Canaccord Genuity Group Increases Exagen (NASDAQ:XGN) Price Target to $7.00

Exagen (NASDAQ:XGN) had its price objective boosted by Canaccord Genuity Group from $5.00 to $7.00 in a research report released on Friday,Benzinga reports. Canaccord Genuity Group currently has 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

Exagen stock opened at $3.58 on Friday. The company’s 50-day moving average price is $3.94 and its 200-day moving average price is $3.06. 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 company has a market cap of $63.14 million, a PE 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 data on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.02. The company had revenue of $12.51 million for 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 previous year, the firm posted ($0.31) earnings per share. On average, equities research analysts forecast that Exagen will post -0.87 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Nmsic Co-Investment Fund, L.P. sold 200,000 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $3.30, for a total transaction of $660,000.00. Following the completion of the transaction, the insider now owns 2,108,958 shares in the company, valued at $6,959,561.40. The trade was a 8.66 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO John Aballi bought 24,305 shares of Exagen stock in a transaction on Thursday, November 14th. The stock was acquired at an average price of $2.81 per share, for a total transaction of $68,297.05. Following the purchase, the chief executive officer now 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 disclosure for this purchase can be found here. 26.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Exagen

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Stonepine Capital Management LLC increased its holdings in Exagen by 49.0% during the 3rd 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. Verus Capital Partners LLC bought a new position in shares of Exagen during the 3rd quarter worth $39,000. Palumbo Wealth Management LLC increased its stake in shares of Exagen by 14.5% during the third 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 during the period. Creative Planning purchased a new position in shares of Exagen during the third quarter valued at $110,000. Finally, Renaissance Technologies LLC raised its holdings in shares of Exagen by 93.3% in the second quarter. Renaissance Technologies LLC now owns 94,234 shares of the company’s stock valued at $172,000 after acquiring an additional 45,476 shares in the last quarter. Institutional investors 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).