Exagen Inc. (NASDAQ:XGN) Short Interest Down 60.9% in August

Key Points

• Short interest in Exagen Inc. decreased by 60.9% in August, with current short interest totaling 551,600 shares, representing 3.8% of the company's stock.
• The average analyst rating for Exagen is currently "Buy" with a consensus price target of $11.25, supported by several upgrades from major financial analysts.
• Exagen reported revenue of $17.20 million for the last quarter, exceeding analyst expectations, though they posted a loss per share of ($0.18).

Exagen Inc. (NASDAQ:XGN - Get Free Report) was the target of a significant decline in short interest in the month of August. As of August 15th, there was short interest totaling 551,600 shares, adeclineof60.9% from the July 31st total of 1,410,000 shares. Currently,3.8% of the shares of the company are sold short. Based on an average trading volume of 296,700 shares, the short-interest ratio is currently 1.9 days. Based on an average trading volume of 296,700 shares, the short-interest ratio is currently 1.9 days. Currently,3.8% of the shares of the company are sold short.

Exagen Price Performance

NASDAQ:XGN traded down $0.16 during mid-day trading on Friday, hitting $9.67. 93,466 shares of the stock traded hands, compared to its average volume of 214,595. The company has a market cap of $212.74 million, a PE ratio of -10.87 and a beta of 1.60. The company has a quick ratio of 4.95, a current ratio of 4.95 and a debt-to-equity ratio of 1.06. The business's 50-day moving average price is $8.41 and its 200 day moving average price is $6.37. Exagen has a 12-month low of $2.38 and a 12-month high of $10.34.

Exagen (NASDAQ:XGN - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported ($0.18) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.18). The business had revenue of $17.20 million for the quarter, compared to analyst estimates of $16.25 million. Exagen had a negative return on equity of 130.38% and a negative net margin of 28.85%. Exagen has set its FY 2025 guidance at EPS. On average, analysts expect that Exagen will post -0.88 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on XGN. KeyCorp raised Exagen from a "sector weight" rating to an "overweight" rating and set a $12.00 price target on the stock in a research report on Wednesday, July 30th. UBS Group reaffirmed an "overweight" rating on shares of Exagen in a research report on Thursday, May 15th. Canaccord Genuity Group upped their price target on Exagen from $8.00 to $11.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $10.00 price target on shares of Exagen in a research report on Wednesday, July 30th. Finally, Craig Hallum began coverage on Exagen in a research report on Wednesday, July 23rd. They set a "buy" rating and a $12.00 price target on the stock. Seven analysts have rated the stock with a Buy rating, According to data from MarketBeat, Exagen currently has a consensus rating of "Buy" and a consensus price target of $11.25.

Hedge Funds Weigh In On Exagen

Institutional investors have recently modified their holdings of the company. Acadian Asset Management LLC purchased a new stake in shares of Exagen in the 1st quarter valued at $25,000. Marshall Wace LLP bought a new stake in shares of Exagen in the 4th quarter worth approximately $66,000. Northern Trust Corp raised its holdings in Exagen by 16.7% in the 4th quarter. Northern Trust Corp now owns 18,375 shares of the company's stock worth $75,000 after purchasing an additional 2,630 shares in the last quarter. XTX Topco Ltd bought a new position in Exagen in the 2nd quarter worth $133,000. Finally, Occudo Quantitative Strategies LP bought a new stake in shares of Exagen during the second quarter valued at approximately $138,000. 75.25% of the stock is currently owned by institutional investors.

About Exagen

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).