Exagen continues to execute on re-acceleration strategy, says Canaccord

Canaccord reiterates a Buy rating and $5 price target on Exagen shares after the company announced Q4 results that were “well above” the firm’s estimates and FactSet consensus and gave 2024 revenue guidance that was in line with FactSet consensus. The firm, which notes that Exagen’s Q1 revenue guidance was above the firm’s and the Street’s estimate, says that it appears that Exagen’s efforts to increase average selling price and reduce cash burn are paying dividends as the company continues to execute on its re-acceleration strategy.