Exagen (NASDAQ:XGN) Upgraded to "Strong-Buy" at B. Riley

Key Points

• Exagen's stock has been upgraded to a "strong-buy" rating by B. Riley, indicating positive sentiment among analysts.
• Multiple brokerages have raised their target prices for Exagen, with a consensus price target of $12.00 and a consensus rating of "Buy."
• Exagen's shares have seen a recent price increase of 3.8%, reflecting growing investor confidence.

Exagen (NASDAQ:XGN - Get Free Report) was upgraded by equities researchers at B. Riley to a "strong-buy" rating in a research note issued on Wednesday,Zacks.com reports.

Other research analysts have also issued reports about the stock. UBS Group reiterated an "overweight" rating on shares of Exagen in a research note on Thursday, May 15th. KeyCorp upgraded shares of Exagen from a "sector weight" rating to an "overweight" rating and set a $12.00 price objective for the company in a research note on Wednesday, July 30th. Canaccord Genuity Group lifted their price objective on shares of Exagen from $8.00 to $11.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Cantor Fitzgerald reissued an "overweight" rating and issued a $10.00 price target on shares of Exagen in a report on Wednesday, July 30th. Finally, Craig Hallum assumed coverage on shares of Exagen in a report on Wednesday, July 23rd. They issued a "buy" rating and a $12.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the stock. According to MarketBeat.com, Exagen has a consensus rating of "Buy" and a consensus price target of $12.00.

Exagen Stock Performance

Shares of XGN stock traded down $0.26 during trading hours on Wednesday, hitting $9.74. 141,136 shares of the company were exchanged, compared to its average volume of 204,500. The firm has a fifty day simple moving average of $8.70 and a 200 day simple moving average of $6.60. The company has a current ratio of 4.95, a quick ratio of 4.95 and a debt-to-equity ratio of 1.06. Exagen has a 52-week low of $2.38 and a 52-week high of $10.34. The stock has a market capitalization of $214.28 million, a price-to-earnings ratio of -10.94 and a beta of 1.60.

Exagen (NASDAQ:XGN - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported ($0.18) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.18). Exagen had a negative net margin of 28.85% and a negative return on equity of 130.38%. The company had revenue of $17.20 million during the quarter, compared to analyst estimates of $16.25 million. Exagen has set its FY 2025 guidance at EPS. Research analysts predict that Exagen will post -0.88 earnings per share for the current fiscal year.

Institutional Trading of Exagen

Several hedge funds have recently added to or reduced their stakes in XGN. Toronto Dominion Bank purchased a new position in shares of Exagen in the fourth quarter valued at about $3,655,000. Balyasny Asset Management L.P. purchased a new position in shares of Exagen in the second quarter valued at about $5,017,000. Kennedy Capital Management LLC increased its position in shares of Exagen by 5.3% in the second quarter. Kennedy Capital Management LLC now owns 310,721 shares of the company's stock valued at $2,169,000 after acquiring an additional 15,568 shares during the period. Russell Investments Group Ltd. purchased a new position in shares of Exagen in the second quarter valued at about $1,540,000. Finally, FourWorld Capital Management LLC purchased a new position in shares of Exagen in the second quarter valued at about $1,456,000. 75.25% of the stock is owned by institutional investors.

About Exagen

Exagen Inc develops and commercializes various testing products under the AVISE brand in the United States. The company enables healthcare providers to care for patients through the diagnosis, prognosis, and monitoring of autoimmune and autoimmune-related diseases, including systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA).