Canaccord Genuity Group Issues Pessimistic Forecast for Exagen (NASDAQ:XGN) Stock Price

Key Points

• Canaccord Genuity cut its Exagen price target from $11 to $9 but maintained a Buy rating; the new target implies about 81% upside from the share price cited in the report.
• Exagen’s latest quarter showed revenue of $18.42 million, slightly above expectations, but its loss of $0.25 per share was wider than the $0.18 consensus estimate.
• Shares fell 5.5% to $4.97 on Wednesday. Analyst views remain mostly positive: MarketBeat reported a Moderate Buy consensus and an average price target of $9.88.

Exagen (NASDAQ:XGN - Get Free Report) had its price objective cut by equities research analysts at Canaccord Genuity Group from $11.00 to $9.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective indicates a potential upside of 81.09% from the stock's current price.

A number of other research firms have also issued reports on XGN. TD Cowen raised their price target 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. B. Riley Financial assumed coverage on shares of Exagen in a report on Friday, September 11th. They issued a "buy" rating and a $12.00 price objective on the stock. Weiss Ratings reiterated a "sell (e+)" rating on shares of Exagen in a research note on Wednesday, November 4th. Finally, BTIG Research restated a "buy" rating and set a $9.00 target price on shares of Exagen in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Exagen has an average rating of "Moderate Buy" and a consensus price target of $9.88.

Exagen Trading Down 5.5%

XGN traded down $0.29 during trading on Wednesday, hitting $4.97. 699,214 shares of the stock were exchanged, compared to its average volume of 399,264. The firm has a 50 day simple moving average of $7.88 and a 200 day simple moving average of $5.13. The firm has a market cap of $120.42 million, a price-to-earnings ratio of -6.14 and a beta of 2.25. Exagen has a 1 year low of $2.59 and a 1 year high of $9.73. The company has a debt-to-equity ratio of 1.96, a quick ratio of 3.18 and a current ratio of 3.18.

Exagen (NASDAQ:XGN - Get Free Report) last issued its earnings results on Tuesday, November 10th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.07). The firm had revenue of $18.42 million during the quarter, compared to analysts' expectations of $18.34 million. Exagen had a negative return on equity of 104.46% and a negative net margin of 26.61%. As a group, equities analysts expect that Exagen will post -0.69 EPS for the current year.

Insider Transactions at Exagen

In other Exagen news, CEO John Aballi sold 34,294 shares of the firm's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 805,540 shares of the company's stock, valued at approximately $6,339,599.80. This trade represents a 4.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, major shareholder Jorey Chernett acquired 7,085 shares of the business's stock in a transaction dated Tuesday, November 10th. The stock was acquired at an average price of $5.26 per share, with a total value of $37,267.10. Following the completion of the transaction, the insider directly owned 2,625,625 shares of the company's stock, valued at approximately $13,810,787.50. This represents a 0.27% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 29,585 shares of company stock worth $195,682 over the last 90 days. Insiders own 10.40% of the company's stock.

Institutional Trading of Exagen

Several institutional investors have recently modified their holdings of XGN. Russell Investments Group Ltd. purchased a new position in Exagen in the 3rd quarter valued at about $418,000. Calamos Advisors LLC purchased a new stake in Exagen during the 3rd quarter worth approximately $94,000. Penbrook Management LLC purchased a new stake in Exagen during the 3rd quarter worth approximately $92,000. Flputnam Investment Management Co. acquired a new position in shares of Exagen during the second quarter valued at approximately $1,343,000. Finally, Corient Private Wealth LP acquired a new position in shares of Exagen during the second quarter valued at approximately $52,000. Institutional investors and hedge funds own 75.25% of the company's stock.

Key Exagen News

Here's some of the latest news about XGN:

• Positive Sentiment: BTIG Research reaffirmed its “Buy” rating and $9 price target, implying substantial upside from the roughly $5 share price cited in the report. BTIG Research ratings
• Positive Sentiment: Q3 revenue rose 7% year over year to $18.4 million, slightly topping estimates. For the first nine months, revenue grew 11%, net loss narrowed 12%, and adjusted EBITDA loss improved by more than 30%. Exagen reiterated 2026 revenue guidance of $72 million to $75 million and said its myositis offering remains on track for an early-2027 launch. Exagen Q3 results
• Negative Sentiment: Exagen’s Q3 loss of $0.25 per share was wider than analysts’ expected loss of about $0.18–$0.19. Operating expenses rose, pushing the operating loss to $4.4 million from $3.1 million a year earlier; cash also declined to $28.1 million from $35.7 million a year earlier. The earnings miss and ongoing cash burn are key risks despite revenue growth. Q3 earnings coverage

About Exagen

Exagen Inc. is a commercial-stage diagnostic company focused on improving the diagnosis and management of autoimmune and rheumatic diseases. The company develops and commercializes blood tests that help physicians identify autoimmune disease, distinguish among related conditions and monitor disease activity over time. Its principal product family is AVISE, which includes the AVISE CTD and AVISE Lupus tests, as well as monitoring and specialty tests used in the evaluation of systemic lupus erythematosus and other connective-tissue diseases.

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