Exagen (NASDAQ:XGN) Given New $7.00 Price Target at Canaccord Genuity Group

Exagen (NASDAQ:XGN) had its target price increased by equities researchers at Canaccord Genuity Group from $5.00 to $7.00 in a report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 95.53% from the company’s current price.

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

Exagen Stock Performance

Shares of NASDAQ XGN traded up $0.49 during mid-day trading on Friday, hitting $3.58. The company had a trading volume of 280,540 shares, compared to its average volume of 509,552. Exagen has a 12 month low of $1.30 and a 12 month 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 firm has a market cap of $63.14 million, a P/E ratio of -3.81 and a beta of 1.49. The business’s 50-day simple moving average is $3.92 and its 200-day simple moving average is $3.03.

Exagen (NASDAQ:XGN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.02. The business had revenue of $12.51 million for the quarter, compared to analyst estimates of $13.55 million. Exagen had a negative net margin of 30.36% and a negative return on equity of 92.58%. During the same period in the previous year, the business earned ($0.31) EPS. As a group, analysts predict that Exagen will post -0.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Palumbo Wealth Management LLC increased 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 purchasing an additional 9,695 shares during the last quarter. Verus Capital Partners LLC bought a new position in shares of Exagen in the 3rd quarter valued at about $39,000. Creative Planning acquired a new position in shares of Exagen during the 3rd quarter worth about $110,000. Renaissance Technologies LLC lifted its position 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 buying an additional 45,476 shares during the last quarter. Finally, Stonepine Capital Management LLC raised its position in shares of Exagen by 49.0% in the third 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 during the period. 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).