B. Riley Financial Initiates Coverage on Exagen (NASDAQ:XGN)

B. Riley Financial started coverage on shares of Exagen (NASDAQ:XGN) in a research note issued on Friday. The brokerage set a “buy” rating and a $12.00 price target on the stock. B. Riley Financial’s price target would suggest a potential upside of 64.84% from the stock’s current price.

Several other equities research analysts also recently commented on the company. TD Cowen lifted their price objective on Exagen from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. BTIG Research raised their price target on shares of Exagen from $8.00 to $9.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Roth Capital began coverage on shares of Exagen in a research note on Wednesday, June 24th. They issued a “buy” rating and a $8.00 price target for the company. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Exagen in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $9.62.

Exagen Stock Up 4.4%

XGN stock traded up $0.31 during midday trading on Friday, hitting $7.28. The company’s stock had a trading volume of 20,819 shares, compared to its average volume of 395,082. The firm’s 50-day moving average is $6.00 and its 200-day moving average is $4.47. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 1.96. Exagen has a 12 month low of $2.59 and a 12 month high of $12.23. The company has a market cap of $176.39 million, a PE ratio of -8.96 and a beta of 2.10.

Exagen (NASDAQ:XGN) last posted its earnings results on Tuesday, August 4th. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.06. Exagen had a negative return on equity of 104.46% and a negative net margin of 26.61%.The business had revenue of $19.94 million during the quarter, compared to analyst estimates of $17.80 million. On average, equities research analysts forecast that Exagen will post -0.71 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Exagen

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Flputnam Investment Management Co. purchased a new position in Exagen during the second quarter valued at $1,343,000. Corient Private Wealth LP purchased a new stake in Exagen in the second quarter worth about $52,000. Man Group plc bought a new position in shares of Exagen in the second quarter worth about $778,000. BlackRock Inc. bought a new position in shares of Exagen in the second quarter worth about $663,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Exagen during the 2nd quarter valued at about $97,000. 75.25% of the stock is currently owned by hedge funds and other institutional investors.

Exagen Company Profile

Exagen Inc is a molecular diagnostics company focused on improving the detection and management of autoimmune diseases. Headquartered in the United States, the company develops, manufactures and markets laboratory tests designed to help clinicians address diagnostic challenges associated with complex connective tissue disorders.

The company’s flagship product portfolio, marketed under the Avise® brand, includes multi-analyte assays such as the Avise® Connective Tissue Disease (CTD) panel, Avise® Lupus panel and Avise® Sjögren’s panel.