Exagen (NASDAQ:XGN) Stock: Insider Jorey Chernett Sells 58,068 Shares

Key Points

• Major shareholder Jorey Chernett sold 58,068 Exagen shares at an average price of $4.08, worth about $236,917. After the sale, Chernett directly owned approximately 2.53 million shares.
• Exagen shares fell 6.3% to $4.13 in Friday trading. The company reported quarterly EPS of negative $0.25, missing analysts’ estimate of negative $0.18, while revenue of $18.42 million slightly exceeded expectations.
• Analysts’ consensus rating remains Moderate Buy, with an average price target of $9.88; Canaccord cut its target to $9, while other firms maintained or raised their targets.

Exagen Inc. (NASDAQ:XGN - Get Free Report) major shareholder Jorey Chernett sold 58,068 shares of the stock in a transaction dated Friday, November 13th. The stock was sold at an average price of $4.08, for a total transaction of $236,917.44. Following the transaction, the insider directly owned 2,529,436 shares of the company's stock, valued at $10,320,098.88. This represents a 2.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

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

• On Thursday, November 12th, Jorey Chernett sold 109,436 shares of Exagen stock. The stock was sold at an average price of $4.65, for a total transaction of $508,877.40.
• On Wednesday, November 11th, Jorey Chernett purchased 71,315 shares of Exagen stock. The stock was purchased at an average price of $5.23 per share, with a total value of $372,977.45.
• 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 value of $69,167.10.
• On Tuesday, November 10th, Jorey Chernett purchased 7,085 shares of Exagen stock. The shares were purchased at an average cost of $5.26 per share, for a total transaction of $37,267.10.
• On Monday, November 9th, Jorey Chernett bought 8,500 shares of Exagen stock. The stock was acquired at an average price of $6.35 per share, with a total value of $53,975.00.
• On Monday, October 19th, Jorey Chernett purchased 14,000 shares of Exagen stock. The stock was bought at an average price of $7.46 per share, for a total transaction of $104,440.00.

Exagen Trading Down 6.3%

Shares of NASDAQ:XGN traded down $0.28 during trading on Friday, reaching $4.13. 3,356,140 shares of the stock were exchanged, compared to its average volume of 581,895. Exagen Inc. has a 12-month low of $2.59 and a 12-month high of $9.28. The firm's 50-day moving average price is $7.71 and its 200 day moving average price is $5.13. The firm has a market cap of $105.36 million, a price-to-earnings ratio of -5.51 and a beta of 2.25. The company has a debt-to-equity ratio of 1.73, a quick ratio of 3.18 and a current ratio of 3.46.

Exagen (NASDAQ:XGN - Get Free Report) last announced its earnings results on Tuesday, November 10th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.07). Exagen had a negative net margin of 25.14% and a negative return on equity of 125.60%. The company had revenue of $18.42 million for the quarter, compared to analysts' expectations of $18.34 million. On average, sell-side analysts anticipate that Exagen Inc. will post -0.71 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on XGN shares. Canaccord Genuity Group cut their price target on Exagen from $11.00 to $9.00 and set a "buy" rating on the stock in a report on Wednesday. Weiss Ratings reiterated a "sell (e+)" rating on shares of Exagen in a research report on Wednesday, November 4th. B. Riley Financial initiated coverage on shares of Exagen in a report on Friday, September 11th. They issued a "buy" rating and a $12.00 target price on the stock. BTIG Research reaffirmed a "buy" rating and set a $9.00 target price on shares of Exagen in a report on Wednesday. Finally, TD Cowen raised their price objective on shares of Exagen from $10.00 to $11.00 and gave the stock a "buy" rating in a research note on Tuesday, October 13th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $9.88.

Institutional Trading of Exagen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in XGN. GSA Capital Partners LLP bought a new position in shares of Exagen during the 2nd quarter worth about $998,000. Flputnam Investment Management Co. acquired a new position in shares of Exagen in the 2nd quarter worth approximately $1,343,000. Man Group plc acquired a new position in Exagen during the second quarter worth $778,000. BlackRock Inc. bought a new position in Exagen during the 2nd quarter valued at about $663,000. Finally, FourWorld Capital Management LLC raised its position in Exagen by 61.2% in the 1st quarter. FourWorld Capital Management LLC now owns 439,950 shares of the company's stock valued at $1,320,000 after purchasing an additional 166,950 shares during the last quarter. Institutional investors and hedge funds own 75.25% of the company's stock.

Exagen Company Profile

Exagen Inc. is a diagnostics company focused on testing for autoimmune and rheumatic diseases. It develops and provides blood tests intended to help physicians assess and monitor conditions such as systemic lupus erythematosus and other connective tissue diseases. The company's AVISE test portfolio includes diagnostic and monitoring tests that use proprietary biomarkers to support clinical evaluation. Its offerings are designed to provide information that may help clinicians distinguish among autoimmune conditions and guide patient care.

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