Short Interest in Exagen Inc. (NASDAQ:XGN) Expands By 65.7%

Exagen Inc. (NASDAQ:XGN) was the recipient of a significant growth in short interest during the month of January. As of January 15th, there was short interest totaling 1,793,289 shares, a growth of 65.7% from the December 31st total of 1,082,304 shares. Based on an average daily trading volume, of 675,768 shares, the days-to-cover ratio is presently 2.7 days. Approximately 9.1% of the shares of the company are short sold. Approximately 9.1% of the shares of the company are short sold. Based on an average daily trading volume, of 675,768 shares, the days-to-cover ratio is presently 2.7 days.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on XGN shares. BTIG Research raised their target price on Exagen from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, November 10th. KeyCorp raised their price objective on Exagen from $12.00 to $15.00 and gave the company an “overweight” rating in a report on Tuesday, October 14th. B. Riley restated a “buy” rating and issued a $8.00 price objective (down from $18.00) on shares of Exagen in a research report on Friday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Exagen in a research report on Wednesday, January 21st. Finally, Canaccord Genuity Group lifted their price target on shares of Exagen from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, October 27th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $12.50.

Exagen Trading Down 6.8%

Shares of XGN opened at $3.68 on Friday. Exagen has a 12-month low of $2.67 and a 12-month high of $12.23. The firm has a market capitalization of $83.39 million, a P/E ratio of -4.00 and a beta of 1.86. The firm has a 50-day moving average price of $6.12 and a 200 day moving average price of $8.49. The company has a current ratio of 4.08, a quick ratio of 4.08 and a debt-to-equity ratio of 1.35.

Exagen (NASDAQ:XGN) last released its quarterly earnings results on Tuesday, November 4th. The company reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.06). Exagen had a negative net margin of 29.94% and a negative return on equity of 113.48%. The firm had revenue of $17.24 million for the quarter, compared to analysts’ expectations of $16.90 million. Sell-side analysts forecast that Exagen will post -0.88 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. R Squared Ltd acquired a new stake in Exagen in the fourth quarter valued at approximately $111,000. Palumbo Wealth Management LLC raised its holdings in shares of Exagen by 15.2% in the 4th quarter. Palumbo Wealth Management LLC now owns 43,345 shares of the company’s stock valued at $264,000 after purchasing an additional 5,718 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Exagen by 320,280.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 16,019 shares of the company’s stock worth $176,000 after purchasing an additional 16,014 shares during the last quarter. Wexford Capital LP grew its stake in shares of Exagen by 6.9% during the third quarter. Wexford Capital LP now owns 444,927 shares of the company’s stock worth $4,890,000 after purchasing an additional 28,579 shares in the last quarter. Finally, Susquehanna International Group LLP purchased a new position in Exagen in the third quarter valued at $2,222,000. 75.25% of the stock is owned by institutional investors and hedge funds.

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.