Exagen Inc. (NASDAQ:XGN) Sees Significant Growth in Short Interest

Exagen Inc. (NASDAQ:XGN) was the recipient of a large increase in short interest in the month of March. As of March 31st, there was short interest totaling 1,534,970 shares, an increase of 34.3% from the March 15th total of 1,143,312 shares. Approximately 7.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 261,073 shares, the short-interest ratio is currently 5.9 days.

Insider Buying and Selling

In other Exagen news, CEO John Aballi sold 15,698 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $3.62, for a total transaction of $56,826.76. Following the transaction, the chief executive officer owned 687,299 shares of the company’s stock, valued at approximately $2,488,022.38. This trade represents a 2.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 12.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in XGN. Acadian Asset Management LLC purchased a new position in shares of Exagen in the first quarter worth approximately $25,000. Truvestments Capital LLC increased its position in shares of Exagen by 109.5% in the fourth quarter. Truvestments Capital LLC now owns 6,169 shares of the company’s stock worth $38,000 after acquiring an additional 3,225 shares in the last quarter. Persistent Asset Partners Ltd purchased a new position in shares of Exagen in the fourth quarter worth approximately $80,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Exagen in the fourth quarter worth approximately $82,000. Finally, Jain Global LLC purchased a new position in shares of Exagen in the fourth quarter worth approximately $82,000. 75.25% of the stock is owned by hedge funds and other institutional investors.

Exagen Stock Performance

Shares of XGN opened at $3.05 on Friday. The firm’s 50 day moving average is $3.19 and its 200-day moving average is $6.28. The stock has a market capitalization of $73.35 million, a P/E ratio of -3.32 and a beta of 1.93. The company has a debt-to-equity ratio of 1.39, a current ratio of 3.45 and a quick ratio of 3.45. Exagen has a 12-month low of $2.59 and a 12-month high of $12.23.

Exagen (NASDAQ:XGN) last announced its quarterly earnings data on Tuesday, March 10th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). The company had revenue of $16.63 million for the quarter, compared to analysts’ expectations of $16.46 million. Exagen had a negative net margin of 29.97% and a negative return on equity of 105.03%. Equities research analysts anticipate that Exagen will post -0.88 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. UBS Group set a $10.00 target price on shares of Exagen in a research note on Wednesday, March 11th. William Blair reissued an “outperform” rating on shares of Exagen in a research note on Tuesday, March 10th. Canaccord Genuity Group lowered their target price on shares of Exagen from $15.00 to $10.00 and set a “buy” rating on the stock in a research note on Wednesday, March 11th. B. Riley Financial reissued a “buy” rating and set a $8.00 target price (down from $18.00) on shares of Exagen in a research note on Friday, January 30th. Finally, KeyCorp lowered their target price on shares of Exagen from $15.00 to $10.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 11th. Nine investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $9.63.

Exagen Company Profile

Exagen Inc is a molecular diagnostics company focused on improving the detection and management of autoimmune diseases. Headquartered in the United States, the company develops, manufactures and markets laboratory tests designed to help clinicians address diagnostic challenges associated with complex connective tissue disorders.

The company’s flagship product portfolio, marketed under the Avise® brand, includes multi-analyte assays such as the Avise® Connective Tissue Disease (CTD) panel, Avise® Lupus panel and Avise® Sjögren’s panel.