Exagen Inc. (XGN)
Exagen Inc. focuses on developing and commercializing diagnostic testing products for autoimmune diseases. Their AVISE branded tests aid rheumatologists in diagnosing, prognosing, and monitoring conditions like lupus and rheumatoid arthritis.
Company Overview
Exagen Inc. (XGN) offers innovative AVISE diagnostic tests for autoimmune diseases, providing rheumatologists with crucial tools for diagnosis, prognosis, and monitoring; leveraging cell-bound complement activation products technology to improve patient outcomes and carve a niche in the autoimmune diagnostics market.
Investment Thesis
Exagen presents a compelling investment opportunity within the autoimmune diagnostics market. The company's proprietary AVISE testing products, leveraging CB-CAPs technology, offer a differentiated approach to diagnosing and managing complex autoimmune diseases. With a gross margin of 59.9%, Exagen demonstrates the potential for profitability as it scales its operations. Growth catalysts include expanding the adoption of AVISE CTD and other specialized tests among rheumatologists, as well as the potential for new product launches through its collaboration with Allegheny Health Network (AHN) Research Institute. The company's focus on personalized medicine and improving patient outcomes positions it favorably in a growing market. However, investors should be aware of the current negative profit margin of -29.9% and a high beta of 1.88, indicating significant market volatility. Successful execution of its commercial strategy and continued innovation are crucial for realizing the company's full potential.
Key Highlights
- Market Cap of $0.08B reflects the company's current valuation in the market.
- Gross Margin of 59.9% indicates a strong potential for profitability as revenue scales.
- P/E Ratio of -4.21 suggests the company is currently not profitable, but reflects investor expectations of future earnings.
- Beta of 1.88 indicates higher volatility compared to the overall market.
- Profit Margin of -29.9% highlights the need for improved operational efficiency and revenue growth to achieve profitability.
Competitors
Strengths
- Proprietary CB-CAPs technology.
- Established AVISE brand recognition.
- Focus on autoimmune disease diagnostics.
- Research collaboration with AHN Research Institute.
Weaknesses
- Negative profit margin.
- High beta indicating market volatility.
- Reliance on a limited number of testing products.
- Limited geographic reach primarily within the United States.
Catalysts
- Upcoming: Potential FDA approval for new diagnostic tests developed through the AHN collaboration.
- Ongoing: Expansion of the sales and marketing efforts to increase AVISE CTD adoption among rheumatologists.
- Ongoing: Publication of clinical studies demonstrating the efficacy of AVISE tests.
- Ongoing: Strategic partnerships with healthcare providers to expand market reach.
Risks
- Potential: Failure to obtain regulatory approvals for new diagnostic tests.
- Potential: Competition from larger diagnostic companies with greater resources.
- Ongoing: Changes in reimbursement policies affecting the pricing of AVISE tests.
- Ongoing: Economic downturn reducing healthcare spending and diagnostic testing volumes.
- Potential: Product liability claims related to the use of AVISE tests.
Growth Opportunities
- Expansion of AVISE CTD Adoption: AVISE CTD is Exagen's lead testing product for differential diagnosis of connective tissue diseases. Increasing its adoption among rheumatologists represents a significant growth opportunity. The market for CTD diagnostics is substantial, driven by the complexity of these diseases and the need for accurate diagnosis. By focusing on education and outreach to rheumatologists, Exagen can drive increased utilization of AVISE CTD, leading to revenue growth. Timeline for increased adoption is ongoing, with continuous efforts to expand market reach.
- New Product Development through AHN Collaboration: Exagen's research collaboration and license agreement with Allegheny Health Network (AHN) Research Institute provides a pathway for developing novel patented biomarkers and diagnostic tests. This collaboration can lead to the launch of new products targeting specific autoimmune conditions or patient populations. The market for novel biomarkers is expanding, driven by the need for more precise and personalized diagnostics. Timeline for new product launches is estimated within the next 2-3 years, pending successful development and validation.
- Increased Focus on AVISE SLE Monitor: AVISE SLE Monitor is a biomarker blood test designed to monitor disease activity in SLE patients. By expanding the use of AVISE SLE Monitor, Exagen can capture a larger share of the SLE monitoring market. The market for SLE monitoring is growing due to the increasing prevalence of SLE and the need for effective disease management. Timeline for increased adoption is ongoing, with continuous efforts to promote the benefits of AVISE SLE Monitor to rheumatologists.
- Penetration of the Vasculitis Diagnostics Market: Exagen's AVISE Vasculitis AAV test provides physicians with results in the assessment and monitoring of anti-neutrophil cytoplasmic antibody and associated vasculitis. By increasing its presence in the vasculitis diagnostics market, Exagen can diversify its revenue streams and address a growing clinical need. The market for vasculitis diagnostics is expanding due to increased awareness of these conditions and the need for accurate diagnosis and monitoring. Timeline for market penetration is estimated within the next 1-2 years, with targeted marketing and sales efforts.
- Expansion of AVISE MTX and HCQ Monitoring: AVISE MTX and AVISE HCQ are blood tests designed to monitor levels of methotrexate and hydroxychloroquine, respectively. These tests can help physicians optimize drug dosages and minimize side effects. By expanding the adoption of these monitoring tests, Exagen can provide valuable tools for personalized medicine and improve patient outcomes. The market for drug monitoring is growing due to the increasing use of these medications and the need for effective monitoring. Timeline for increased adoption is ongoing, with continuous efforts to promote the benefits of AVISE MTX and HCQ to rheumatologists.
Opportunities
- Expansion of AVISE CTD adoption.
- New product development through AHN collaboration.
- Increased focus on AVISE SLE Monitor.
- Penetration of the Vasculitis diagnostics market.
Threats
- Competition from established diagnostic companies.
- Changes in healthcare regulations and reimbursement policies.
- Potential for technological obsolescence.
- Economic downturn affecting healthcare spending.
Competitive Advantages
- Proprietary cell-bound complement activation products (CB-CAPs) technology.
- AVISE branded tests with established market presence.
- Research collaboration with Allegheny Health Network (AHN) Research Institute.
- Specialized focus on autoimmune disease diagnostics.
About
Exagen Inc., founded in 2002 and headquartered in Vista, California, is a diagnostics company focused on autoimmune diseases. Originally named Exagen Diagnostics, Inc., the company rebranded in January 2019 to Exagen Inc. The company develops and commercializes a suite of testing products under the AVISE brand, utilizing its proprietary cell-bound complement activation products (CB-CAPs) technology. These tests are designed to assist rheumatologists in the diagnosis, prognosis, and monitoring of autoimmune and autoimmune-related diseases, including systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA). Exagen's flagship product, AVISE CTD, aids in the differential diagnosis of patients exhibiting symptoms indicative of various connective tissue diseases (CTDs) and related conditions. The company's portfolio includes AVISE Lupus, which measures complement system activation; AVISE APS, a panel of autoantibody tests for diagnosing and managing antiphospholipid syndrome (APS); AVISE SLE Prognostic, which assesses the potential for complications affecting the kidney, brain, and cardiovascular system in SLE patients; AVISE Vasculitis AAV, a testing panel for assessing and monitoring anti-neutrophil cytoplasmic antibody-associated vasculitis; AVISE Anti-CarP test, which identifies RA patients with severe disease; and AVISE PC4d, which measures platelet-bound C4d. Exagen also offers AVISE SLE Monitor, AVISE MTX, and AVISE HCQ to monitor disease activity and drug levels. Exagen collaborates with Allegheny Health Network (AHN) Research Institute to develop novel biomarkers.
What They Do
- Develop and commercialize diagnostic testing products for autoimmune diseases.
- Offer AVISE CTD for differential diagnosis of connective tissue diseases.
- Provide AVISE Lupus to measure complement system activation.
- Offer AVISE APS for diagnosing and managing antiphospholipid syndrome.
- Provide AVISE SLE Prognostic for assessing potential complications in SLE patients.
- Offer AVISE Vasculitis AAV for assessing and monitoring anti-neutrophil cytoplasmic antibody-associated vasculitis.
- Offer AVISE Anti-CarP test to identify RA patients with severe disease.
- Provide AVISE SLE Monitor, AVISE MTX, and AVISE HCQ for monitoring disease activity and drug levels.
Business Model
- Develop and commercialize diagnostic tests for autoimmune diseases.
- Generate revenue through direct sales of AVISE branded tests to rheumatologists and healthcare providers.
- Establish research collaborations to develop novel biomarkers and diagnostic technologies.
Industry Context
Exagen operates within the medical diagnostics and research industry, specifically focusing on autoimmune disease diagnostics. The market for autoimmune diagnostics is growing due to increasing prevalence of autoimmune diseases and advancements in diagnostic technologies. The competitive landscape includes companies like ACRS, BIOA, LFCR, MDXH, and NEO, which offer various diagnostic solutions. Exagen differentiates itself through its proprietary CB-CAPs technology and AVISE branded tests, targeting rheumatologists and patients with autoimmune conditions. The industry is characterized by a growing demand for personalized medicine and improved diagnostic accuracy, creating opportunities for companies like Exagen to innovate and expand their market share.
Key Customers
- Rheumatologists who diagnose and treat autoimmune diseases.
- Hospitals and clinics that offer diagnostic testing services.
- Patients with autoimmune diseases seeking accurate diagnosis and monitoring.
Financials
Recent Quarterly Results
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $17M | -$7M | $-0.31 |
| Q2 2025 | $17M | -$4M | $-0.21 |
| Q1 2025 | $15M | -$4M | $-0.20 |
| Q4 2024 | $14M | -$4M | $-0.21 |
Source: Company filings
Chart & Info
Price Chart
Exagen Inc. (XGN) stock price: $0.00 (+0.00, +0.00%)
Why Bull
- •Recent insider buying suggests those in the know see long-term value, which is always a good sign.
- •The community seems to be focusing on potential new partnerships, indicating optimism about Exagen's growth prospects.
- •Positive buzz around their diagnostic tests suggests increasing market adoption and revenue potential.
- •There's a growing narrative that Exagen is undervalued compared to its peers in the diagnostics space.
Why Bear
- •Community concerns about increasing competition in the autoimmune diagnostics market are creating uncertainty.
- •Some investors are worried about the company's cash burn rate and potential need for future funding.
- •Negative sentiment related to recent regulatory changes could impact Exagen's market access or reimbursement rates.
- •There's a perception that Exagen's growth is slowing down compared to initial expectations, leading to bearish sentiment.
Latest News
-
Earnings Scheduled For November 4, 2025
benzinga · Nov 4, 2025
-
Booking Holdings To Rally Around 12%? Here Are 10 Top Analyst Forecasts For Monday
benzinga · Oct 27, 2025
-
Earnings Scheduled For July 29, 2025
benzinga · Jul 29, 2025
-
Earnings Scheduled For November 12, 2024
benzinga · Nov 12, 2024
Technical Analysis
Rationale
AI-generated technical analysis for XGN including trend direction, momentum, and pattern recognition.
What to Watch
Key support and resistance levels, volume signals, and upcoming events.
Risk Management
Position sizing, stop-loss levels, and risk-reward assessment.
Community
Discussion
Share your analysis and discuss Exagen Inc. (XGN) with other investors. Log in to post.
Sentiment
Community sentiment and discussion activity for XGN.
Make a Prediction
Set your price target for Exagen Inc. (XGN), choose a timeframe, and track your prediction accuracy.
Current price: $0.00
Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for XGN.
Price Targets
Wall Street price target analysis for XGN.
Insider Flow (30d)
No insider trades in the last 30 days.
MoonshotScore
Score Factors
-
Revenue Growth 4/100
Revenue grew only 5.9% YoY, suggesting the company is in a slower growth phase.
-
Gross Margin 8/100
Gross margin at 59.9% indicates good unit economics and healthy profitability per sale.
-
Operating Leverage 4/100
Limited operating leverage due to slower revenue growth, keeping profit scaling constrained.
-
Cash Runway 5/100
Cash position data is currently unavailable for this company.
-
R&D Intensity 5/100
R&D spending data is currently unavailable for this company.
-
Insider Activity 6/100
No significant insider buying or selling recently, which is neutral for the stock outlook.
-
Short Interest 5/100
Float and volume data unavailable for liquidity analysis.
-
Price Momentum 0/100
No bullish technical signals detected. The stock lacks upward price momentum currently.
-
News Sentiment 5/100
No sentiment data available
What does this score mean?
The MoonshotScore rates XGN's growth potential on a scale of 0-100 across multiple factors including innovation, market disruption, financial health, and momentum.
Competitors & Peers
Latest News
Frequently Asked Questions
What does Exagen Inc. do?
Exagen Inc. is a commercial-stage diagnostics company focused on transforming the care of patients with autoimmune diseases. The company develops and commercializes a portfolio of diagnostic and monitoring tests, primarily under the AVISE brand, that help rheumatologists diagnose, prognose, and monitor complex autoimmune conditions like lupus, rheumatoid arthritis, and vasculitis. Exagen's proprietary cell-bound complement activation products (CB-CAPs) technology provides a differentiated approach to assessing immune system activity, enabling more accurate and personalized patient care. The company generates revenue through direct sales of its AVISE tests to healthcare providers in the United States.
Is XGN stock a good buy?
XGN stock presents a mixed investment profile. The company's innovative AVISE tests and proprietary CB-CAPs technology offer a competitive advantage in the autoimmune diagnostics market. The gross margin of 59.9% suggests potential for profitability as revenue scales. However, the negative profit margin of -29.9% and high beta of 1.88 indicate significant financial and market risks. Investors should carefully consider the company's growth prospects, competitive landscape, and financial stability before making an investment decision. Successful execution of its commercial strategy and continued innovation are crucial for realizing the company's full potential.
What are the main risks for XGN?
Exagen faces several key risks. Competition from larger diagnostic companies with greater resources poses a significant threat. Changes in healthcare regulations and reimbursement policies could negatively impact the pricing and adoption of AVISE tests. The company's reliance on a limited number of testing products makes it vulnerable to technological obsolescence or market shifts. An economic downturn could reduce healthcare spending and diagnostic testing volumes. Furthermore, potential product liability claims related to the use of AVISE tests could result in significant financial losses. Investors should carefully assess these risks before investing in XGN.
Is XGN a good stock to buy?
Whether XGN is a good investment depends on your financial goals, risk tolerance, and investment horizon. Key factors to evaluate include the company's revenue growth trajectory, profit margins, debt-to-equity ratio, competitive moat, and valuation multiples (P/E, P/S, EV/EBITDA) relative to industry peers. Our AI-generated Investment Thesis and SWOT analysis on this page provide a data-driven starting point. Always do your own research and consider consulting a financial advisor before making investment decisions.
What is the XGN MoonshotScore?
The MoonshotScore for XGN is an AI-powered rating from 0 to 100 that evaluates a stock across four dimensions: growth potential (revenue and earnings trajectory), financial health (balance sheet strength, cash flow), market momentum (price trends, volume patterns, institutional flows), and risk factors (volatility, debt levels, sector headwinds). Scores above 70 indicate strong potential, 50-70 moderate, and below 50 suggests caution. The score is recalculated daily using the latest financial data and market signals.
How often is XGN data updated?
XGN stock prices are updated in real-time during U.S. market hours (9:30 AM - 4:00 PM ET, Monday through Friday). After-hours and pre-market prices are also tracked. Company fundamentals (earnings, revenue, balance sheet) are refreshed when new quarterly or annual reports are filed. Analyst ratings, price targets, and AI-generated insights are updated daily. Breaking news related to XGN is aggregated continuously from premium financial news sources throughout the day.
What are the growth catalysts for XGN?
Growth catalysts for Exagen Inc. (XGN) can include several categories: product catalysts (new launches, FDA approvals, patent grants), financial catalysts (earnings beats, margin expansion, share buybacks), strategic catalysts (acquisitions, partnerships, market expansion into new regions), and macro catalysts (favorable regulation, industry tailwinds, secular growth trends). Our AI analyzes Exagen Inc.'s specific catalysts using earnings transcripts, SEC filings, and news sentiment to identify the most impactful near-term and long-term drivers.
Who are XGN's main competitors?
Exagen Inc. (XGN) competes with companies in its industry that target similar customers, markets, or product categories. Competitor analysis involves comparing key metrics: market share, revenue growth rates, profit margins, R&D spending, and valuation multiples. Understanding competitive positioning helps investors assess whether XGN has a sustainable competitive advantage (moat) through brand strength, network effects, cost leadership, or switching costs. Our Competitors section provides a side-by-side comparison with relevant peers.
What do analysts say about XGN?
Wall Street analyst coverage for XGN includes consensus ratings (buy, hold, or sell), 12-month price targets, and earnings estimates. Analyst opinions are aggregated from major investment banks and research firms. Key metrics to watch include the consensus price target (average, high, and low estimates), the number of analysts covering the stock, any recent rating changes (upgrades or downgrades), and how actual earnings compare to analyst estimates (beat or miss history). Our platform aggregates these from multiple data providers for a comprehensive view.
What is XGN's market cap?
Market capitalization (market cap) for XGN is calculated by multiplying the current share price by the total number of outstanding shares. It represents the market's total valuation of the company. Stocks are typically categorized as mega-cap ($200B+), large-cap ($10B-$200B), mid-cap ($2B-$10B), small-cap ($300M-$2B), or micro-cap (under $300M). Market cap influences index inclusion, institutional ownership eligibility, and risk profile. Our Key Statistics section shows XGN's current market cap alongside enterprise value and other valuation metrics.
How has XGN stock performed recently?
XGN's recent stock performance can be evaluated across multiple timeframes: daily price changes, week-over-week momentum, monthly trends, and year-to-date returns. Important performance indicators include the stock's 52-week high and low, moving averages (50-day and 200-day SMA), relative strength index (RSI), and volume trends. Comparing XGN's performance against its sector index and the S&P 500 provides context on whether it is outperforming or underperforming the broader market.
What are the risks of investing in XGN?
Key risk categories for XGN include: market risk (overall market downturns affecting stock prices), company-specific risk (management changes, product failures, competitive threats), financial risk (high debt levels, cash burn, dilution from stock issuance), regulatory risk (government policy changes, lawsuits, compliance issues), and macroeconomic risk (interest rate changes, inflation, currency fluctuations). Beta measures XGN's volatility relative to the market - a beta above 1.0 means higher volatility than the S&P 500. Our AI-generated risk assessment identifies the most relevant risk factors for this specific stock.
Are insiders buying or selling XGN?
Insider trading activity for XGN tracks purchases and sales by company executives, directors, and major shareholders (10%+ owners) as reported in SEC Form 4 filings. Insider buying is generally considered a bullish signal because insiders have the deepest knowledge of company operations, while selling may have various motivations (diversification, tax planning, pre-planned 10b5-1 trading plans). Key metrics include the buy-to-sell ratio, total dollar value of insider transactions, and whether multiple insiders are trading in the same direction. Our Insider Flow tab shows recent transactions with dates and dollar amounts.
Is XGN a good stock for beginners?
Exagen Inc. (XGN) can be suitable for beginner investors depending on several factors. Look at the MoonshotScore on this page for an overall AI-powered assessment of growth potential and risk. Beginners should also check the company's market cap (larger companies tend to be less volatile), gross margin (higher margins mean stronger business fundamentals), and cash position (healthy cash reduces bankruptcy risk). Always start with a small position size and never invest money you cannot afford to lose.
How risky is XGN for first-time investors?
Every stock carries risk, including Exagen Inc. (XGN). First-time investors should review the Risk Factors section on this page for company-specific risks. Key risk indicators include price volatility (check the chart for daily swings), insider selling activity (see Insider Flow tab), and cash runway (see MoonshotScore breakdown). A diversified portfolio with an index fund like the S&P 500 as a core holding is generally recommended before adding individual stocks like XGN.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Data provided for informational purposes only.
- Financial data is based on the most recent available information.
- Future performance is subject to market conditions and company-specific factors.