Short Interest in Exagen Inc. (NASDAQ:XGN) Drops By 23.5%

Exagen Inc. (NASDAQ:XGN) was the recipient of a large drop in short interest in the month of March. As of March 15th, there was short interest totalling 17,600 shares, a drop of 23.5% from the February 28th total of 23,000 shares. Based on an average daily volume of 146,200 shares, the short-interest ratio is presently 0.1 days. Approximately 0.2% of the company’s shares are sold short.

Analyst Ratings Changes

Several equities analysts recently issued reports on XGN shares. William Blair reiterated an “outperform” rating on shares of Exagen in a research report on Wednesday, March 12th. Cantor Fitzgerald reissued an “overweight” rating and issued a $8.00 target price on shares of Exagen in a research report on Monday, January 13th. Finally, Canaccord Genuity Group lifted their price target on Exagen from $5.00 to $7.00 and gave the company a “buy” rating in a research report on Friday, January 3rd.

Exagen Price Performance

Shares of XGN opened at $3.59 on Tuesday. The firm’s 50-day simple moving average is $3.89 and its two-hundred day simple moving average is $3.64. Exagen has a fifty-two week low of $1.30 and a fifty-two week high of $6.22. The stock has a market cap of $64.25 million, a PE ratio of -3.82 and a beta of 1.40. The company has a debt-to-equity ratio of 1.54, a quick ratio of 4.05 and a current ratio of 4.05.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in XGN. Corient Private Wealth LLC purchased a new stake in shares of Exagen in the fourth quarter worth $45,000. Virtu Financial LLC bought a new stake in Exagen during the 4th quarter valued at about $46,000. Marshall Wace LLP bought a new stake in Exagen during the 4th quarter valued at about $66,000. Northern Trust Corp raised its holdings in Exagen by 16.7% in 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 during the last quarter. Finally, Palumbo Wealth Management LLC lifted its stake in shares of Exagen by 13.5% in the fourth quarter. Palumbo Wealth Management LLC now owns 86,704 shares of the company’s stock worth $355,000 after buying an additional 10,340 shares in the last quarter. Institutional investors own 75.25% of the company’s stock.

About Exagen

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).