Exagen Inc. (NASDAQ:XGN) Sees Large Decrease in Short Interest

Key Points

• Short interest plunged 52.5% to 729,740 shares as of April 15, representing 3.5% of shares sold short and a short-interest ratio of about 3.8 days.
• Analysts maintain a consensus rating of "Moderate Buy" with a consensus target price of $9.38, even as several firms have trimmed their targets recently.
• Institutional investors have been adding positions—major funds like Balyasny, Invesco and Millennium built stakes—and institutions now own about 75.25% of the company.

Exagen Inc. (NASDAQ:XGN - Get Free Report) was the target of a significant decline in short interest in April. As of April 15th, there was short interest totaling 729,740 shares, a decline of 52.5% from the March 31st total of 1,534,970 shares. Currently, 3.5% of the shares of the company are sold short. Based on an average trading volume of 193,705 shares, the short-interest ratio is presently 3.8 days.

Exagen Price Performance

XGN stock opened at $2.70 on Friday. The firm has a 50 day moving average of $3.13 and a 200-day moving average of $5.91. The company has a market cap of $64.94 million, a price-to-earnings ratio of -2.93 and a beta of 1.93. The company has a current ratio of 3.45, a quick ratio of 3.45 and a debt-to-equity ratio of 1.39. Exagen has a 12-month low of $2.59 and a 12-month high of $12.23.

Exagen (NASDAQ:XGN - Get Free Report) last released its quarterly earnings results on Tuesday, March 10th. The company reported ($0.20) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.20). Exagen had a negative return on equity of 105.03% and a negative net margin of 29.97%.The business had revenue of $16.63 million for the quarter, compared to analysts' expectations of $16.46 million. As a group, equities analysts expect that Exagen will post -0.77 EPS for the current fiscal year.

Insider Activity

In related news, CEO John Aballi sold 15,698 shares of the 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 completion of the transaction, the chief executive officer directly owned 687,299 shares of the company's stock, valued at $2,488,022.38. This represents a 2.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 12.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Balyasny Asset Management L.P. acquired a new position in shares of Exagen during the 2nd quarter worth $5,017,000. Invesco Ltd. acquired a new stake in Exagen in the 3rd quarter valued at about $7,420,000. Mink Brook Asset Management LLC grew its stake in Exagen by 784.3% in the 4th quarter. Mink Brook Asset Management LLC now owns 353,727 shares of the company's stock valued at $2,151,000 after acquiring an additional 313,727 shares during the last quarter. Nano Cap New Millennium Growth Fund L P purchased a new position in Exagen during the 4th quarter valued at about $1,520,000. Finally, Millennium Management LLC purchased a new position in Exagen during the 3rd quarter valued at about $2,716,000. Hedge funds and other institutional investors own 75.25% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Canaccord Genuity Group dropped their target price on Exagen from $10.00 to $8.00 and set a "buy" rating on the stock in a research report on Monday, April 20th. TD Cowen reduced their price target on Exagen from $13.00 to $10.00 and set a "buy" rating for the company in a report on Tuesday, February 24th. BTIG Research decreased their price target on Exagen from $10.00 to $9.00 and set a "buy" rating on the stock in a research note on Tuesday, March 10th. William Blair reiterated an "outperform" rating on shares of Exagen in a research report on Tuesday, March 10th. Finally, B. Riley Financial reissued a "buy" rating and issued a $8.00 target price (down from $18.00) on shares of Exagen in a report on Friday, January 30th. Nine analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $9.38.

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.

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