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CARLSBAD, Calif., Sept. 04, 2024 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today announced its participation in the 2024 Cantor Global Healthcare Conference, which takes place September 17-19, 2024, at the InterContinental Barclay Hotel in New York City. John Aballi, Exagen’s President and Chief Executive Officer and Jeff Black, Exagen’s Chief Financial Officer, will participate in a fireside chat on Wednesday, September 18th, at 9:45 AM ET.
About Exagen Inc.
Exagen is a leading provider of autoimmune testing and its purpose as an organization is to provide clarity in autoimmune disease decision making with the goal of improving patients’ clinical outcomes. Exagen is located in San Diego County, California.
For more information, please visit Exagen.com or follow @ExagenInc on X (formerly known as Twitter).
Contact:Ryan DouglasExagen Inc.ir@exagen.com760.560.1525
Shares of Exagen Inc. have been struggling lately and have lost 5.9% over the past week. However, a hammer chart pattern was formed in its last trading session, which could mean that the stock found support with bulls being able to counteract the bears. So, it could witness a trend reversal down the road.
The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a bullish case for the stock. On the fundamental side, strong agreement among Wall Street analysts in raising earnings estimates for this company enhances its prospects of a trend reversal.
What is a Hammer Chart and How to Trade It?
This is one of the popular price patterns in candlestick charting. A minor difference between the opening and closing prices forms a small candle body, and a higher difference between the low of the day and the open or close forms a long lower wick (or vertical line). The length of the lower wick being at least twice the length of the real body, the candle resembles a 'hammer.'
In simple terms, during a downtrend, with bears having absolute control, a stock usually opens lower compared to the previous day's close, and again closes lower. On the day the hammer pattern is formed, maintaining the downtrend, the stock makes a new low. However, after eventually finding support at the low of the day, some amount of buying interest emerges, pushing the stock up to close the session near or slightly above its opening price.
When it occurs at the bottom of a downtrend, this pattern signals that the bears might have lost control over the price. And, the success of bulls in stopping the price from falling further indicates a potential trend reversal.
Hammer candles can occur on any timeframe -- such as one-minute, daily, weekly -- and are utilized by both short-term as well as long-term investors.
Like every technical indicator, the hammer chart pattern has its limitations. Particularly, as the strength of a hammer depends on its placement on the chart, it should always be used in conjunction with other bullish indicators.
Here's What Increases the Odds of a Turnaround for XGN
There has been an upward trend in earnings estimate revisions for XGN lately, which can certainly be considered a bullish indicator on the fundamental side. That's because a positive trend in earnings estimate revisions usually translates into price appreciation in the near term.
The consensus EPS estimate for the current year has increased 16.3% over the last 30 days. This means that the Wall Street analysts covering XGN are majorly in agreement about the company's potential to report better earnings than what they predicted earlier.
If this is not enough, you should note that XGN currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than the 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. And stocks carrying a Zacks Rank #1 or 2 usually outperform the market. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here
Moreover, the Zacks Rank has proven to be an excellent timing indicator, helping investors identify precisely when a company's prospects are beginning to improve. So, for the shares of Exagen, a Zacks Rank of 2 is a more conclusive fundamental indication of a potential turnaround.
Zacks Investment Research
Momentum investors typically don't time the market or "buy low and sell high." In other words, they avoid betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.
Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves ahead of their future growth potential. In such a situation, investors find themselves loaded up on expensive shares with limited to no upside or even a downside. So, going all-in on momentum could be risky at times.
It could be safer to invest in bargain stocks that have been witnessing price momentum recently. While the Zacks Momentum Style Score (part of the Zacks Style Scores system), which pays close attention to trends in a stock's price or earnings, is pretty useful in identifying great momentum stocks, our 'Fast-Paced Momentum at a Bargain' screen comes handy in spotting fast-moving stocks that are still attractively priced.
Exagen Inc. is one of the several great candidates that made it through the screen. While there are numerous reasons why this stock is a great choice, here are the most vital ones:
Investors' growing interest in a stock is reflected in its recent price increase. A price change of 55.2% over the past four weeks positions the stock of this company well in this regard.
While any stock can see a spike in price for a short period, it takes a real momentum player to deliver positive returns for a longer time frame. XGN meets this criterion too, as the stock gained 60% over the past 12 weeks.
Moreover, the momentum for XGN is fast paced, as the stock currently has a beta of 1.28. This indicates that the stock moves 28% higher than the market in either direction.
Given this price performance, it is no surprise that XGN has a Momentum Score of A, which indicates that this is the right time to enter the stock to take advantage of the momentum with the highest probability of success.
In addition to a favorable Momentum Score, an upward trend in earnings estimate revisions has helped XGN earn a Zacks Rank #2 (Buy). Our research shows that the momentum-effect is quite strong among Zacks Rank #1 and #2 stocks. That's because as covering analysts raise their earnings estimates for a stock, more and more investors take an interest in it, helping its price race to keep up. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here
Most importantly, despite possessing fast-paced momentum features, XGN is trading at a reasonable valuation. In terms of Price-to-Sales ratio, which is considered as one of the best valuation metrics, the stock looks quite cheap now. XGN is currently trading at 0.96 times its sales. In other words, investors need to pay only 96 cents for each dollar of sales.
So, XGN appears to have plenty of room to run, and that too at a fast pace.
In addition to XGN, there are several other stocks that currently pass through our 'Fast-Paced Momentum at a Bargain' screen. You may consider investing in them and start looking for the newest stocks that fit these criteria.
This is not the only screen that could help you find your next winning stock pick. Based on your personal investing style, you may choose from over 45 Zacks Premium Screens that are strategically created to beat the market.
However, keep in mind that the key to a successful stock-picking strategy is to ensure that it produced profitable results in the past. You could easily do that with the help of the Zacks Research Wizard. In addition to allowing you to backtest the effectiveness of your strategy, the program comes loaded with some of our most successful stock-picking strategies.
Click here to sign up for a free trial to the Research Wizard today.
Zacks Investment Research
Have you been paying attention to shares of Exagen Inc. ? Shares have been on the move with the stock up 42.6% over the past month. The stock hit a new 52-week high of $2.78 in the previous session. Exagen Inc. has gained 38.7% since the start of the year compared to the 6.6% move for the Zacks Medical sector and the 5.9% return for the Zacks Medical - Products industry.
What's Driving the Outperformance?
The stock has a great record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on August 5, 2024, Exagen reported EPS of $-0.16 versus consensus estimate of $-0.36.
For the current fiscal year, Exagen is expected to post earnings of -$1.03 per share on $57.05 million in revenues. This represents a 23.13% change in EPS on an 8.57% change in revenues. For the next fiscal year, the company is expected to earn -$0.74 per share on $64.85 million in revenues. This represents a year-over-year change of 27.67% and 13.67%, respectively.
Valuation Metrics
Exagen may be at a 52-week high right now, but what might the future hold for the stock? A key aspect of this question is taking a look at valuation metrics in order to determine if the company has run ahead of itself.
On this front, we can look at the Zacks Style Scores, as these give investors a variety of ways to comb through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. Investors should consider the style scores a valuable tool that can help you to pick the most appropriate Zacks Rank stocks based on their individual investment style.
Exagen has a Value Score of C. The stock's Growth and Momentum Scores are B and A, respectively, giving the company a VGM Score of B.
Zacks Rank
We also need to look at the Zacks Rank for the stock, as this supersedes any trend on the style score front. Fortunately, Exagen currently has a Zacks Rank of #2 (Buy) thanks to favorable earnings estimate revisions from covering analysts.
Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if Exagen fits the bill. Thus, it seems as though Exagen shares could still be poised for more gains ahead.
Zacks Investment Research
Momentum investing is essentially an exception to the idea of "buying low and selling high." Investors following this style of investing are usually not interested in betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.
Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth potential fails to justify their swelled-up valuation. In that phase, investors find themselves invested in shares that have limited to no upside or even a downside. So, betting on a stock just by looking at the traditional momentum parameters could be risky at times.
A safer approach could be investing in bargain stocks with recent price momentum. While the Zacks Momentum Style Score (part of the Zacks Style Scores system) helps identify great momentum stocks by paying close attention to trends in a stock's price or earnings, our 'Fast-Paced Momentum at a Bargain' screen comes handy in spotting fast-moving stocks that are still attractively priced.
Exagen Inc. is one of the several great candidates that made it through the screen. While there are numerous reasons why this stock is a great choice, here are the most vital ones:
Investors' growing interest in a stock is reflected in its recent price increase. A price change of 31.7% over the past four weeks positions the stock of this company well in this regard.
While any stock can see a spike in price for a short period, it takes a real momentum player to deliver positive returns for a longer time frame. XGN meets this criterion too, as the stock gained 28.3% over the past 12 weeks.
Moreover, the momentum for XGN is fast paced, as the stock currently has a beta of 1.28. This indicates that the stock moves 28% higher than the market in either direction.
Given this price performance, it is no surprise that XGN has a Momentum Score of A, which indicates that this is the right time to enter the stock to take advantage of the momentum with the highest probability of success.
In addition to a favorable Momentum Score, an upward trend in earnings estimate revisions has helped XGN earn a Zacks Rank #2 (Buy). Our research shows that the momentum-effect is quite strong among Zacks Rank #1 and #2 stocks. That's because as covering analysts raise their earnings estimates for a stock, more and more investors take an interest in it, helping its price race to keep up. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here
Most importantly, despite possessing fast-paced momentum features, XGN is trading at a reasonable valuation. In terms of Price-to-Sales ratio, which is considered as one of the best valuation metrics, the stock looks quite cheap now. XGN is currently trading at 0.75 times its sales. In other words, investors need to pay only 75 cents for each dollar of sales.
So, XGN appears to have plenty of room to run, and that too at a fast pace.
In addition to XGN, there are several other stocks that currently pass through our 'Fast-Paced Momentum at a Bargain' screen. You may consider investing in them and start looking for the newest stocks that fit these criteria.
This is not the only screen that could help you find your next winning stock pick. Based on your personal investing style, you may choose from over 45 Zacks Premium Screens that are strategically created to beat the market.
However, keep in mind that the key to a successful stock-picking strategy is to ensure that it produced profitable results in the past. You could easily do that with the help of the Zacks Research Wizard. In addition to allowing you to backtest the effectiveness of your strategy, the program comes loaded with some of our most successful stock-picking strategies.
Click here to sign up for a free trial to the Research Wizard today.
Zacks Investment Research
With the global markets seemingly imploding, it’s understandable that one of the current breakout search queries is “What stocks are up today?” Panicked market participants will be glad to know that the fallout hasn’t impacted every publicly traded enterprise.
At first glance, circumstances don’t seem inviting in the slightest. Headlines are raging as red ink splashes across Wall Street and fears mount over the possibility of a recession. The turmoil really began on Friday, when the CBOE Volatility Index — more commonly known as the VIX — screamed higher.
Referred to as the fear index, the indicator implies expectations of significant market movement. Though the VIX itself isn’t a directional indicator, equities tend to accelerate faster during downcycles than upcycles. Therefore, a heightened expectation of movement in the market generally correlates with a pessimistic attitude.
In this environment, several low-volume, low market capitalization firms such as Exagen and Aurora Mobile have witnessed double-digit percentage growth on Monday. Both companies are nano caps, meaning that their market caps each sit below the $50 million mark.
Still, are there high-level reputable enterprises that have also shot up on Monday? Indeed, several such organizations exist.
What Stocks Are Up Today? More Than You Think.
At the moment, the benchmark S&P 500 is down 3% while the technology-centric Nasdaq Composite has shed 3.4%. So, it’s understandable that everyone has the same question: What stocks are up today?
Let’s start with a brand that everyone’s familiar with, Kellanova . Commonly referred to as Kellogg’s, the multinational food manufacturing company swung up more than 15% in afternoon trading today. That comes as The Wall Street Journal reports that Mars has entered into advanced talks about acquiring the company.
A shocking contrarian swing also came from shares of auto dealership firm Sonic Automotive today. Although an economic recession should negatively impact car sales, SAH stock bucked this expectation, gaining more than 3%. While Sonic missed its revenue target for the second quarter, it beat on earnings.
Perhaps appropriately, freelance marketplace Fiverr also saw its market value rise 3% this afternoon. Previously, FVRR stock moved upward following the firm’s Q2 report, which saw sales expand 6% to $94.66 million, beating out estimates. Now, Fiverr stock may be witnessing positive action due to forward-looking investors anticipating a labor market downturn.
So, all told, there are several stocks up today — and many of them feature a rational basis for upside.
On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.
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Exagen just reported results for the second quarter of 2024.
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