Exagen (XGN) PT Lowered to $9 at BTIG

BTIG analyst Mark Massaro lowered the price target on Exagen (NASDAQ: XGN) to $9.00 (from $10.00) while maintaining a Buy rating.

The analyst commented, "The Q4 was in line with its pre-announce, but the bigger update was the 2026 revenue guide, which came in below consensus, driven by lower near-term expectations on its ASP ramp. XGN also modestly pushed out its timeline to achieve Adj. EBITDA positivity as they stepped up investments in Q4'25 in S&M and R&D. While we expect XGN to drive HSD revenue growth in 2026, we expect them to return to DD growth in 2027 and cross over to positive Adj. EBITDA now in 2H'27 (from 2H'26). Shares of XGN trade at just 1.0x our 2026 revenue estimate of $71.5M, below historical peer averages of ~3-7x revenue, and we think the stock remains undervalued. We reiterate our Buy rating and trim our PT from $10 to $9 on shares of XGN."

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