William Blair analyst Andrew Brackmann has reiterated their bullish stance on XGN stock, giving a Buy rating today.
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Andrew Brackmann has given his Buy rating due to a combination of factors, including Exagen’s strong first-quarter performance and improving fundamentals. The company delivered double-digit revenue growth that exceeded expectations, driven by higher test volumes and rising average selling prices despite weather-related headwinds, while management reaffirmed full-year guidance and highlighted that second-quarter trends are already surpassing last year’s levels.
Brackmann also points to several tangible drivers that support further upside, such as a maturing salesforce, an expanding base of ordering clinicians, continued ASP gains, and growing contributions from new biomarkers and biopharma services backed by a sizable contract backlog. He believes these factors, together with ongoing pipeline development, gross margin expansion from lab efficiencies, and a visible path toward adjusted EBITDA breakeven, reduce model risk and justify a positive stance on the shares.
In another report released today, BTIG also reiterated a Buy rating on the stock with a $8.00 price target.
Based on the recent corporate insider activity of 8 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of XGN in relation to earlier this year.