Exagen (NASDAQ:XGN) Major Shareholder Jorey Chernett Buys 71,315 Shares of Stock

Key Points

• Major shareholder Jorey Chernett bought 71,315 Exagen shares at an average $5.23 each, spending about $373,000. After the purchase, Chernett held 2,696,940 shares.
• Exagen reported a quarterly loss of $0.25 per share, missing analyst expectations of a $0.18 loss, while revenue of $18.42 million slightly exceeded estimates.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $9.88; the stock opened at $5.03 after a reported 4.4% decline.

Exagen Inc. (NASDAQ:XGN - Get Free Report) major shareholder Jorey Chernett purchased 71,315 shares of the business's stock in a transaction that occurred on Wednesday, November 11th. The stock was bought at an average price of $5.23 per share, for a total transaction of $372,977.45. Following the acquisition, the insider owned 2,696,940 shares of the company's stock, valued at $14,104,996.20. This represents a 2.72% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Major shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.

Jorey Chernett also recently made the following trade(s):

• On Friday, November 6th, Jorey Chernett sold 11,265 shares of Exagen stock. The stock was sold at an average price of $6.14, for a total transaction of $69,167.10.
• On Tuesday, November 10th, Jorey Chernett acquired 7,085 shares of Exagen stock. The stock was bought at an average price of $5.26 per share, with a total value of $37,267.10.
• On Monday, November 9th, Jorey Chernett acquired 8,500 shares of Exagen stock. The stock was bought at an average price of $6.35 per share, with a total value of $53,975.00.
• On Monday, October 19th, Jorey Chernett bought 14,000 shares of Exagen stock. The stock was purchased at an average cost of $7.46 per share, with a total value of $104,440.00.

Exagen Trading Down 4.4%

XGN opened at $5.03 on Thursday. The stock has a market cap of $121.85 million, a PE ratio of -6.71 and a beta of 2.25. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 1.96. The business has a 50 day moving average of $7.84 and a 200-day moving average of $5.13. Exagen Inc. has a 52 week low of $2.59 and a 52 week high of $9.73.

Exagen (NASDAQ:XGN - Get Free Report) last released its quarterly earnings results on Tuesday, November 10th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.07). The firm had revenue of $18.42 million for the quarter, compared to the consensus estimate of $18.34 million. Exagen had a negative net margin of 25.14% and a negative return on equity of 123.63%. Equities research analysts predict that Exagen Inc. will post -0.69 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Canaccord Genuity Group decreased their target price on shares of Exagen from $11.00 to $9.00 and set a "buy" rating for the company in a research note on Wednesday. Weiss Ratings reissued a "sell (e+)" rating on shares of Exagen in a research report on Wednesday, November 4th. TD Cowen upped their price target on Exagen from $10.00 to $11.00 and gave the stock a "buy" rating in a research note on Tuesday, October 13th. BTIG Research restated a "buy" rating and issued a $9.00 price target on shares of Exagen in a research note on Wednesday. Finally, B. Riley Financial started coverage on Exagen in a research report on Friday, September 11th. They set a "buy" rating and a $12.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $9.88.

Hedge Funds Weigh In On Exagen

A number of hedge funds have recently bought and sold shares of the business. Russell Investments Group Ltd. bought a new stake in shares of Exagen in the third quarter worth $418,000. Calamos Advisors LLC bought a new position in Exagen in the third quarter valued at about $94,000. Penbrook Management LLC bought a new position in Exagen in the third quarter valued at about $92,000. Flputnam Investment Management Co. purchased a new position in Exagen in the second quarter worth about $1,343,000. Finally, Corient Private Wealth LP bought a new stake in shares of Exagen during the 2nd quarter valued at about $52,000. Hedge funds and other institutional investors own 75.25% of the company's stock.

About Exagen

Exagen Inc. is a commercial-stage diagnostic company focused on improving the diagnosis and management of autoimmune and rheumatic diseases. The company develops and commercializes blood tests that help physicians identify autoimmune disease, distinguish among related conditions and monitor disease activity over time. Its principal product family is AVISE, which includes the AVISE CTD and AVISE Lupus tests, as well as monitoring and specialty tests used in the evaluation of systemic lupus erythematosus and other connective-tissue diseases.

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