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

Exagen (NASDAQ:XGN) had its target price boosted by Canaccord Genuity Group from $7.00 to $8.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 37.46% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. William Blair reiterated an “outperform” rating on shares of Exagen in a research note on Wednesday, March 12th. BTIG Research reiterated a “buy” rating on shares of Exagen in a research note on Wednesday, May 7th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $8.00 price objective on shares of Exagen in a research note on Monday, January 13th.

Exagen Stock Performance

NASDAQ XGN opened at $5.82 on Tuesday. The company has a market cap of $104.77 million, a P/E ratio of -6.19 and a beta of 1.50. The company has a debt-to-equity ratio of 1.54, a current ratio of 4.05 and a quick ratio of 4.05. The stock has a 50-day moving average of $4.70 and a two-hundred day moving average of $4.17. Exagen has a 1-year low of $1.67 and a 1-year high of $7.20.

Exagen (NASDAQ:XGN) last released its earnings results on Monday, May 12th. The company reported ($0.20) earnings per share for the quarter, meeting the consensus estimate of ($0.20). The company had revenue of $15.50 million during the quarter, compared to the consensus estimate of $14.55 million. Exagen had a negative return on equity of 92.58% and a negative net margin of 30.36%. During the same period in the previous year, the company posted ($0.19) EPS. As a group, analysts anticipate that Exagen will post -0.88 EPS for the current year.

Institutional Investors Weigh In On Exagen

Several institutional investors have recently added to or reduced their stakes in XGN. Toronto Dominion Bank purchased a new stake in Exagen in the fourth quarter valued at approximately $3,655,000. Driehaus Capital Management LLC acquired a new position in shares of Exagen in the fourth quarter valued at approximately $1,716,000. Kennedy Capital Management LLC increased its holdings in shares of Exagen by 8.8% in the fourth quarter. Kennedy Capital Management LLC now owns 184,473 shares of the company’s stock valued at $756,000 after purchasing an additional 14,920 shares during the period. Palumbo Wealth Management LLC increased its holdings in shares of Exagen by 14.4% in the first quarter. Palumbo Wealth Management LLC now owns 99,205 shares of the company’s stock valued at $356,000 after purchasing an additional 12,501 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Exagen by 11.9% in the fourth quarter. Geode Capital Management LLC now owns 98,057 shares of the company’s stock valued at $402,000 after purchasing an additional 10,442 shares during the period. Hedge funds and other 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).