Exagen Inc . (NASDAQ:XGN) stock has reached a new 52-week high, touching $4.97 in recent trading. According to InvestingPro data, the company maintains a "GOOD" overall financial health score, with analysts setting price targets between $5 and $8. This milestone reflects a significant turnaround for the company, with the stock price soaring over the past year. Investors have shown increasing confidence in Exagen, as evidenced by the impressive 154.82% return over the past twelve months, including a notable 109.41% gain in just the last six months. The company's market capitalization now stands at $85.26 million, though InvestingPro analysis indicates the stock is trading near its Fair Value. The company's recent performance has attracted attention from both industry analysts and investors, who are closely monitoring its growth trajectory and future potential in its respective market. With a current ratio of 4.05, Exagen maintains strong liquidity, though investors should note that analysts don't expect profitability this year. For deeper insights, access the comprehensive Pro Research Report available on InvestingPro, which includes 12 additional ProTips and extensive financial analysis.
In other recent news, Exagen Inc. has showcased significant growth and strategic progress in its recent financial results. The company's total revenue for the third quarter reached $12.5 million, with year-to-date revenue rising to $42 million, marking an 8% increase from the previous year. This growth was largely driven by a 45% surge in average selling price. The adjusted EBITDA loss showed a substantial improvement, with a more than 70% reduction compared to the same period in 2023. Exagen ended the quarter with $22 million in cash and cash equivalents.
In addition to its financial growth, Exagen has also announced the validation and regulatory submission for approval of new biomarkers aimed at improving the diagnosis of Systemic Lupus Erythematosus and rheumatoid arthritis. These enhancements to the company's AVISE CTD test platform are expected to provide greater diagnostic clarity. The availability of these enhancements is pending conditional approval by the New York State Department of Health.
These recent developments reflect Exagen's commitment to advancing in the field of autoimmune diagnostics and its strategic growth plan towards profitability. The company is optimistic about achieving cash flow positivity by the end of 2025 and projects full-year 2024 revenue to fall between $55 million and $56 million.
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