Flputnam Investment Management Co. Acquires New Position in Exagen Inc. $XGN

Key Points

• Flputnam Investment Management acquired 288,810 Exagen shares worth approximately $1.34 million, giving it a 1.19% stake. Institutional investors and hedge funds collectively own 75.25% of XGN.
• Analyst sentiment is generally positive: Exagen has a consensus “Moderate Buy” rating and an average price target of $9.62, with recent targets raised to $9 and $10.
• Exagen reported quarterly revenue of $19.94 million, exceeding expectations of $17.80 million, while its adjusted loss of $0.13 per share was narrower than the expected $0.19 loss.

Flputnam Investment Management Co. bought a new position in shares of Exagen Inc. (NASDAQ:XGN - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 288,810 shares of the company's stock, valued at approximately $1,343,000. Flputnam Investment Management Co. owned 1.19% of Exagen at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Bridgeway Capital Management LLC increased its holdings in shares of Exagen by 10.3% during the 2nd quarter. Bridgeway Capital Management LLC now owns 27,800 shares of the company's stock worth $194,000 after buying an additional 2,600 shares during the last quarter. Truvestments Capital LLC lifted its holdings in Exagen by 109.5% in the fourth quarter. Truvestments Capital LLC now owns 6,169 shares of the company's stock valued at $38,000 after acquiring an additional 3,225 shares during the last quarter. State Street Corp lifted its holdings in Exagen by 6.9% in the fourth quarter. State Street Corp now owns 71,256 shares of the company's stock valued at $433,000 after acquiring an additional 4,600 shares during the last quarter. Acadian Asset Management LLC purchased a new position in Exagen in the first quarter worth approximately $25,000. Finally, Russell Investments Group Ltd. grew its position in Exagen by 3.9% in the third quarter. Russell Investments Group Ltd. now owns 229,115 shares of the company's stock worth $2,518,000 after acquiring an additional 8,499 shares during the period. 75.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

XGN has been the topic of a number of research analyst reports. BTIG Research lifted their target price on Exagen from $8.00 to $9.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. Wall Street Zen upgraded Exagen from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Weiss Ratings reissued a "sell (e+)" rating on shares of Exagen in a research report on Friday, August 7th. Roth Capital began coverage on shares of Exagen in a report on Wednesday, June 24th. They issued a "buy" rating and a $8.00 price objective on the stock. Finally, TD Cowen boosted their price objective on shares of Exagen from $8.00 to $10.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $9.62.

Exagen Price Performance

Exagen stock opened at $7.39 on Monday. The company has a market capitalization of $179.06 million, a PE ratio of -9.12 and a beta of 2.05. The company has a debt-to-equity ratio of 1.96, a quick ratio of 3.18 and a current ratio of 3.18. Exagen Inc. has a fifty-two week low of $2.59 and a fifty-two week high of $12.23. The firm has a 50 day moving average price of $5.50 and a 200 day moving average price of $4.21.

Exagen (NASDAQ:XGN - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.13) EPS for the quarter, topping analysts' consensus estimates of ($0.19) by $0.06. Exagen had a negative return on equity of 104.46% and a negative net margin of 26.61%.The company had revenue of $19.94 million for the quarter, compared to analysts' expectations of $17.80 million. Research analysts expect that Exagen Inc. will post -0.67 earnings per share for the current year.

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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