Exagen (NASDAQ:XGN) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Exagen from “hold” to “sell,” though analysts overall maintain a “Moderate Buy” consensus and an average price target of $9.88.
• Exagen reported a quarterly loss of $0.25 per share, worse than the $0.18 loss analysts expected, while revenue of $18.42 million slightly exceeded estimates.
• Shares opened at $4.13, down 6.3%; recent insider sales totaled more than 213,000 shares over 90 days, compared with insider purchases of about 101,000 shares.

Exagen (NASDAQ:XGN - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Saturday, Wall Street Zen reports.

Other equities research analysts have also issued research reports about the company. TD Cowen upped their price target on Exagen from $10.00 to $11.00 and gave the company a "buy" rating in a research report on Tuesday, October 13th. Weiss Ratings restated a "sell (e+)" rating on shares of Exagen in a research report on Wednesday, November 4th. B. Riley Financial assumed coverage on Exagen in a research note on Friday, September 11th. They issued a "buy" rating and a $12.00 price objective on the stock. Canaccord Genuity Group cut their price objective on Exagen from $11.00 to $9.00 and set a "buy" rating on the stock in a research note on Wednesday. Finally, BTIG Research reiterated a "buy" rating and issued a $9.00 target price on shares of Exagen in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Exagen currently has an average rating of "Moderate Buy" and a consensus target price of $9.88.

Exagen Stock Down 6.3%

Shares of NASDAQ XGN opened at $4.13 on Friday. The company has a 50 day simple moving average of $7.71 and a 200 day simple moving average of $5.13. The company has a debt-to-equity ratio of 1.73, a current ratio of 3.46 and a quick ratio of 3.18. Exagen has a 1 year low of $2.59 and a 1 year high of $9.28. The firm has a market cap of $105.36 million, a PE ratio of -5.51 and a beta of 2.25.

Exagen (NASDAQ:XGN - Get Free Report) last posted its earnings results on Tuesday, November 10th. The company reported ($0.25) earnings per share for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.07). Exagen had a negative return on equity of 125.60% and a negative net margin of 25.14%. The business had revenue of $18.42 million for the quarter, compared to the consensus estimate of $18.34 million. On average, research analysts forecast that Exagen will post -0.71 EPS for the current year.

Insider Activity

In other Exagen news, CEO John Aballi sold 34,294 shares of Exagen 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 completion of the sale, the chief executive officer directly owned 805,540 shares in the company, valued at approximately $6,339,599.80. The trade was a 4.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, major shareholder Jorey Chernett sold 58,068 shares of Exagen stock in a transaction that occurred on Friday, November 13th. The stock was sold at an average price of $4.08, for a total value of $236,917.44. Following the completion of the sale, the insider owned 2,529,436 shares of the company's stock, valued at approximately $10,320,098.88. The trade was a 2.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have purchased 100,900 shares of company stock worth $568,660 and have sold 213,063 shares worth $1,084,856. 10.40% of the stock is owned by corporate insiders.

Institutional Trading of Exagen

Several large investors have recently modified their holdings of the stock. Corient Private Wealth LP bought a new stake in shares of Exagen in the 2nd quarter valued at $52,000. Penbrook Management LLC acquired a new position in shares of Exagen during the 3rd quarter valued at $92,000. Calamos Advisors LLC acquired a new position in shares of Exagen during the 3rd quarter valued at $94,000. Bank of New York Mellon Corp bought a new position in Exagen during the second quarter worth $97,000. Finally, Empowered Funds LLC bought a new position in Exagen during the third quarter worth $198,000. Institutional investors and hedge funds own 75.25% of the company's stock.

Exagen Company Profile

Exagen Inc. is a diagnostics company focused on testing for autoimmune and rheumatic diseases. It develops and provides blood tests intended to help physicians assess and monitor conditions such as systemic lupus erythematosus and other connective tissue diseases. The company's AVISE test portfolio includes diagnostic and monitoring tests that use proprietary biomarkers to support clinical evaluation. Its offerings are designed to provide information that may help clinicians distinguish among autoimmune conditions and guide patient care.

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