Exagen Inc. (NASDAQ:XGN) Short Interest Down 67.3% in January

Exagen Inc. (NASDAQ:XGN) was the recipient of a large decrease in short interest during the month of January. As of January 30th, there was short interest totaling 586,232 shares, a decrease of 67.3% from the January 15th total of 1,793,289 shares. Approximately 3.0% of the shares of the company are sold short. Based on an average trading volume of 667,447 shares, the short-interest ratio is presently 0.9 days. Based on an average trading volume of 667,447 shares, the short-interest ratio is presently 0.9 days. Approximately 3.0% of the shares of the company are sold short.

Exagen Stock Performance

NASDAQ XGN opened at $3.50 on Wednesday. The business has a 50 day moving average price of $5.55 and a 200 day moving average price of $8.34. The company has a market capitalization of $79.31 million, a P/E ratio of -3.80 and a beta of 1.90. Exagen has a 1-year low of $2.67 and a 1-year high of $12.23. The company has a debt-to-equity ratio of 1.35, a current ratio of 4.08 and a quick ratio of 4.08.

Hedge Funds Weigh In On Exagen

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Balyasny Asset Management L.P. acquired a new stake in shares of Exagen in the second quarter valued at approximately $5,017,000. Invesco Ltd. acquired a new position in shares of Exagen in the third quarter valued at approximately $7,420,000. Nano Cap New Millennium Growth Fund L P purchased a new position in shares of Exagen during the fourth quarter valued at approximately $1,520,000. Millennium Management LLC acquired a new stake in Exagen during the third quarter worth approximately $2,716,000. Finally, Kennedy Capital Management LLC grew its stake in Exagen by 77.6% in the 3rd quarter. Kennedy Capital Management LLC now owns 551,848 shares of the company’s stock worth $6,065,000 after acquiring an additional 241,127 shares during the period. Institutional investors and hedge funds own 75.25% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on XGN shares. KeyCorp upped their price target on Exagen from $12.00 to $15.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Exagen in a research note on Wednesday, January 21st. B. Riley Financial restated a “buy” rating and issued a $8.00 target price (down previously from $18.00) on shares of Exagen in a research note on Friday, January 30th. BTIG Research boosted their price target on shares of Exagen from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, November 10th. Finally, Canaccord Genuity Group increased their price target on shares of Exagen from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, October 27th. Eight research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $12.50.

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.