Exagen (NASDAQ:XGN) Shares Cross Above 50 Day Moving Average - Here's What Happened

Key Points

• Exagen shares rose 8%, trading as high as $8.50 and closing near $8.40, above the 50-day moving average of $7.88.
• Analyst sentiment is mostly positive: Exagen has a “Moderate Buy” consensus rating and an average price target of $10.12, with several firms recently raising targets.
• The company’s latest quarterly results beat expectations, reporting a loss of $0.13 per share versus the projected $0.19 loss and revenue of $19.94 million versus the $17.80 million consensus estimate.

Shares of Exagen Inc. (NASDAQ:XGN - Get Free Report) crossed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $7.88 and traded as high as $8.50. Exagen shares last traded at $8.40, with a volume of 348,440 shares.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Canaccord Genuity Group raised their target price on shares of Exagen from $9.00 to $11.00 and gave the stock a "buy" rating in a research report on Monday, October 19th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Exagen in a research report on Friday, August 7th. BTIG Research increased their price target on shares of Exagen from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. B. Riley Financial started coverage on shares of Exagen in a report on Friday, September 11th. They issued a "buy" rating and a $12.00 price target on the stock. 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 note on Tuesday, October 13th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Exagen currently has an average rating of "Moderate Buy" and an average price target of $10.12.

Exagen Stock Up 8.0%

The firm has a market capitalization of $203.49 million, a price-to-earnings ratio of -10.37 and a beta of 2.12. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 1.96. The firm has a 50 day moving average price of $7.88 and a two-hundred day moving average price of $5.02.

Exagen (NASDAQ:XGN - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.19) by $0.06. The business had revenue of $19.94 million during the quarter, compared to analysts' expectations of $17.80 million. Exagen had a negative return on equity of 104.46% and a negative net margin of 26.61%. On average, equities analysts expect that Exagen Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Activity at Exagen

In other Exagen news, major shareholder Jorey Chernett acquired 14,000 shares of the company's stock in a transaction dated 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 completion of the transaction, the insider directly 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John Aballi sold 34,294 shares of the firm's stock in a transaction on Friday, October 16th. The shares were sold at an average price of $7.87, for a total transaction of $269,893.78. Following the completion of the transaction, the chief executive officer directly owned 805,540 shares in the company, valued at approximately $6,339,599.80. This represents a 4.08% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.40% of the stock is owned by insiders.

Institutional Trading of Exagen

A number of institutional investors have recently added to or reduced their stakes in XGN. Penbrook Management LLC purchased a new stake in shares of Exagen in the third quarter worth about $92,000. Flputnam Investment Management Co. acquired a new stake in shares of Exagen in the second quarter valued at about $1,343,000. Corient Private Wealth LP acquired a new stake in shares of Exagen in the second quarter valued at about $52,000. Man Group plc purchased a new stake in shares of Exagen during the 2nd quarter valued at about $778,000. Finally, BlackRock Inc. purchased a new stake in shares of Exagen during the 2nd quarter valued at about $663,000. 75.25% of the stock is owned by hedge funds and other institutional investors.

Exagen Company Profile

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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