B. Riley Begins Coverage on Exagen (NASDAQ:XGN)

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.

Analysts at B. Riley initiated coverage on shares of Exagen (NASDAQ:XGN - Get Free Report) in a research report issued on Wednesday, September 10th, Marketbeat Ratings reports. The firm set a "buy" rating and a $15.00 price target on the stock. B. Riley's price objective would indicate a potential upside of 62.25% from the company's current price.

Several other research firms have also issued reports on XGN. Craig Hallum initiated coverage on Exagen in a research note on Wednesday, July 23rd. They issued a "buy" rating and a $12.00 price objective for the company. Cantor Fitzgerald reissued an "overweight" rating and issued a $10.00 price objective on shares of Exagen in a research report on Wednesday, July 30th. Canaccord Genuity Group raised their price objective on shares of Exagen from $8.00 to $11.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. UBS Group reaffirmed an "overweight" rating on shares of Exagen in a research note on Thursday, May 15th. Finally, KeyCorp upgraded Exagen from a "sector weight" rating to an "overweight" rating and set a $12.00 price target on the stock in a report on Wednesday, July 30th. Eight analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $12.00.

Exagen Price Performance

Exagen stock traded up $0.14 during mid-day trading on Wednesday, reaching $9.25. 42,030 shares of the company's stock traded hands, compared to its average volume of 226,419. Exagen has a 12-month low of $2.38 and a 12-month high of $10.34. The company has a quick ratio of 4.95, a current ratio of 4.95 and a debt-to-equity ratio of 1.06. The stock has a 50 day moving average of $8.79 and a two-hundred day moving average of $6.66. The company has a market cap of $203.43 million, a price-to-earnings ratio of -10.38 and a beta of 1.60.

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

Hedge Funds Weigh In On Exagen

Several hedge funds have recently modified their holdings of the stock. Bridgeway Capital Management LLC lifted its holdings in shares of Exagen by 10.3% in the 2nd quarter. Bridgeway Capital Management LLC now owns 27,800 shares of the company's stock valued at $194,000 after buying an additional 2,600 shares during the period. Northern Trust Corp grew its holdings in Exagen by 16.7% during the fourth quarter. Northern Trust Corp now owns 18,375 shares of the company's stock worth $75,000 after acquiring an additional 2,630 shares during the period. Huntleigh Advisors Inc. raised its position in Exagen by 5.7% during the second quarter. Huntleigh Advisors Inc. now owns 87,861 shares of the company's stock valued at $613,000 after acquiring an additional 4,753 shares in the last quarter. Acadian Asset Management LLC acquired a new position in Exagen in the first quarter valued at approximately $25,000. Finally, Palumbo Wealth Management LLC boosted its position in Exagen by 14.4% in the 1st quarter. Palumbo Wealth Management LLC now owns 99,205 shares of the company's stock worth $356,000 after purchasing an additional 12,501 shares in the last quarter. Institutional investors and hedge funds own 75.25% of the company's stock.

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).