Exagen (NASDAQ:XGN) Given New $11.00 Price Target at Canaccord Genuity Group

Key Points

• Canaccord Genuity raised Exagen’s price target to $11 from $9 and maintained a “buy” rating, implying 42.49% upside from the stock’s $7.72 price. The analyst consensus is “Moderate Buy,” with an average target of $10.12.
• Exagen’s latest quarterly results exceeded expectations, reporting a loss of $0.13 per share versus the $0.19 consensus estimate and revenue of $19.94 million versus $17.80 million expected.
• Institutional investors and hedge funds own 75.25% of Exagen shares, while the company continues to develop and commercialize AVISE blood-testing services for autoimmune diseases.

Exagen (NASDAQ:XGN - Get Free Report) had its price objective increased by analysts at Canaccord Genuity Group from $9.00 to $11.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's target price suggests a potential upside of 42.49% from the stock's current price.

XGN has been the subject of a number of other research reports. BTIG Research raised their price target on shares of Exagen from $8.00 to $9.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Exagen in a research report on Friday, August 7th. Roth Capital started coverage on shares of Exagen in a research report on Wednesday, June 24th. They set a "buy" rating and a $8.00 price objective for the company. B. Riley Financial assumed coverage on shares of Exagen in a research note on Friday, September 11th. They set a "buy" rating and a $12.00 price objective on the stock. Finally, TD Cowen increased their price target on 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 given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Exagen presently has a consensus rating of "Moderate Buy" and an average target price of $10.12.

Exagen Price Performance

Shares of XGN stock opened at $7.72 on Monday. The firm has a fifty day simple moving average of $7.74 and a 200-day simple moving average of $5.38. The company has a market capitalization of $187.06 million, a PE ratio of -9.53 and a beta of 2.12. Exagen has a twelve month low of $2.59 and a twelve month high of $12.23. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 1.96.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Penbrook Management LLC bought a new position in Exagen in the 3rd quarter worth approximately $92,000. Flputnam Investment Management Co. bought a new stake in shares of Exagen during the second quarter valued at about $1,343,000. Corient Private Wealth LP bought a new stake in shares of Exagen during the second quarter valued at about $52,000. Man Group plc bought a new stake in shares of Exagen during the second quarter valued at about $778,000. Finally, BlackRock Inc. acquired a new stake in Exagen in the second quarter worth about $663,000. 75.25% of the stock is owned by institutional investors and hedge funds.

About Exagen

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.

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