Exagen (NASDAQ:XGN) Now Covered by B. Riley Financial

Key Points

• B. Riley Financial initiated coverage of Exagen with a “buy” rating and a $12 price target, implying approximately 64.8% upside from the prior close.
• Analyst sentiment is broadly positive: Exagen has a consensus “Moderate Buy” rating and an average price target of $9.62, despite one sell rating.
• In its latest quarter, Exagen reported an adjusted loss of $0.13 per share and revenue of $19.94 million, both better than analyst expectations; institutional investors own 75.25% of the stock.

Analysts at B. Riley Financial assumed coverage on shares of Exagen (NASDAQ:XGN - Get Free Report) in a note issued to investors on Friday. The firm set a "buy" rating and a $12.00 price target on the stock. B. Riley Financial's price objective would suggest a potential upside of 64.84% from the stock's previous close.

Other research analysts also recently issued research reports about the company. BTIG Research lifted their price objective on Exagen from $8.00 to $9.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Roth Capital assumed coverage on Exagen in a report on Wednesday, June 24th. They set a "buy" rating and a $8.00 target price for the company. Weiss Ratings restated a "sell (e+)" rating on shares of Exagen in a research report on Friday, August 7th. Finally, TD Cowen lifted their price target on Exagen from $8.00 to $10.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. One investment 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. According to data from MarketBeat.com, Exagen currently has a consensus rating of "Moderate Buy" and an average target price of $9.62.

Exagen Price Performance

XGN traded up $0.31 during trading on Friday, reaching $7.28. The stock had a trading volume of 20,819 shares, compared to its average volume of 395,082. The company has a debt-to-equity ratio of 1.96, a quick ratio of 3.18 and a current ratio of 3.18. The business has a 50-day moving average of $6.00 and a 200-day moving average of $4.47. Exagen has a one year low of $2.59 and a one year high of $12.23. The stock has a market cap of $176.39 million, a PE ratio of -8.96 and a beta of 2.10.

Exagen (NASDAQ:XGN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.13) earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $19.94 million for the quarter, compared to analysts' expectations of $17.80 million. As a group, equities research analysts anticipate that Exagen will post -0.71 EPS for the current fiscal year.

Institutional Investors Weigh In On Exagen

Institutional investors and hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC purchased a new stake in Exagen in the first quarter worth about $25,000. Truvestments Capital LLC boosted its holdings in shares of Exagen by 109.5% during the 4th quarter. Truvestments Capital LLC now owns 6,169 shares of the company's stock valued at $38,000 after buying an additional 3,225 shares in the last quarter. Corient Private Wealth LP purchased a new position in Exagen during the 2nd quarter valued at about $52,000. Persistent Asset Partners Ltd purchased a new stake in Exagen in the fourth quarter worth about $80,000. Finally, R Squared Ltd lifted its holdings in shares of Exagen by 49.0% during the first quarter. R Squared Ltd now owns 27,107 shares of the company's stock valued at $81,000 after purchasing an additional 8,915 shares during the last quarter. 75.25% of the stock is owned by hedge funds and other institutional investors.

About Exagen

Exagen Inc is a molecular diagnostics company focused on improving the detection and management of autoimmune diseases. Headquartered in the United States, the company develops, manufactures and markets laboratory tests designed to help clinicians address diagnostic challenges associated with complex connective tissue disorders.

The company's flagship product portfolio, marketed under the Avise® brand, includes multi-analyte assays such as the Avise® Connective Tissue Disease (CTD) panel, Avise® Lupus panel and Avise® Sjögren's panel.

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