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Investing.com - KeyBanc Capital Markets raised its price target on Exagen (NASDAQ:XGN) stock to $15.00 from $12.00 on Tuesday, while maintaining an Overweight rating on the diagnostic company’s shares. The stock, currently trading at $11.04, has shown remarkable momentum with a 169% gain year-to-date, according to InvestingPro data.
The investment firm cited increased visibility on revenue as the primary reason for its more bullish outlook, leading to raised estimates for fiscal years 2025 and 2026.
KeyBanc highlighted that Exagen’s management team successfully increased test reimbursement by 27% in 2024 to $398, attributing this growth to improved sales discipline and recent wins in administrative law judge (ALJ) decisions that boosted commercial diagnostic reimbursement.
The research note pointed to Exagen’s long-term pricing goal of $650, suggesting the company is well-positioned to exceed current market consensus expectations.
KeyBanc also identified potential upcoming catalysts for the diagnostic firm, including expected positive EBITDA in the fourth quarter of 2025 and the anticipated launch of additional markers in early 2026, which could drive further adoption of Exagen’s testing services.
In other recent news, Exagen reported its second-quarter 2025 earnings, revealing a revenue of $17.2 million, surpassing both Cantor Fitzgerald’s estimate of $16.4 million and the FactSet consensus of $16.3 million. This achievement marked the highest quarterly revenue in the company’s history and represented a year-over-year growth of 11%. However, the company’s earnings per share fell short of expectations, with a loss of $0.21 compared to the anticipated $0.15 loss. In response to these results, Cantor Fitzgerald raised its price target for Exagen to $10.00 from $7.00, maintaining an Overweight rating on the stock.
Additionally, KeyBanc upgraded Exagen’s stock rating from Sector Weight to Overweight, setting a price target of $12.00 due to improved visibility on revenue growth. The firm noted that Exagen’s revenue guidance implies growth of 17-25% in 2025. Meanwhile, B.Riley initiated coverage on Exagen with a Buy rating and a $15.00 price target, emphasizing the company’s advanced diagnostic capabilities for autoimmune diseases. These recent developments highlight the positive outlook from analysts regarding Exagen’s future performance.
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