Exagen (NASDAQ:XGN) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Exagen (NASDAQ:XGN - Free Report) had its price objective boosted by Canaccord Genuity Group from $5.00 to $7.00 in a research note published on Friday,Benzinga reports. They currently have a buy rating on the stock.

Separately, William Blair restated an "outperform" rating on shares of Exagen in a research report on Wednesday, November 13th.

Exagen Stock Performance

XGN traded up $0.49 during trading on Friday, reaching $3.58. 481,969 shares of the company's stock were exchanged, compared to its average volume of 613,284. The company has a market capitalization of $63.14 million, a P/E ratio of -3.81 and a beta of 1.49. The company has a quick ratio of 4.05, a current ratio of 4.05 and a debt-to-equity ratio of 1.54. The business has a 50 day moving average price of $3.92 and a 200 day moving average price of $3.03. Exagen has a fifty-two week low of $1.30 and a fifty-two week high of $6.22.

Exagen (NASDAQ:XGN - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, topping analysts' consensus estimates of ($0.30) by $0.02. The company had revenue of $12.51 million during the quarter, compared to the consensus estimate of $13.55 million. Exagen had a negative net margin of 30.36% and a negative return on equity of 92.58%. During the same period last year, the firm earned ($0.31) EPS. As a group, analysts predict that Exagen will post -0.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO John Aballi bought 24,305 shares of the company's stock in a transaction dated Thursday, November 14th. The stock was bought at an average price of $2.81 per share, for a total transaction of $68,297.05. Following the completion of the transaction, the chief executive officer now directly owns 689,799 shares in the company, valued at $1,938,335.19. The trade was a 3.65 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Nmsic Co-Investment Fund, L.P. sold 200,000 shares of the business's stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $3.30, for a total value 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.

Hedge Funds Weigh In On Exagen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC raised its holdings in Exagen by 93.3% in the second quarter. Renaissance Technologies LLC now owns 94,234 shares of the company's stock worth $172,000 after purchasing an additional 45,476 shares during the period. Creative Planning bought a new stake in shares of Exagen in the 3rd quarter valued at $110,000. Palumbo Wealth Management LLC increased its position in shares of Exagen by 14.5% in the 3rd quarter. Palumbo Wealth Management LLC now owns 76,364 shares of the company's stock valued at $236,000 after buying an additional 9,695 shares in the last quarter. Verus Capital Partners LLC bought a new position in Exagen during the third quarter worth about $39,000. Finally, Stonepine Capital Management LLC grew its stake in Exagen by 49.0% in the third quarter. Stonepine Capital Management LLC now owns 534,398 shares of the company's stock valued at $1,651,000 after acquiring an additional 175,701 shares during the period. Institutional investors own 75.25% of the company's stock.

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).