Exagen (NASDAQ:XGN) Price Target Raised to $11.00 at Canaccord Genuity Group

Key Points

• Analysts at Canaccord Genuity Group have raised the price target for Exagen (NASDAQ:XGN) from $8.00 to $11.00, indicating a potential upside of 30.18% from the previous close.
• Seven analysts currently rate Exagen as a buy, with an average target price of $10.50, indicating strong investor confidence.
• Despite a report of a negative return on equity and a net margin of -27.34%, Exagen's revenue for the last quarter exceeded consensus estimates at $15.50 million.

Exagen (NASDAQ:XGN - Get Free Report) had its price objective raised by Canaccord Genuity Group from $8.00 to $11.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's target price suggests a potential upside of 27.46% from the stock's previous close.

XGN has been the subject of several other reports. KeyCorp upgraded shares of Exagen from a "sector weight" rating to an "overweight" rating and set a $12.00 target price for the company in a research report on Wednesday. UBS Group reissued an "overweight" rating on shares of Exagen in a research note on Thursday, May 15th. Craig Hallum started coverage on shares of Exagen in a research report on Wednesday, July 23rd. They set a "buy" rating and a $12.00 price objective for the company. Cantor Fitzgerald reduced their target price on Exagen from $8.00 to $7.00 and set an "overweight" rating on the stock in a report on Thursday, May 15th. Finally, BTIG Research reiterated a "buy" rating on shares of Exagen in a research note on Wednesday, May 7th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, Exagen has an average rating of "Buy" and an average price target of $11.25.

Exagen Price Performance

Exagen stock traded up $0.23 during mid-day trading on Wednesday, reaching $8.63. 282,684 shares of the company were exchanged, compared to its average volume of 428,131. The firm has a market cap of $189.86 million, a PE ratio of -9.70 and a beta of 1.61. The company has a debt-to-equity ratio of 1.06, a current ratio of 4.95 and a quick ratio of 2.32. The company has a fifty day simple moving average of $7.19 and a 200-day simple moving average of $5.43. Exagen has a 12 month low of $1.78 and a 12 month high of $9.10.

Exagen (NASDAQ:XGN - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported ($0.18) EPS for the quarter, hitting analysts' consensus estimates of ($0.18). The company had revenue of $17.20 million for the quarter, compared to analysts' expectations of $16.25 million. Exagen had a negative return on equity of 130.38% and a negative net margin of 28.85%. As a group, equities research analysts expect that Exagen will post -0.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Exagen

A number of institutional investors have recently added to or reduced their stakes in XGN. Acadian Asset Management LLC bought a new position in Exagen in the first quarter valued at about $25,000. Corient Private Wealth LLC acquired a new position in shares of Exagen in the fourth quarter valued at approximately $45,000. Virtu Financial LLC bought a new position in Exagen in the 4th quarter valued at approximately $46,000. Marshall Wace LLP acquired a new stake in Exagen during the 4th quarter worth approximately $66,000. Finally, Northern Trust Corp grew its holdings in Exagen by 16.7% during the 4th 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 last quarter. 75.25% of the stock is currently owned by institutional investors and hedge funds.

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).