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

Exagen Inc. (NASDAQ:XGN) saw a large increase in short interest during the month of December. As of December 31st, there was short interest totaling 1,082,304 shares, an increase of 33.3% from the December 15th total of 812,134 shares. Based on an average daily volume of 361,313 shares, the short-interest ratio is presently 3.0 days. Approximately 5.5% of the shares of the stock are sold short. Approximately 5.5% of the shares of the stock are sold short. Based on an average daily volume of 361,313 shares, the short-interest ratio is presently 3.0 days.

Institutional Investors Weigh In On Exagen

Institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC purchased a new stake in shares of Exagen in the first quarter worth about $25,000. Larson Financial Group LLC purchased a new stake in Exagen in the 3rd quarter worth approximately $105,000. XTX Topco Ltd purchased a new stake in Exagen in the 2nd quarter worth approximately $133,000. Occudo Quantitative Strategies LP bought a new position in Exagen in the 2nd quarter valued at $138,000. Finally, JPMorgan Chase & Co. grew 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 valued at $176,000 after purchasing an additional 16,014 shares in the last quarter. Hedge funds and other institutional investors own 75.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on XGN shares. Canaccord Genuity Group boosted their target price on shares of Exagen from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, October 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Exagen in a research note on Wednesday, October 8th. B. Riley restated a “buy” rating and issued a $18.00 target price (up previously from $15.00) on shares of Exagen in a report on Wednesday, November 5th. BTIG Research increased their price target on Exagen from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Finally, KeyCorp boosted their price objective on Exagen from $12.00 to $15.00 and gave the company an “overweight” rating in a research note on Tuesday, October 14th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $14.17.

Exagen Stock Down 2.9%

NASDAQ XGN traded down $0.14 during mid-day trading on Friday, hitting $4.69. The company’s stock had a trading volume of 563,436 shares, compared to its average volume of 507,552. The firm has a market capitalization of $106.28 million, a price-to-earnings ratio of -5.10 and a beta of 1.86. The company’s 50 day simple moving average is $6.97 and its 200 day simple moving average is $8.68. 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 has a twelve month low of $2.67 and a twelve month high of $12.23.

Exagen (NASDAQ:XGN) last posted its earnings results on Tuesday, November 4th. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.06). The company had revenue of $17.24 million during the quarter, compared to the consensus estimate of $16.90 million. Exagen had a negative net margin of 29.94% and a negative return on equity of 113.48%. Analysts anticipate that Exagen will post -0.88 earnings per share for the current year.

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.