Exagen (NASDAQ:XGN) Price Target Raised to $11.00

Exagen (NASDAQ:XGN) had its price objective boosted by Canaccord Genuity Group from $9.00 to $11.00 in a research note released on Monday, MarketBeat.com reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other equities analysts have also issued reports about the stock. TD Cowen lifted their target price on shares of Exagen from $10.00 to $11.00 and gave the company a “buy” rating in a report on Tuesday, October 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Exagen in a report on Friday, August 7th. BTIG Research lifted their price objective on Exagen from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Roth Capital began coverage on shares of Exagen in a report on Wednesday, June 24th. They set a “buy” rating and a $8.00 target price for the company. Finally, B. Riley Financial began 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. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $10.12.

Exagen Price Performance

XGN opened at $7.88 on Monday. The company has a debt-to-equity ratio of 1.96, a current ratio of 3.18 and a quick ratio of 3.18. Exagen has a 52-week low of $2.59 and a 52-week high of $12.23. The stock’s 50 day moving average price is $7.79 and its 200-day moving average price is $5.48.

Exagen (NASDAQ:XGN) last announced its earnings results on Tuesday, August 4th. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.06. Exagen had a negative net margin of 26.61% and a negative return on equity of 104.46%. The firm had revenue of $19.94 million for the quarter, compared to analyst estimates of $17.80 million. Analysts forecast that Exagen will post -0.69 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Jorey Chernett bought 14,000 shares of the company’s stock in a transaction on Monday, October 19th. The shares were acquired at an average cost of $7.46 per share, for a total transaction of $104,440.00. Following the purchase, the insider directly owned 2,618,540 shares of the company’s stock, valued at approximately $19,534,308.40. The trade was a 0.54% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO John Aballi sold 34,294 shares of the 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 transaction, the chief executive officer directly owned 805,540 shares in the company, valued at approximately $6,339,599.80. This trade represents a 4.08% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Flputnam Investment Management Co. purchased a new position in Exagen during the second quarter valued at approximately $1,343,000. FourWorld Capital Management LLC raised its position in shares of Exagen by 61.2% in the 1st quarter. FourWorld Capital Management LLC now owns 439,950 shares of the company’s stock valued at $1,320,000 after purchasing an additional 166,950 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in shares of Exagen during the second quarter worth $998,000. Man Group plc acquired a new stake in Exagen during the 2nd quarter worth about $778,000. Finally, Sei Investments Co. lifted its holdings in shares of Exagen by 107.0% during the first quarter. Sei Investments Co. now owns 244,240 shares of the company’s stock worth $733,000 after purchasing an additional 126,235 shares during the period. 75.25% of the stock is currently owned by institutional investors.

About Exagen

Exagen Inc (NASDAQ: XGN) is a diagnostic healthcare company focused on autoimmune diseases. The company develops and commercializes blood tests designed to help physicians diagnose, differentiate and monitor conditions such as systemic lupus erythematosus, rheumatoid arthritis and other connective tissue diseases.

Exagen’s principal product family is AVISE, a suite of proprietary autoimmune testing services that includes AVISE CTD, AVISE Lupus and monitoring tests. These assays combine multiple biomarkers and are intended to provide physicians with information that may support earlier or more informed clinical decisions, particularly in rheumatology.

Exagen operates a specialized laboratory testing business serving healthcare providers primarily in the United States.