Canaccord Genuity Group Forecasts Strong Price Appreciation for Exagen (NASDAQ:XGN) Stock

Exagen (NASDAQ:XGN) had its target price increased by Canaccord Genuity Group from $5.00 to $7.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 95.53% from the stock’s current price.

Separately, William Blair reissued an “outperform” rating on shares of Exagen in a research note on Wednesday, November 13th.

Exagen Price Performance

Shares of XGN stock traded up $0.49 during trading hours on Friday, hitting $3.58. The company’s stock had a trading volume of 280,540 shares, compared to its average volume of 509,552. The company has a current ratio of 4.05, a quick ratio of 4.05 and a debt-to-equity ratio of 1.54. The business has a fifty day moving average of $3.92 and a 200-day moving average of $3.03. The stock has a market cap of $63.14 million, a price-to-earnings ratio of -3.81 and a beta of 1.49. Exagen has a twelve month low of $1.30 and a twelve month high of $6.22.

Exagen (NASDAQ:XGN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.02. Exagen had a negative return on equity of 92.58% and a negative net margin of 30.36%. The company had revenue of $12.51 million during the quarter, compared to the consensus estimate of $13.55 million. During the same period in the previous year, the firm posted ($0.31) EPS. As a group, equities research analysts anticipate that Exagen will post -0.87 EPS for the current year.

Insider Transactions at Exagen

In related news, CEO John Aballi bought 24,305 shares of the business’s stock in a transaction dated Thursday, November 14th. The shares were bought at an average cost of $2.81 per share, with a total value of $68,297.05. Following the completion of the transaction, the chief executive officer now directly owns 689,799 shares of the company’s stock, valued at approximately $1,938,335.19. This trade represents a 3.65 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Nmsic Co-Investment Fund, L.P. sold 200,000 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $3.30, for a total transaction of $660,000.00. Following the sale, the insider now directly owns 2,108,958 shares of the company’s stock, valued at $6,959,561.40. This represents a 8.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 26.10% of the company’s stock.

Institutional Trading of Exagen

Several hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC grew its stake in shares of Exagen by 93.3% in the 2nd quarter. Renaissance Technologies LLC now owns 94,234 shares of the company’s stock valued at $172,000 after buying an additional 45,476 shares in the last quarter. Creative Planning bought a new stake in Exagen during the third quarter worth approximately $110,000. Verus Capital Partners LLC acquired a new position in Exagen during the third quarter valued at approximately $39,000. Palumbo Wealth Management LLC raised its position in shares of Exagen by 14.5% in the third quarter. Palumbo Wealth Management LLC now owns 76,364 shares of the company’s stock valued at $236,000 after purchasing an additional 9,695 shares during the period. Finally, Stonepine Capital Management LLC lifted its stake in shares of Exagen by 49.0% in the third quarter. Stonepine Capital Management LLC now owns 534,398 shares of the company’s stock worth $1,651,000 after buying an additional 175,701 shares during the last quarter. 75.25% of the stock is currently owned by hedge funds and other institutional investors.

Exagen Company Profile

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).