News on research and diagnostics in autoimmune disorders including rheumatoid arthritis, lupus, multiple sclerosis, and more.
The investment banks cited the company's access to proprietary technology and the potential $5 billion market for Exagen's testing options as reasons for its Outperform rating.
The firm is conducting clinical trials in preparation for applying for FDA clearance to market its POC instrument and first assay in the first quarter of next year.
The device is intended for preparation of stool samples and use with Buhlmann's Fcal Turbo calprotectin test.
The firm said it anticipates launching the platform in Europe next year and completing its first round of external financing in the first quarter of 2020.
Exagen, which develops and markets autoimmune tests, went public on the Nasdaq today and expects gross proceeds of $50.4 million from its IPO.
