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 note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 95.53% from the company’s current price.

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

Exagen Stock Up 15.9 %

XGN opened at $3.58 on Friday. The business has a 50 day moving average price of $3.94 and a 200 day moving average price of $3.04. The company has a debt-to-equity ratio of 1.54, a quick ratio of 4.05 and a current ratio of 4.05. Exagen has a twelve month low of $1.30 and a twelve month high of $6.22. The firm has a market cap of $63.14 million, a P/E ratio of -3.81 and a beta of 1.49.

Exagen (NASDAQ:XGN) last released its earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $12.51 million for the quarter, compared to the consensus estimate of $13.55 million. During the same quarter in the previous year, the business earned ($0.31) earnings per share. Research analysts forecast that Exagen will post -0.87 EPS for the current year.

Insider Buying and Selling at Exagen

In other Exagen news, CEO John Aballi bought 24,305 shares of the 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 acquisition, 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 purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, 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 completion of the sale, the insider now owns 2,108,958 shares of the company’s stock, valued at approximately $6,959,561.40. This trade 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 Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC increased its holdings in 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 during the period. Creative Planning bought a new position in Exagen in the third quarter valued at 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 lifted its stake in Exagen by 14.5% during the third quarter. Palumbo Wealth Management LLC now owns 76,364 shares of the company’s stock worth $236,000 after purchasing an additional 9,695 shares during the last quarter. Finally, Stonepine Capital Management LLC boosted its holdings in shares of Exagen by 49.0% in the 3rd quarter. Stonepine Capital Management LLC now owns 534,398 shares of the company’s stock valued at $1,651,000 after purchasing an additional 175,701 shares in the last quarter. Institutional investors and hedge funds own 75.25% of the company’s stock.

About Exagen

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).