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

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Toronto Dominion Bank purchased a new stake in Exagen during the fourth quarter worth approximately $3,655,000. Driehaus Capital Management LLC acquired a new stake in Exagen during the fourth quarter worth approximately $1,716,000. Northern Trust Corp lifted its position in shares of Exagen by 16.7% during the 4th 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. Marshall Wace LLP purchased a new stake in Exagen in the fourth quarter valued at $66,000. Finally, Kennedy Capital Management LLC boosted its stake in Exagen by 8.8% in the fourth quarter. Kennedy Capital Management LLC now owns 184,473 shares of the company’s stock valued at $756,000 after acquiring an additional 14,920 shares in the last quarter. Hedge funds and other institutional investors own 75.25% of the company’s stock.

Wall Street Analyst Weigh In

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

Exagen Price Performance

Shares of XGN opened at $3.84 on Monday. Exagen has a twelve month low of $1.30 and a twelve month high of $6.22. The company has a current ratio of 4.05, a quick ratio of 4.05 and a debt-to-equity ratio of 1.54. The firm has a market capitalization of $68.73 million, a price-to-earnings ratio of -4.09 and a beta of 1.40. The firm’s fifty day simple moving average is $3.90 and its 200-day simple moving average is $3.64.

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).