Exagen (NASDAQ:XGN) Issues Quarterly Earnings Results, Hits Expectations

Exagen (NASDAQ:XGN) posted its quarterly earnings results on Tuesday. The company reported ($0.20) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.20), FiscalAI reports. The business had revenue of $16.63 million during the quarter, compared to analyst estimates of $16.46 million. Exagen had a negative net margin of 29.94% and a negative return on equity of 113.48%.

Exagen Stock Performance

Shares of Exagen stock opened at $3.38 on Tuesday. The company has a current ratio of 4.08, a quick ratio of 4.08 and a debt-to-equity ratio of 1.35. Exagen has a 12 month low of $2.77 and a 12 month high of $12.23. The stock’s fifty day moving average price is $4.30 and its 200-day moving average price is $7.58. The firm has a market cap of $76.59 million, a P/E ratio of -3.67 and a beta of 1.88.

Insider Activity

In related news, CEO John Aballi sold 15,698 shares of Exagen stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $3.62, for a total transaction of $56,826.76. Following the transaction, the chief executive officer directly owned 687,299 shares of the company’s stock, valued at $2,488,022.38. This trade represents a 2.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 12.60% of the company’s stock.

Hedge Funds Weigh In On Exagen

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC bought a new stake in shares of Exagen in the 1st quarter valued at about $25,000. Truvestments Capital LLC grew its holdings in shares of Exagen by 109.5% during the fourth quarter. Truvestments Capital LLC now owns 6,169 shares of the company’s stock valued at $38,000 after buying an additional 3,225 shares during the last quarter. Persistent Asset Partners Ltd acquired a new position in shares of Exagen in the 4th quarter valued at $80,000. Jain Global LLC acquired a new position in shares of Exagen in the fourth quarter valued at about $82,000. Finally, Schonfeld Strategic Advisors LLC acquired a new position in Exagen in the 4th quarter worth approximately $82,000. Hedge funds and other institutional investors own 75.25% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on XGN. B. Riley Financial reiterated a “buy” rating and set a $8.00 target price (down from $18.00) on shares of Exagen in a research report on Friday, January 30th. BTIG Research decreased their price objective on Exagen from $15.00 to $10.00 and set a “buy” rating on the stock in a report on Tuesday, February 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Exagen in a research report on Wednesday, January 21st. Finally, TD Cowen lowered their price target on shares of Exagen from $13.00 to $10.00 and set a “buy” rating for the company in a report on Tuesday, February 24th. Nine investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $11.43.

About Exagen

Exagen Inc is a molecular diagnostics company focused on improving the detection and management of autoimmune diseases. Headquartered in the United States, the company develops, manufactures and markets laboratory tests designed to help clinicians address diagnostic challenges associated with complex connective tissue disorders.

The company’s flagship product portfolio, marketed under the Avise® brand, includes multi-analyte assays such as the Avise® Connective Tissue Disease (CTD) panel, Avise® Lupus panel and Avise® Sjögren’s panel.