B. Riley lowered the firm’s price target on Exagen (XGN) to $8 from $18 and keeps a Buy rating on the shares. Exagen shares have dropped over 60% following Q3 results, primarily due to the loss of a direct bill account, which resets quarterly average selling prices, the analyst tells investors in a research note. Despite near-term ASP headwinds, volume grew roughly 11% in 2025, new territory expansions should drive further growth, and the company remains positioned for double-digit 2026 revenue growth, though sustained positive free cash flow is now expected in 2027, B. Riley argues.
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