Canaccord Genuity Group Lowers Exagen (NASDAQ:XGN) Price Target to $10.00

Exagen (NASDAQ:XGN) had its price objective decreased by research analysts at Canaccord Genuity Group from $15.00 to $10.00 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 indicates a potential upside of 216.46% from the company’s current price.

Several other research analysts have also weighed in on the company. Craig Hallum dropped their price target on Exagen from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday. TD Cowen decreased their price objective on Exagen from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Tuesday, February 24th. William Blair reaffirmed an “outperform” rating on shares of Exagen in a research note on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Exagen in a research report on Wednesday, January 21st. Finally, BTIG Research decreased their price target on shares of Exagen from $10.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $9.57.

Exagen Trading Up 1.6%

Exagen stock opened at $3.16 on Wednesday. The company has a 50 day moving average price of $4.12 and a 200 day moving average price of $7.47. Exagen has a 52 week low of $2.91 and a 52 week high of $12.23. The company has a debt-to-equity ratio of 1.39, a quick ratio of 4.08 and a current ratio of 3.45. The firm has a market capitalization of $71.61 million, a price-to-earnings ratio of -3.43 and a beta of 1.88.

Exagen (NASDAQ:XGN) last announced its 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 company had revenue of $16.63 million for the quarter, compared to the consensus estimate of $16.46 million. Exagen had a negative net margin of 29.97% and a negative return on equity of 105.03%. Research analysts forecast that Exagen will post -0.88 EPS for the current year.

Insider Activity

In related news, CEO John Aballi sold 15,698 shares of the company’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $3.62, for a total value of $56,826.76. Following the completion of the sale, the chief executive officer directly owned 687,299 shares in the company, valued at approximately $2,488,022.38. This represents a 2.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 12.60% of the company’s stock.

Hedge Funds Weigh In On Exagen

Several institutional investors have recently bought and sold shares of XGN. Acadian Asset Management LLC acquired a new stake in Exagen in the 1st quarter worth approximately $25,000. Truvestments Capital LLC grew its holdings in Exagen by 109.5% during 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 in the fourth quarter valued at approximately $80,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Exagen in the fourth quarter valued at approximately $82,000. Finally, Jain Global LLC acquired a new stake in shares of Exagen in the fourth quarter worth $82,000. 75.25% of the stock is currently owned by institutional investors.

Exagen Company Profile

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.