Short Interest in Exagen Inc. (NASDAQ:XGN) Rises By 122.1%

Exagen Inc. (NASDAQ:XGN) saw a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 52,200 shares, an increase of 122.1% from the October 15th total of 23,500 shares. Currently, 0.6% of the company’s shares are short sold. Based on an average daily trading volume, of 36,800 shares, the days-to-cover ratio is currently 1.4 days.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in XGN. Renaissance Technologies LLC increased its position in Exagen by 93.3% during the 2nd quarter. Renaissance Technologies LLC now owns 94,234 shares of the company’s stock valued at $172,000 after purchasing an additional 45,476 shares during the period. Creative Planning purchased a new stake in shares of Exagen in the 3rd quarter worth about $110,000. Palumbo Wealth Management LLC grew its position in shares of Exagen by 14.5% in the 3rd quarter. Palumbo Wealth Management LLC now owns 76,364 shares of the company’s stock worth $236,000 after buying an additional 9,695 shares during the period. Verus Capital Partners LLC purchased a new stake in shares of Exagen in the 3rd quarter worth about $39,000. Finally, Stonepine Capital Management LLC boosted its stake in Exagen by 49.0% in the 3rd quarter. Stonepine Capital Management LLC now owns 534,398 shares of the company’s stock worth $1,651,000 after purchasing an additional 175,701 shares in the last quarter. 75.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, William Blair reaffirmed an “outperform” rating on shares of Exagen in a research note on Wednesday.

Exagen Stock Up 5.5 %

Shares of NASDAQ XGN opened at $2.90 on Friday. The company has a quick ratio of 4.32, a current ratio of 4.32 and a debt-to-equity ratio of 1.13. The firm’s fifty day moving average is $2.83 and its 200 day moving average is $2.37. The company has a market cap of $50.43 million, a price-to-earnings ratio of -2.93 and a beta of 1.35. Exagen has a 52 week low of $1.30 and a 52 week high of $3.71.

Exagen (NASDAQ:XGN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. The business had revenue of $12.51 million for the quarter, compared to the consensus estimate of $13.55 million. Exagen had a negative net margin of 30.36% and a negative return on equity of 84.26%. During the same period in the previous year, the firm earned ($0.31) EPS. On average, equities research analysts expect that Exagen will post -1.02 earnings per share for the current year.

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).