Exagen Inc. (NASDAQ:XGN) Short Interest Up 144.8% in July

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) was the recipient of a large increase in short interest in July. As of July 15th, there was short interest totaling 922,600 shares, anincreaseof144.8% from the June 30th total of 376,900 shares. Based on an average daily trading volume, of 289,400 shares, the short-interest ratio is currently 3.2 days. Approximately6.9% of the shares of the company are sold short. Approximately6.9% of the shares of the company are sold short. Based on an average daily trading volume, of 289,400 shares, the short-interest ratio is currently 3.2 days.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on XGN shares. KeyCorp raised Exagen from a "sector weight" rating to an "overweight" rating and set a $12.00 target price on the stock in a research note on Wednesday, July 30th. Craig Hallum started coverage on Exagen in a research note on Wednesday, July 23rd. They set a "buy" rating and a $12.00 target price on the stock. UBS Group reissued an "overweight" rating on shares of Exagen in a research note on Thursday, May 15th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $10.00 price objective on shares of Exagen in a research note on Wednesday. Finally, BTIG Research reaffirmed a "buy" rating on shares of Exagen in a research note on Wednesday, May 7th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of "Buy" and an average price target of $11.25.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in XGN. Acadian Asset Management LLC acquired a new position in Exagen during the 1st quarter valued at about $25,000. Marshall Wace LLP acquired a new position in Exagen during the 4th quarter valued at about $66,000. Northern Trust Corp increased its position in Exagen by 16.7% during the 4th quarter. Northern Trust Corp now owns 18,375 shares of the company's stock valued at $75,000 after buying an additional 2,630 shares in the last quarter. Huntleigh Advisors Inc. increased its position in Exagen by 16.8% during the 1st quarter. Huntleigh Advisors Inc. now owns 83,108 shares of the company's stock valued at $298,000 after buying an additional 11,939 shares in the last quarter. Finally, Palumbo Wealth Management LLC increased its position in 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 buying an additional 12,501 shares in the last quarter. 75.25% of the stock is owned by institutional investors.

Exagen Price Performance

Shares of XGN stock opened at $8.63 on Monday. Exagen has a twelve month low of $1.78 and a twelve month high of $9.10. The stock has a market capitalization of $189.86 million, a price-to-earnings ratio of -9.70 and a beta of 1.61. The stock has a fifty day simple moving average of $7.19 and a two-hundred day simple moving average of $5.46. 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 issued its earnings results on Tuesday, July 29th. The company reported ($0.18) earnings per share for the quarter, hitting the consensus estimate 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 return on equity of 130.38% and a negative net margin of 28.85%. On average, analysts predict that Exagen will post -0.88 EPS for the current fiscal year.

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).

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