Jeffrey G. Black, the Chief Financial Officer of Exagen Inc . (NASDAQ:XGN), recently purchased 22,298 shares of the company's common stock. The transaction, which took place on November 15, 2024, was executed at a weighted average price of $2.98 per share, amounting to a total value of approximately $66,448. Following this acquisition, Black's direct ownership increased to 274,492 shares. The shares were acquired in multiple transactions, with prices ranging from $2.84 to $3.25 per share.
In other recent news, Exagen Inc. announced the validation of new biomarkers designed to enhance the diagnosis of Systemic Lupus Erythematosus (SLE) and rheumatoid arthritis (RA). These biomarkers will improve the company's AVISE CTD test platform, which aids clinicians in diagnosing connective tissue diseases. The enhancements are pending approval by the New York State Department of Health.
In financial developments, Exagen reported Q3 2024 revenues of $12.5 million, with year-to-date revenue increasing to $42 million, marking an 8% rise from the previous year. The adjusted EBITDA loss saw a significant improvement, with a more than 70% reduction compared to the same period in 2023. The company ended the quarter with $22 million in cash and cash equivalents and projects full-year 2024 revenue to fall between $55 million and $56 million.
Exagen's recent achievements also include strategic progress towards profitability, with the company anticipating cash flow positivity by the end of 2025. The company's future plans include the launch of new proprietary biomarkers, further enhancing its diagnostic capabilities. These recent developments reflect Exagen's ongoing commitment to advancing in the field of autoimmune diagnostics.
InvestingPro Insights
The recent insider purchase by Exagen Inc.'s CFO Jeffrey G. Black aligns with several positive indicators highlighted by InvestingPro. According to InvestingPro data, Exagen's stock has shown a significant return over the last week, with a 9.09% price total return. This short-term momentum is complemented by a robust 92.31% price total return over the past year, indicating strong investor confidence in the company's prospects.
InvestingPro Tips reveal that three analysts have revised their earnings upwards for the upcoming period, suggesting a potentially improving financial outlook for Exagen. This positive sentiment is further supported by the stock trading near its 52-week high, with the current price at 95.15% of its 52-week peak.
Despite these encouraging signs, it's important to note that Exagen is not currently profitable, with a negative P/E ratio of -3.08 for the last twelve months as of Q3 2024. However, the company operates with a moderate level of debt and its liquid assets exceed short-term obligations, which may provide some financial stability as it works towards profitability.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for Exagen Inc., providing a deeper understanding of the company's financial health and market position.
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