Exagen (NASDAQ:XGN) Posts Earnings Results, Meets Expectations

Exagen (NASDAQ:XGN) announced its quarterly earnings results on Tuesday. The company reported ($0.20) EPS for the quarter, meeting analysts’ consensus estimates of ($0.20), FiscalAI reports. Exagen had a negative return on equity of 108.93% and a negative net margin of 29.97%.The firm had revenue of $16.63 million for the quarter, compared to analyst estimates of $16.46 million.

Here are the key takeaways from Exagen’s conference call:

• Record commercial momentum — Exagen reported about 137,000 AVISE CTD tests in 2025 ( >11% growth), with Q4 the highest Q4 volume in company history and an expanded sales footprint (~45 territories) supporting sustained volume gains.
• ASP and revenue progress — trailing 12?month ASP rose to roughly $441 (up ~7%) and full?year revenue was a record $66.6M, with management guiding $70M–$73M for 2026 driven by both volume and ASP improvements.
• Deliberate reinvestment and timing to profitability — management now targets breakeven Adjusted EBITDA at about a $80M–$89M revenue run rate and has increased commercial and R&D investment, which may push durable profitability timing into 2027 unless ASP or volume accelerates faster than planned.
• Market access and product catalysts — the company secured ACR advocacy, has a MolDX local coverage determination in process, new biomarkers (T?cell, RA33, anti?PAD4) are gaining traction, and Pharma Services backlog (~$4M) could all support further ASP expansion and revenue upside.

Exagen Trading Down 4.3%

XGN opened at $3.11 on Thursday. Exagen has a twelve month low of $2.91 and a twelve month high of $12.23. The company has a fifty day moving average of $4.18 and a 200-day moving average of $7.50. The stock has a market cap of $70.48 million, a PE ratio of -3.38 and a beta of 1.88. The company has a quick ratio of 4.08, a current ratio of 4.08 and a debt-to-equity ratio of 1.35.

Insider Transactions at Exagen

In other Exagen news, CEO John Aballi sold 15,698 shares of the company’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $3.62, for a total transaction of $56,826.76. Following the sale, the chief executive officer owned 687,299 shares of the company’s stock, valued at approximately $2,488,022.38. This represents a 2.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 12.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in XGN. Corient Private Wealth LLC acquired a new position in shares of Exagen in the 4th quarter valued at about $88,000. XTX Topco Ltd increased its holdings in Exagen by 248.5% in the fourth quarter. XTX Topco Ltd now owns 96,994 shares of the company’s stock worth $590,000 after purchasing an additional 69,161 shares in the last quarter. Occudo Quantitative Strategies LP lifted its stake in Exagen by 44.8% in the fourth quarter. Occudo Quantitative Strategies LP now owns 30,214 shares of the company’s stock valued at $184,000 after buying an additional 9,346 shares during the period. Man Group plc bought a new position in shares of Exagen during the 4th quarter worth approximately $198,000. Finally, Engineers Gate Manager LP grew its position in shares of Exagen by 52.9% during the 4th quarter. Engineers Gate Manager LP now owns 62,964 shares of the company’s stock worth $383,000 after buying an additional 21,780 shares during the period. 75.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. BTIG Research reduced their target price on shares of Exagen from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday. TD Cowen decreased their price objective on Exagen from $13.00 to $10.00 and set a “buy” rating for the company in a report on Tuesday, February 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Exagen in a report on Wednesday, January 21st. KeyCorp reduced their price target on Exagen from $15.00 to $10.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Craig Hallum decreased their price target on Exagen from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Wednesday. Nine analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $9.57.

About Exagen

Exagen Inc is a molecular diagnostics company focused on improving the detection and management of autoimmune diseases. Headquartered in the United States, the company develops, manufactures and markets laboratory tests designed to help clinicians address diagnostic challenges associated with complex connective tissue disorders.

The company’s flagship product portfolio, marketed under the Avise® brand, includes multi-analyte assays such as the Avise® Connective Tissue Disease (CTD) panel, Avise® Lupus panel and Avise® Sjögren’s panel.