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

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

Exagen Price Performance

Shares of Exagen stock opened at $3.84 on Monday. The company has a debt-to-equity ratio of 1.54, a current ratio of 4.05 and a quick ratio of 4.05. The business has a 50 day simple moving average of $3.90 and a two-hundred day simple moving average of $3.64. The stock has a market capitalization of $68.73 million, a P/E ratio of -4.09 and a beta of 1.40. Exagen has a 12 month low of $1.30 and a 12 month high of $6.22.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Toronto Dominion Bank acquired a new stake in shares of Exagen during the 4th quarter worth approximately $3,655,000. Driehaus Capital Management LLC purchased a new stake in Exagen in the fourth quarter valued at $1,716,000. Northern Trust Corp lifted its stake in shares of Exagen by 16.7% in the 4th quarter. Northern Trust Corp now owns 18,375 shares of the company’s stock valued at $75,000 after purchasing an additional 2,630 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Exagen in the 4th quarter valued at $66,000. Finally, Kennedy Capital Management LLC grew its holdings in shares of Exagen by 8.8% during the 4th quarter. Kennedy Capital Management LLC now owns 184,473 shares of the company’s stock worth $756,000 after purchasing an additional 14,920 shares during the period. 75.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

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).