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

Key Points

• Exagen Inc. experienced a significant increase in short interest, rising 144.8% in July to a total of 922,600 shares, equating to approximately 6.9% of its total shares.
• Several analysts have issued favorable ratings for Exagen, with a consensus average price target of $11.25 and multiple firms such as KeyCorp and Craig Hallum recommending a "buy" rating.
• The company reported a revenue of $17.20 million in its recent earnings announcement, surpassing analysts' expectations and maintaining its earnings per share at ($0.18).

Exagen Inc. (NASDAQ:XGN - Get Free Report) saw a significant growth in short interest during the month of July. As of July 15th, there was short interest totaling 922,600 shares, agrowthof144.8% from the June 30th total of 376,900 shares. Based on an average daily volume of 289,400 shares, the short-interest ratio is presently 3.2 days. Currently,6.9% of the company's stock are short sold. Currently,6.9% of the company's stock are short sold. Based on an average daily volume of 289,400 shares, the short-interest ratio is presently 3.2 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Northern Trust Corp increased its stake in shares of Exagen by 16.7% during the fourth quarter. Northern Trust Corp now owns 18,375 shares of the company's stock worth $75,000 after buying an additional 2,630 shares during the period. Huntleigh Advisors Inc. boosted its stake in shares of Exagen by 5.7% in the second quarter. Huntleigh Advisors Inc. now owns 87,861 shares of the company's stock valued at $613,000 after purchasing an additional 4,753 shares during the period. Acadian Asset Management LLC acquired a new position in shares of Exagen in the 1st quarter worth approximately $25,000. Geode Capital Management LLC grew its position in Exagen by 11.9% in the 4th quarter. Geode Capital Management LLC now owns 98,057 shares of the company's stock worth $402,000 after purchasing an additional 10,442 shares during the last quarter. Finally, Palumbo Wealth Management LLC boosted its position in shares of Exagen by 14.4% during the 1st quarter. Palumbo Wealth Management LLC now owns 99,205 shares of the company's stock valued at $356,000 after purchasing an additional 12,501 shares in the last quarter. Hedge funds and other institutional investors own 75.25% of the company's stock.

Exagen Trading Down 0.8%

Shares of NASDAQ:XGN traded down $0.07 during midday trading on Thursday, hitting $8.84. The company had a trading volume of 136,207 shares, compared to its average volume of 229,874. The firm has a fifty day simple moving average of $7.32 and a 200 day simple moving average of $5.54. Exagen has a 12 month low of $2.38 and a 12 month high of $9.10. The stock has a market cap of $194.48 million, a price-to-earnings ratio of -9.93 and a beta of 1.61. The company has a current ratio of 4.95, a quick ratio of 4.95 and a debt-to-equity ratio of 1.06.

Exagen (NASDAQ:XGN - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported ($0.18) EPS for the quarter, hitting analysts' consensus estimates of ($0.18). The business had revenue of $17.20 million during the quarter, compared to analysts' expectations of $16.25 million. Exagen had a negative net margin of 28.85% and a negative return on equity of 130.38%. On average, analysts predict that Exagen will post -0.88 EPS for the current year.

Analysts Set New Price Targets

XGN has been the subject of several recent research reports. BTIG Research reissued a "buy" rating on shares of Exagen in a report on Wednesday, May 7th. Craig Hallum started coverage on shares of Exagen in a report on Wednesday, July 23rd. They set a "buy" rating and a $12.00 price objective for the company. Canaccord Genuity Group upped their target price on Exagen from $8.00 to $11.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. UBS Group reaffirmed an "overweight" rating on shares of Exagen in a report on Thursday, May 15th. Finally, KeyCorp upgraded shares of Exagen from a "sector weight" rating to an "overweight" rating and set a $12.00 target price on the stock in a report on Wednesday, July 30th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $11.25.

Exagen Company Profile

Exagen Inc develops and commercializes various testing products under the AVISE brand in the United States. The company enables healthcare providers to care for patients through the diagnosis, prognosis, and monitoring of autoimmune and autoimmune-related diseases, including systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA).