Exagen (NASDAQ:XGN) Stock Falls 2% – What’s Next?

Exagen Inc. (NASDAQ:XGN)’s stock price dropped 2% during trading on Monday. The stock traded as low as $8.11 and last traded at $8.25. Approximately 200,901 shares traded hands during trading, a decline of 33% from the average session volume of 300,996 shares. The stock had previously closed at $8.42.

Analyst Upgrades and Downgrades

XGN has been the subject of a number of analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Exagen in a report on Friday, August 7th. Roth Capital began coverage on Exagen in a research report on Wednesday, June 24th. They set a “buy” rating and a $8.00 price target for the company. B. Riley Financial assumed coverage on Exagen in a report on Friday, September 11th. They issued a “buy” rating and a $12.00 price objective for the company. TD Cowen lifted their price objective on Exagen from $10.00 to $11.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, BTIG Research raised their price target on Exagen from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $9.75.

Exagen Trading Down 0.7%

The company has a debt-to-equity ratio of 1.96, a current ratio of 3.18 and a quick ratio of 3.18. The stock’s 50 day moving average is $7.65 and its 200-day moving average is $5.27. The company has a market capitalization of $204.02 million, a P/E ratio of -10.39 and a beta of 2.12.

Exagen (NASDAQ:XGN) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.06. Exagen had a negative return on equity of 104.46% and a negative net margin of 26.61%. The business had revenue of $19.94 million for the quarter, compared to analysts’ expectations of $17.80 million. As a group, equities research analysts anticipate that Exagen Inc. will post -0.69 earnings per share for the current year.

Institutional Investors Weigh In On Exagen

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Corient Private Wealth LP purchased a new position in Exagen during the second quarter valued at $52,000. Bank of New York Mellon Corp bought a new stake in shares of Exagen during the 2nd quarter valued at $97,000. R Squared Ltd grew its position in shares of Exagen by 49.0% in the 1st quarter. R Squared Ltd now owns 27,107 shares of the company’s stock worth $81,000 after buying an additional 8,915 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Exagen by 137.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 62,571 shares of the company’s stock worth $188,000 after buying an additional 36,213 shares during the period. Finally, Perkins Capital Management Inc. increased its stake in shares of Exagen by 286.5% in the 1st quarter. Perkins Capital Management Inc. now owns 71,796 shares of the company’s stock worth $215,000 after acquiring an additional 53,221 shares in the last quarter. 75.25% of the stock is owned by hedge funds and other institutional investors.

About Exagen

Exagen Inc (NASDAQ: XGN) is a diagnostic healthcare company focused on autoimmune diseases. The company develops and commercializes blood tests designed to help physicians diagnose, differentiate and monitor conditions such as systemic lupus erythematosus, rheumatoid arthritis and other connective tissue diseases.

Exagen’s principal product family is AVISE, a suite of proprietary autoimmune testing services that includes AVISE CTD, AVISE Lupus and monitoring tests. These assays combine multiple biomarkers and are intended to provide physicians with information that may support earlier or more informed clinical decisions, particularly in rheumatology.

Exagen operates a specialized laboratory testing business serving healthcare providers primarily in the United States.