The firm, which went public in September said that full-year 2019 revenues are expected to be between $40 million and $431 million.
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.
Industry experts say a receptive market and investor interest in new technologies have spurred the increase in genomics tools and molecular diagnostics IPOs.
Exagen, which develops and markets autoimmune tests, went public on the Nasdaq today and expects gross proceeds of $50.4 million from its IPO.
The financing will go toward ongoing commercialization of the firm's autoimmune tests and therapeutics promotion business.
The partners will conduct an exploratory study to determine how the results of Exagen's lupus test impacts primary care physician practice referral patterns.
The company said that it will use the funds to accelerate the commercialization of its proprietary Cell Bound Complement Activation Products technology.