Cantor Fitzgerald Reiterates Overweight Rating for Exagen (NASDAQ:XGN)

Exagen (NASDAQ:XGN)‘s stock had its “overweight” rating reiterated by stock analysts at Cantor Fitzgerald in a research note issued on Monday,Benzinga reports. They presently have a $8.00 target price on the stock. Cantor Fitzgerald’s price target indicates a potential upside of 137.39% from the stock’s current price.

A number of other research firms also recently commented on XGN. Canaccord Genuity Group lifted their price target on Exagen from $5.00 to $7.00 and gave the stock a “buy” rating in a research note on Friday, January 3rd. William Blair reiterated an “outperform” rating on shares of Exagen in a research report on Wednesday, November 13th.

Exagen Stock Performance

Shares of XGN opened at $3.37 on Monday. The firm has a market cap of $59.44 million, a price-to-earnings ratio of -3.59 and a beta of 1.42. 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 business’s 50 day moving average is $4.02 and its two-hundred day moving average is $3.10. Exagen has a 52-week low of $1.30 and a 52-week high of $6.22.

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On Exagen

Several hedge funds and other institutional investors have recently bought and sold shares of XGN. Renaissance Technologies LLC boosted 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 worth $172,000 after buying an additional 45,476 shares during the period. Creative Planning acquired a new position in Exagen in the third quarter worth approximately $110,000. Verus Capital Partners LLC acquired a new position in shares of Exagen during the 3rd quarter worth $39,000. Palumbo Wealth Management LLC raised its holdings 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 valued at $236,000 after purchasing an additional 9,695 shares in the last quarter. Finally, Stonepine Capital Management LLC lifted its stake 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 during the last quarter. 75.25% of the stock is currently owned by institutional investors.

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).