Short Interest in Exagen Inc. (NASDAQ:XGN) Expands By 52.8%

Key Points

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Exagen Inc. (NASDAQ:XGN - Get Free Report) was the recipient of a significant growth in short interest in the month of July. As of July 31st, there was short interest totaling 1,410,000 shares, agrowthof52.8% from the July 15th total of 922,600 shares. Currently,10.4% of the shares of the company are short sold. Based on an average daily trading volume, of 323,000 shares, the short-interest ratio is presently 4.4 days. Based on an average daily trading volume, of 323,000 shares, the short-interest ratio is presently 4.4 days. Currently,10.4% of the shares of the company are short sold.

Hedge Funds Weigh In On Exagen

A number of large investors have recently made changes to their positions in XGN. Northern Trust Corp grew its position in Exagen by 16.7% during the fourth quarter. Northern Trust Corp now owns 18,375 shares of the company's stock worth $75,000 after buying an additional 2,630 shares in the last quarter. Toronto Dominion Bank acquired a new stake in Exagen during the fourth quarter worth approximately $3,655,000. Marshall Wace LLP acquired a new stake in Exagen during the fourth quarter worth approximately $66,000. Driehaus Capital Management LLC acquired a new stake in Exagen during the fourth quarter worth approximately $1,716,000. Finally, Geode Capital Management LLC grew its position in Exagen by 11.9% during the fourth quarter. Geode Capital Management LLC now owns 98,057 shares of the company's stock worth $402,000 after buying an additional 10,442 shares in the last quarter. Institutional investors own 75.25% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. KeyCorp upgraded Exagen from a "sector weight" rating to an "overweight" rating and set a $12.00 price objective on the stock in a research note on Wednesday, July 30th. Canaccord Genuity Group upped their price objective on Exagen from $8.00 to $11.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. BTIG Research restated a "buy" rating on shares of Exagen in a research note on Wednesday, May 7th. UBS Group restated an "overweight" rating on shares of Exagen in a research note on Thursday, May 15th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $10.00 price objective on shares of Exagen in a research note on Wednesday, July 30th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $11.25.

Exagen Price Performance

Shares of NASDAQ XGN opened at $9.75 on Tuesday. The firm has a market cap of $214.50 million, a P/E ratio of -10.96 and a beta of 1.61. The company has a current ratio of 4.95, a quick ratio of 4.95 and a debt-to-equity ratio of 1.06. Exagen has a 1-year low of $2.38 and a 1-year high of $9.90. The business's 50 day moving average is $7.68 and its 200-day moving average is $5.86.

Exagen (NASDAQ:XGN - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported ($0.18) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.18). The company had revenue of $17.20 million for the quarter, compared to analyst estimates of $16.25 million. Exagen had a negative return on equity of 130.38% and a negative net margin of 28.85%. Equities research analysts predict that Exagen will post -0.88 earnings per share for the current year.

Exagen Company Profile

Exagen Inc develops and commercializes various testing products under the AVISE brand in the United States. The company enables healthcare providers to care for patients through the diagnosis, prognosis, and monitoring of autoimmune and autoimmune-related diseases, including systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA).

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