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

Exagen Inc. (NASDAQ:XGN) saw a large growth in short interest in 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. Approximately 9.1% of the shares of the stock are sold short. Based on an average daily volume of 675,768 shares, the days-to-cover ratio is presently 2.7 days. Based on an average daily volume of 675,768 shares, the days-to-cover ratio is presently 2.7 days. Approximately 9.1% of the shares of the stock are sold short.

Exagen Stock Down 6.8%

NASDAQ XGN opened at $3.68 on Monday. The business has a fifty day moving average price of $6.12 and a 200 day moving average price of $8.51. The company has a debt-to-equity ratio of 1.35, a quick ratio of 4.08 and a current ratio of 4.08. The company has a market cap of $83.39 million, a P/E ratio of -4.00 and a beta of 1.90. Exagen has a one year low of $2.67 and a one year high of $12.23.

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

Analysts Set New Price Targets

Several analysts have commented on the company. B. Riley reissued a “buy” rating and issued a $8.00 price objective (down from $18.00) on shares of Exagen in a report on Friday. 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. Weiss Ratings reissued a “sell (d-)” rating on shares of Exagen in a report on Wednesday, January 21st. BTIG Research increased their price objective on shares of Exagen from $13.00 to $15.00 and gave the company a “buy” rating in a report on Monday, November 10th. Finally, KeyCorp lifted their target price on shares of Exagen from $12.00 to $15.00 and gave the company an “overweight” rating in a research report on Tuesday, October 14th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $12.50.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Acadian Asset Management LLC acquired a new stake in shares of Exagen in the first quarter valued at approximately $25,000. Larson Financial Group LLC purchased a new stake in Exagen in the 3rd quarter valued at $105,000. JPMorgan Chase & Co. increased its stake in shares of Exagen by 320,280.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 16,019 shares of the company’s stock worth $176,000 after acquiring an additional 16,014 shares during the last quarter. R Squared Ltd purchased a new position in shares of Exagen during the 4th quarter worth $111,000. Finally, XTX Topco Ltd acquired a new position in shares of Exagen during the 2nd quarter valued at about $133,000. 75.25% of the stock is currently owned by institutional investors and hedge funds.

About Exagen

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.