Cantor Fitzgerald Increases Earnings Estimates for Exagen

Exagen Inc. (NASDAQ:XGN) – Equities researchers at Cantor Fitzgerald raised their FY2024 earnings estimates for shares of Exagen in a research report issued to clients and investors on Wednesday, November 13th. Cantor Fitzgerald analyst R. Osborn now anticipates that the company will earn ($0.85) per share for the year, up from their previous forecast of ($1.11). The consensus estimate for Exagen’s current full-year earnings is ($0.87) per share.

Exagen (NASDAQ:XGN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. Exagen had a negative return on equity of 92.58% and a negative net margin of 30.36%. The business had revenue of $12.51 million for the quarter, compared to analysts’ expectations of $13.55 million. During the same period in the previous year, the business posted ($0.31) earnings per share.

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

Exagen Price Performance

NASDAQ:XGN opened at $2.98 on Monday. The company has a debt-to-equity ratio of 1.54, a quick ratio of 4.32 and a current ratio of 4.05. The company has a 50-day moving average of $2.82 and a 200-day moving average of $2.40. Exagen has a 52 week low of $1.30 and a 52 week high of $3.71. The company has a market capitalization of $52.57 million, a price-to-earnings ratio of -3.17 and a beta of 1.35.

Institutional Investors Weigh In On Exagen

A number of institutional investors have recently made changes to their positions in the stock. Palumbo Wealth Management LLC increased its holdings in 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 in the last quarter. Verus Capital Partners LLC bought a new position in Exagen in the third quarter valued at approximately $39,000. Creative Planning bought a new position in shares of Exagen in the third quarter valued at $110,000. Renaissance Technologies LLC increased its stake in shares of Exagen by 93.3% during the 2nd quarter. Renaissance Technologies LLC now owns 94,234 shares of the company’s stock worth $172,000 after purchasing an additional 45,476 shares during the last quarter. Finally, Stonepine Capital Management LLC increased its position in Exagen by 49.0% during the third quarter. Stonepine Capital Management LLC now owns 534,398 shares of the company’s stock worth $1,651,000 after buying an additional 175,701 shares during the last quarter. 75.25% of the stock is owned by institutional investors and hedge funds.

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).