Analyst Kyle Mikson CFA from Canaccord Genuity maintained a Buy rating on Exagen and keeping the price target at $8.00.
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Kyle Mikson CFA has given his Buy rating due to a combination of factors, including Exagen’s better‑than‑expected first‑quarter results and solid execution on pricing and volume. The company is demonstrating consistent ASP improvement through stronger revenue cycle management and payer engagement, while test volumes are expanding despite temporary weather disruptions.
Mikson also points to Exagen’s attractive long‑term profile, underscored by reaffirmed 2026 guidance, a path toward mid‑60% gross margins and disciplined investment aimed at profitable growth. The planned myositis test launch and goal of introducing a new product roughly every year, combined with low current market share in a large autoimmune testing market, support his unchanged $8 price target and conviction that the stock is undervalued.
Mikson CFA covers the Healthcare sector, focusing on stocks such as Illumina, Guardant Health, and Biodesix. According to TipRanks, Mikson CFA has an average return of -2.4% and a 33.97% success rate on recommended stocks.
In another report released today, BTIG also reiterated a Buy rating on the stock with a $8.00 price target.