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

Exagen (NASDAQ:XGN) had its price target boosted by research analysts at Canaccord Genuity Group from $5.00 to $7.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 95.53% from the company’s previous close.

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

Exagen Price Performance

Shares of NASDAQ:XGN opened at $3.58 on Friday. Exagen has a one year low of $1.30 and a one year high of $6.22. 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 company has a market cap of $63.14 million, a price-to-earnings ratio of -3.81 and a beta of 1.49. The firm has a 50 day simple moving average of $3.94 and a 200 day simple moving average of $3.04.

Exagen (NASDAQ:XGN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. The company had revenue of $12.51 million during the quarter, compared to analysts’ expectations of $13.55 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 prior year, the company earned ($0.31) EPS. Research analysts predict that Exagen will post -0.87 earnings per share for the current fiscal year.

Insider Activity at Exagen

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in XGN. Stonepine Capital Management LLC grew its stake in Exagen by 49.0% during the third quarter. Stonepine Capital Management LLC now owns 534,398 shares of the company’s stock worth $1,651,000 after purchasing an additional 175,701 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Exagen by 93.3% during the 2nd quarter. Renaissance Technologies LLC now owns 94,234 shares of the company’s stock worth $172,000 after buying an additional 45,476 shares in the last quarter. Palumbo Wealth Management LLC grew its position in shares of Exagen by 14.5% during the 3rd quarter. Palumbo Wealth Management LLC now owns 76,364 shares of the company’s stock worth $236,000 after buying an additional 9,695 shares during the period. Creative Planning bought a new stake in shares of Exagen in the 3rd quarter valued at $110,000. Finally, Verus Capital Partners LLC acquired a new position in shares of Exagen during the 3rd quarter valued at $39,000. 75.25% of the stock is owned by institutional investors and hedge funds.

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).