Exagen (NASDAQ:XGN) Stock: Insider Jorey Chernett Buys 14,000 Shares

Key Points

• Insider buying: Major shareholder Jorey Chernett purchased 14,000 Exagen shares at an average price of $7.46, investing $104,440 and increasing the position to 2.62 million shares.
• Financial performance: Exagen reported quarterly revenue of $19.94 million, exceeding estimates of $17.80 million, while adjusted earnings of a $0.13 loss per share beat expectations by $0.06. Analysts expect a full-year loss of $0.69 per share.
• Investor outlook: Institutional investors own 75.25% of the company, and analysts collectively rate the stock “Moderate Buy” with an average price target of $10.12, compared with a recent share price near $7.43.

Exagen Inc. (NASDAQ:XGN - Get Free Report) major shareholder Jorey Chernett purchased 14,000 shares of the company's stock in a transaction that occurred on Monday, October 19th. The stock was bought at an average price of $7.46 per share, with a total value of $104,440.00. Following the purchase, the insider owned 2,618,540 shares of the company's stock, valued at approximately $19,534,308.40. The trade was a 0.54% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Large shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.

Exagen Stock Performance

Shares of XGN stock opened at $7.43 on Tuesday. 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 one year low of $2.59 and a one year high of $12.23. The company's 50-day simple moving average is $7.76 and its 200-day simple moving average is $5.41. The stock has a market capitalization of $180.03 million, a price-to-earnings ratio of -9.17 and a beta of 2.12.

Exagen (NASDAQ:XGN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $19.94 million during the quarter, compared to analyst estimates of $17.80 million. Equities analysts anticipate that Exagen Inc. will post -0.69 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in XGN. Corient Private Wealth LP bought a new position in Exagen during the 2nd quarter worth $52,000. Penbrook Management LLC bought a new stake in Exagen in the third quarter valued at $92,000. Bank of New York Mellon Corp bought a new stake in Exagen in the second quarter valued at $97,000. R Squared Ltd boosted its holdings in shares of Exagen by 49.0% during the first quarter. R Squared Ltd now owns 27,107 shares of the company's stock valued at $81,000 after acquiring an additional 8,915 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Exagen by 137.4% during the first quarter. Dimensional Fund Advisors LP now owns 62,571 shares of the company's stock valued at $188,000 after acquiring an additional 36,213 shares during the period. Institutional investors and hedge funds own 75.25% of the company's stock.

Analyst Upgrades and Downgrades

XGN has been the subject of several recent research reports. Roth Capital assumed coverage on shares of Exagen in a research note on Wednesday, June 24th. They set a "buy" rating and a $8.00 target price for the company. Weiss Ratings restated a "sell (e+)" rating on shares of Exagen in a research report on Friday, August 7th. BTIG Research raised their price target on shares of Exagen from $8.00 to $9.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. B. Riley Financial began coverage on shares of Exagen in a report on Friday, September 11th. They issued a "buy" rating and a $12.00 price target for the company. Finally, TD Cowen boosted their price objective on shares of Exagen from $10.00 to $11.00 and gave the company a "buy" rating in a research report on Tuesday, October 13th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $10.12.

Exagen Company Profile

Exagen Inc NASDAQ: XGN is a diagnostic healthcare company focused on autoimmune diseases. The company develops and commercializes blood tests designed to help physicians diagnose, differentiate and monitor conditions such as systemic lupus erythematosus, rheumatoid arthritis and other connective tissue diseases.

Exagen's principal product family is AVISE, a suite of proprietary autoimmune testing services that includes AVISE CTD, AVISE Lupus and monitoring tests. These assays combine multiple biomarkers and are intended to provide physicians with information that may support earlier or more informed clinical decisions, particularly in rheumatology.

Exagen operates a specialized laboratory testing business serving healthcare providers primarily in the United States.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.