitor conditions such as systemic lupus erythematosus, rheumatoid arthritis and other connective tissue diseases.

Exagen’s principal product family is AVISE, a suite of proprietary autoimmune testing services that includes AVISE CTD, AVISE Lupus and monitoring tests. These assays combine multiple biomarkers and are intended to provide physicians with information that may support earlier or more informed clinical decisions, particularly in rheumatology.

Exagen operates a specialized laboratory testing business serving healthcare providers primarily in the United States.