Craig-Hallum bullish on Exagen, initiates with a Buy

As previously reported, Craig-Hallum initiated coverage of Exagen (XGN) with a Buy rating and $12 price target Exagen performs a proprietary diagnostic panel to more effectively diagnose autoimmune diseases like lupus and rheumatoid arthritis. These conditions are notoriously difficult to diagnose, and the Exagen panel has been shown to simplify the diagnostic odyssey and increase the number of patients diagnosed, the firm notes. Craig-Hallum is looking for inflection to volume growth, accelerating revenue growth, margin expansion, and EBITDA breakeven on the horizon, with estimates that feel conservative and the shares trading at less than 2-turns EV/2026 sales.