KeyCorp Issues Pessimistic Forecast for Exagen (NASDAQ:XGN) Stock Price

Exagen (NASDAQ:XGN) had its target price dropped by research analysts at KeyCorp from $15.00 to $10.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s target price suggests a potential upside of 216.46% from the company’s current price.

XGN has been the subject of several other research reports. TD Cowen reduced their price target on shares of Exagen from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Tuesday, February 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Exagen in a research note on Wednesday, January 21st. William Blair restated an “outperform” rating on shares of Exagen in a report on Tuesday. B. Riley Financial reiterated a “buy” rating and set a $8.00 price target (down from $18.00) on shares of Exagen in a report on Friday, January 30th. Finally, BTIG Research dropped their price target on Exagen from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday. Nine equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $9.57.

Exagen Price Performance

NASDAQ XGN opened at $3.16 on Wednesday. The company has a current ratio of 3.45, a quick ratio of 4.08 and a debt-to-equity ratio of 1.39. Exagen has a 1 year low of $2.91 and a 1 year high of $12.23. The company has a market cap of $71.61 million, a PE ratio of -3.43 and a beta of 1.88. The stock’s 50-day moving average price is $4.12 and its two-hundred day moving average price is $7.47.

Exagen (NASDAQ:XGN) last announced its earnings results on Tuesday, March 10th. The company reported ($0.20) EPS for the quarter, hitting the consensus estimate of ($0.20). The company had revenue of $16.63 million during the quarter, compared to analysts’ expectations of $16.46 million. Exagen had a negative net margin of 29.97% and a negative return on equity of 105.03%. On average, analysts predict 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 the stock in a transaction 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 completion of the sale, the chief executive officer directly owned 687,299 shares in the company, valued at approximately $2,488,022.38. This trade represents a 2.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 12.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Balyasny Asset Management L.P. acquired a new stake in shares of Exagen during the 2nd quarter valued at about $5,017,000. Invesco Ltd. bought a new position in Exagen during the third quarter valued at approximately $7,420,000. Mink Brook Asset Management LLC lifted its stake in Exagen by 784.3% in the fourth quarter. Mink Brook Asset Management LLC now owns 353,727 shares of the company’s stock valued at $2,151,000 after acquiring an additional 313,727 shares during the last quarter. Nano Cap New Millennium Growth Fund L P bought a new stake in Exagen in the fourth quarter worth approximately $1,520,000. Finally, Millennium Management LLC acquired a new position in shares of Exagen during the 3rd quarter worth $2,716,000. 75.25% of the stock is owned by institutional investors and hedge funds.

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.