Exagen Inc. (NASDAQ:XGN) Sees Significant Decline in Short Interest

Exagen Inc. (NASDAQ:XGN) was the recipient of a large drop in short interest during the month of January. As of January 30th, there was short interest totaling 586,232 shares, a drop of 67.3% from the January 15th total of 1,793,289 shares. Based on an average daily trading volume, of 667,447 shares, the short-interest ratio is currently 0.9 days. Approximately 3.0% of the company’s shares are short sold. Approximately 3.0% of the company’s shares are short sold. Based on an average daily trading volume, of 667,447 shares, the short-interest ratio is currently 0.9 days.

Analyst Ratings Changes

XGN has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Exagen in a research report on Wednesday, January 21st. B. Riley Financial restated a “buy” rating and set a $8.00 price objective (down from $18.00) on shares of Exagen in a report on Friday, January 30th. KeyCorp increased their target price on Exagen from $12.00 to $15.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 14th. BTIG Research boosted their price target on Exagen from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Finally, Canaccord Genuity Group raised their price objective on Exagen from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, October 27th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Exagen presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.50.

Exagen Stock Up 3.9%

Shares of NASDAQ XGN opened at $3.50 on Wednesday. The stock has a fifty day moving average price of $5.55 and a 200 day moving average price of $8.34. The company has a current ratio of 4.08, a quick ratio of 4.08 and a debt-to-equity ratio of 1.35. Exagen has a 12-month low of $2.67 and a 12-month high of $12.23. The company has a market cap of $79.31 million, a P/E ratio of -3.80 and a beta of 1.90.

Hedge Funds Weigh In On Exagen

Several hedge funds and other institutional investors have recently bought and sold shares of XGN. Acadian Asset Management LLC purchased a new position in Exagen in the 1st quarter worth approximately $25,000. Larson Financial Group LLC acquired a new position in shares of Exagen during the third quarter worth $105,000. R Squared Ltd purchased a new position in shares of Exagen in the fourth quarter valued at $111,000. XTX Topco Ltd acquired a new stake in Exagen during the 2nd quarter valued at $133,000. Finally, Occudo Quantitative Strategies LP purchased a new stake in Exagen during the 2nd quarter worth $138,000. 75.25% of the stock is owned by institutional investors and hedge funds.

Exagen Company Profile

Exagen Inc is a molecular diagnostics company focused on improving the detection and management of autoimmune diseases. Headquartered in the United States, the company develops, manufactures and markets laboratory tests designed to help clinicians address diagnostic challenges associated with complex connective tissue disorders.

The company’s flagship product portfolio, marketed under the Avise® brand, includes multi-analyte assays such as the Avise® Connective Tissue Disease (CTD) panel, Avise® Lupus panel and Avise® Sjögren’s panel.