William Blair analyst Andrew Brackmann has maintained their bullish stance on XGN stock, giving a Buy rating yesterday.
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Andrew Brackmann’s rating is based on the observation that despite Exagen experiencing a temporary setback in ASP expansion, the company continues to demonstrate strong volume growth. This growth is evidenced by a 16% year-over-year increase, which has given management the confidence to maintain their revenue guidance for 2025. The temporary nature of the ASP challenges, coupled with the record volume numbers reported in October, suggests that the company’s long-term pricing goals remain achievable.
Brackmann also highlights that the productivity of sales representatives is improving and that the company is benefiting from market penetration and the introduction of new markers. These factors are expected to drive further volume growth and ASP improvements over the coming quarters and years. With Exagen trading at a valuation of three times its projected 2026 sales, Brackmann sees a path to sustainable growth and a reduced risk profile, supporting his Buy rating.
Brackmann covers the Healthcare sector, focusing on stocks such as Exact Sciences, Hologic, and QuidelOrtho. According to TipRanks, Brackmann has an average return of 32.3% and a 68.09% success rate on recommended stocks.