## Leadership Shakeup at Exagen: What Analysts Think About the Latest Board Appointment

Exagen Inc. (Nasdaq: $XGN) made waves in the biotech sector on July 17, 2025, by welcoming an industry veteran to its Board of Directors. The move signals the company's ambition to accelerate growth in the competitive autoimmune diagnostics market.

**Who's Joining the Board?**

Chas McKhann, an accomplished executive with 25+ years in life sciences, has stepped into the role. McKhann's resume reads like a who's who of medical device success stories—he previously led Silk Road Medical as President and CEO, took the helm at Apollo Endosurgery, and held Chief Commercial Officer positions at Torax Medical and Intersect ENT. Both Silk Road and Apollo were eventually acquired by Boston Scientific, delivering solid returns to shareholders. With an MBA from Stanford and deep expertise in scaling medical technology companies, McKhann brings serious commercial firepower to Exagen's strategy table.

John Aballi, Exagen's President and CEO, framed the appointment as a game-changer: "His exceptional leadership across multiple innovative life science companies and deep commercial expertise will be invaluable as we continue to drive growth and advance patient care."

**What Does This Mean for Investors?**

The appointment comes at an interesting time for Exagen. Wall Street appears cautiously optimistic—Cantor Fitzgerald assigned an "Overweight" rating (target: $7.0) on May 15, while Canaccord Genuity issued a "Buy" with a $8.0 price target on May 13. The median analyst price target sits at $7.5, suggesting potential upside from current levels.

On the institutional side, the picture is mixed. Hudson Bay Capital Management added 166,705 shares in Q1 2025 (worth ~$598,470), while Kennedy Capital Management increased its stake by 60%. However, some heavyweights reduced exposure—Huntleigh Advisors and Wasatch Advisors both exited completely, and Stonepine Capital cut its position by 61.9%.

**The Business Case**

Exagen's flagship product, AVISE® CTD, helps clinicians diagnose complex autoimmune diseases like lupus and rheumatoid arthritis with greater precision. With Chas McKhann now on the board, expect renewed focus on commercialization and market penetration—exactly where his track record shines.

**The Risks**

Don't get too ahead of ourselves. Exagen faces real headwinds: reimbursement delays from Medicare and third-party payors could crimp revenues. Market adoption remains uncertain, and regulatory developments could shift the landscape. The company's success hinges on whether payers actually foot the bill for its testing portfolio.

**Bottom Line**

Appointing Chas McKhann signals Exagen is serious about scaling. With analyst support and strategic board depth improving, the company has positioned itself for a potential breakout—though execution risks remain.