Craig-Hallum lowered the firm’s price target on Exagen (XGN) to $10 from $12 and keeps a Buy rating on the shares as the story has not played out as the firm expected. While volume growth has accelerated as anticipated, ASP has been substantially lower than projected, primarily due to transitory factors, Craig-Hallum notes. As a result, both revenue growth and gross margin will be lower than initially forecasted.
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Read More on XGN:
- Exagen price target lowered to $10 from $15 at Canaccord
- Exagen price target lowered to $10 from $15 at KeyBanc
- Exagen price target lowered to $9 from $10 at BTIG
- Maintaining a Buy: Conservative Guidance but Solid Demand and Pipeline Support Long-Term Upside
- Exagen reports Q4 EPS (20c), consensus (19c)