BTIG Research Cuts Exagen (NASDAQ:XGN) Price Target to $9.00

Exagen (NASDAQ:XGN) had its price objective trimmed by BTIG Research from $10.00 to $9.00 in a research note released on Tuesday morning, Marketbeat reports. The brokerage currently has a buy rating on the stock.

A number of other research firms also recently issued reports on XGN. TD Cowen dropped their target price on shares of Exagen from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Exagen in a research note on Wednesday, January 21st. B. Riley Financial reiterated a “buy” rating and set a $8.00 price objective (down from $18.00) on shares of Exagen in a report on Friday, January 30th. Finally, William Blair restated an “outperform” rating on shares of Exagen in a research note on Tuesday. Nine research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.57.

Exagen Stock Up 1.6%

Shares of Exagen stock opened at $3.16 on Tuesday. The firm has a market cap of $71.61 million, a price-to-earnings ratio of -3.43 and a beta of 1.88. The stock’s 50-day moving average is $4.12 and its 200 day moving average is $7.47. The company has a debt-to-equity ratio of 1.39, a current ratio of 3.45 and a quick ratio of 4.08. Exagen has a one year low of $2.91 and a one year high of $12.23.

Exagen (NASDAQ:XGN) last issued its quarterly earnings results on Tuesday, March 10th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). The firm had revenue of $16.63 million for the quarter, compared to analyst estimates of $16.46 million. Exagen had a negative return on equity of 105.03% and a negative net margin of 29.97%. Equities research analysts anticipate that Exagen will post -0.88 EPS for the current year.

Insider Buying and Selling at Exagen

In related news, CEO John Aballi sold 15,698 shares of Exagen stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $3.62, for a total transaction of $56,826.76. Following the transaction, the chief executive officer owned 687,299 shares of the company’s stock, valued at $2,488,022.38. The trade was a 2.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 12.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Exagen

Several large investors have recently bought and sold shares of the stock. Acadian Asset Management LLC purchased a new position in Exagen during the 1st quarter worth $25,000. Truvestments Capital LLC raised its holdings in shares of Exagen by 109.5% in the fourth quarter. Truvestments Capital LLC now owns 6,169 shares of the company’s stock valued at $38,000 after purchasing an additional 3,225 shares during the last quarter. Persistent Asset Partners Ltd bought a new position in shares of Exagen during the fourth quarter valued at about $80,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Exagen during the fourth quarter valued at about $82,000. Finally, Jain Global LLC purchased a new position in Exagen during the fourth quarter worth about $82,000. 75.25% of the stock is currently owned by 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.