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Investing.com - Craig-Hallum initiated coverage on Exagen (NASDAQ:XGN) with a Buy rating and a $12.00 price target on Wednesday. The stock, currently trading at $7.35, has shown remarkable momentum with a 248% return over the past year. According to InvestingPro data, the analyst consensus remains strongly bullish, with a median price target suggesting further upside potential.
The research firm highlighted Exagen’s proprietary AVISE CTD test, which it describes as a differentiated and more effective diagnostic tool for autoimmune conditions including lupus and rheumatoid arthritis.
Craig-Hallum noted that the market opportunity for Exagen’s testing is at least $1 billion and currently less than 10% penetrated. The firm cited data suggesting AVISE CTD delivers a 6x greater likelihood of lupus diagnosis, a three-fold decrease in repeat testing, and 3x greater likelihood of patients starting treatment compared to conventional methods.
For rheumatoid arthritis specifically, the AVISE test can identify 85% of patients versus 70% for conventional markers, according to the research note.
The firm also pointed to management improvements over the past two years, including leadership additions, improved average selling price, commercial organization upgrades, and balance sheet strengthening, positioning Exagen for "sustainable mid-teens+ revenue growth and margin expansion."
In other recent news, Exagen Inc . reported first-quarter revenue of $15.5 million, exceeding both Cantor Fitzgerald’s estimate of $14.5 million and the FactSet consensus of $14.6 million. This represents an 8% increase from the previous year, driven by the performance of their AVISE CTD test, which saw an 11% rise in its average selling price. In light of these results, Cantor Fitzgerald adjusted its price target for Exagen shares to $7.00, maintaining an Overweight rating. Meanwhile, KeyBanc Capital Markets kept its Sector Weight rating on Exagen, noting the company’s revenue beat and full-year 2025 guidance surpassing consensus.
Additionally, Exagen announced the pricing of its public stock offering at $5.25 per share, with expected gross proceeds of approximately $17.59 million. The offering includes 3,350,000 shares, with an option for underwriters to purchase an additional 502,500 shares. In personnel news, Exagen appointed Dr. Michael Mahler as Chief Scientific Officer and Chas McKhann to the Board of Directors. Dr. Mahler brings extensive experience from his previous role at Werfen, while McKhann has a background with companies like Silk Road Medical (TASE:BLWV) (NASDAQ:SILK) and Apollo Endosurgery (NASDAQ:APEN).
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