Exagen price target raised to $15 from $12 at KeyBanc

KeyBanc raised the firm’s price target on Exagen (XGN) to $15 from $12 and keeps an Overweight rating on the shares. The firm is raising its FY25 and FY26 estimates, as KeyBanc believes visibility on revenue is increasing. Exagen’s management team increased test reimbursement 27% in 2024 to $398 with increased sales discipline and recent administrative law judge wins also boosting commercial diagnostic reimbursement. With a $650 long-term pricing goal, KeyBanc views Exagen as well positioned to exceed consensus.