BTIG Reiterates Buy Rating on Exagen (XGN)

BTIG analyst Mark Massaro reiterated a Buy rating and $5.00 price target on Exagen (NASDAQ: XGN).

The analyst comments "Shares of XGN are off 9% today following the company's Q3 results, where they delivered an in-line quarter on an adjusted basis, but came in a little light on a reported basis - the difference being 1-time adjustments that we think are unlikely to recur. XGN expanded its ASPs by 26% Y/Y in Q3 and the company expects to achieve cash flow positivity in Q4'25. The company lowered its 2024 rev guide by the magnitude of the one timer (which we view as immaterial), which now calls for revenue of $55-56M (+5-7% Y/Y). XGN is also feeling good about its new product launches beginning later in 2024, and the company is optimistic that the new biomarkers can pull forward higher ASPs in 2025. Newer CEO John Aballi has done a good job of growing its top line and GM while simultaneously lowering its OPEX, as CF positivity now comes into focus for the company. Shares of XGN trade at just 0.7x our 2026 revenue estimate of $72M, well below its peers and historical averages of ~3-7x revenue. We reiterate our Buy rating and $5 PT on shares of XGN."

For an analyst ratings summary and ratings history on Exagen click here. For more ratings news on Exagen click here.

Shares of Exagen closed at $2.97 yesterday.

You May Also Be Interested In

• Ferguson Enterprises to Join S&P 500; ADI Global Distribution to Join S&P SmallCap 600
• Kotak Downgrades Dixon Technologies India Ltd (DIXON:IN) to Add (2)
• Macquarie Downgrades Roblox Corp. (RBLX) to Neutral