Exagen Inc. (NASDAQ:XGN) Short Interest Down 23.5% in March

Exagen Inc. (NASDAQ:XGN) was the recipient of a large drop in short interest during 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. Approximately 0.2% of the shares of the company are sold short. Based on an average trading volume of 146,200 shares, the days-to-cover ratio is presently 0.1 days.

Exagen Price Performance

NASDAQ XGN opened at $3.93 on Wednesday. The company has a 50-day moving average price of $3.89 and a 200-day moving average price of $3.65. Exagen has a 52 week low of $1.30 and a 52 week high of $6.22. The company has a quick ratio of 4.05, a current ratio of 4.05 and a debt-to-equity ratio of 1.54. The firm has a market capitalization of $70.34 million, a P/E ratio of -4.18 and a beta of 1.40.

Institutional Trading of Exagen

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

Wall Street Analysts Forecast Growth

XGN has been the subject of several research reports. William Blair reissued an “outperform” rating on shares of Exagen in a report on Wednesday, March 12th. Cantor Fitzgerald reiterated an “overweight” rating and set a $8.00 target price on shares of Exagen in a research note on Monday, January 13th. Finally, Canaccord Genuity Group increased their price target on Exagen from $5.00 to $7.00 and gave the company a “buy” rating in a report 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).