Exagen (NASDAQ:XGN) Stock Price Up 4.2% – Here’s Why

Exagen Inc. (NASDAQ:XGN)’s stock price traded up 4.2% during mid-day trading on Friday . The company traded as high as $4.70 and last traded at $4.67. 145,515 shares were traded during trading, a decline of 64% from the average session volume of 401,624 shares. The stock had previously closed at $4.48.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. KeyCorp decreased their target price on Exagen from $15.00 to $10.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 11th. TD Cowen decreased their target price on Exagen from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. BTIG Research decreased their target price on Exagen from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. Canaccord Genuity Group decreased their target price on Exagen from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. Finally, UBS Group set a $10.00 target price on Exagen in a research report on Wednesday, March 11th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Exagen presently has a consensus rating of “Moderate Buy” and an average target price of $9.25.

Exagen Trading Up 4.2%

The company has a 50 day moving average of $3.64 and a 200 day moving average of $4.39. The company has a debt-to-equity ratio of 1.67, a quick ratio of 3.47 and a current ratio of 3.47. The stock has a market capitalization of $112.83 million, a price-to-earnings ratio of -5.25 and a beta of 2.02.

Exagen (NASDAQ:XGN) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.07. Exagen had a negative return on equity of 94.37% and a negative net margin of 29.49%.The firm had revenue of $17.31 million during the quarter, compared to the consensus estimate of $16.41 million. On average, research analysts predict that Exagen Inc. will post -0.68 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Balyasny Asset Management L.P. raised its stake in Exagen by 27.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 919,187 shares of the company’s stock valued at $5,589,000 after purchasing an additional 195,759 shares during the last quarter. Vanguard Group Inc. raised its stake in Exagen by 7.7% in the 3rd quarter. Vanguard Group Inc. now owns 733,824 shares of the company’s stock valued at $8,065,000 after purchasing an additional 52,205 shares during the last quarter. Invesco Ltd. acquired a new position in Exagen in the 3rd quarter valued at $7,420,000. Kennedy Capital Management LLC raised its stake in Exagen by 77.6% in the 3rd quarter. Kennedy Capital Management LLC now owns 551,848 shares of the company’s stock valued at $6,065,000 after purchasing an additional 241,127 shares during the last quarter. Finally, Wexford Capital LP raised its stake in Exagen by 6.9% in the 3rd quarter. Wexford Capital LP now owns 444,927 shares of the company’s stock valued at $4,890,000 after purchasing an additional 28,579 shares during the last quarter. 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.