Insider Buying: Exagen (NASDAQ:XGN) Major Shareholder Acquires $53,975.00 in Stock

Exagen Inc. (NASDAQ:XGN) major shareholder Jorey Chernett bought 8,500 shares of Exagen stock in a transaction on Monday, November 9th. The shares were purchased at an average cost of $6.35 per share, for a total transaction of $53,975.00. Following the completion of the purchase, the insider directly owned 2,618,540 shares of the company’s stock, valued at $16,627,729. This trade represents a 0.33% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Jorey Chernett also recently made the following trade(s):

• On Wednesday, November 11th, Jorey Chernett purchased 71,315 shares of Exagen stock. The shares were purchased at an average price of $5.23 per share, with a total value of $372,977.45.
• On Friday, November 6th, Jorey Chernett sold 11,265 shares of Exagen stock. The shares were sold at an average price of $6.14, for a total value of $69,167.10.
• On Tuesday, November 10th, Jorey Chernett purchased 7,085 shares of Exagen stock. The stock was acquired at an average cost of $5.26 per share, for a total transaction of $37,267.10.
• On Monday, October 19th, Jorey Chernett purchased 14,000 shares of Exagen stock. The stock was bought at an average cost of $7.46 per share, for a total transaction of $104,440.00.

Exagen Trading Down 12.3%

NASDAQ:XGN opened at $4.41 on Friday. Exagen Inc. has a fifty-two week low of $2.59 and a fifty-two week high of $9.73. The company has a quick ratio of 3.18, a current ratio of 3.46 and a debt-to-equity ratio of 1.73. The company has a 50 day moving average price of $7.78 and a 200 day moving average price of $5.13.

Exagen (NASDAQ:XGN) last issued its quarterly earnings data on Tuesday, November 10th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.07). The firm had revenue of $18.42 million during the quarter, compared to analyst estimates of $18.34 million. Exagen had a negative net margin of 25.14% and a negative return on equity of 125.60%. As a group, equities analysts forecast that Exagen Inc. will post -0.69 earnings per share for the current fiscal year.

Institutional Trading of Exagen

Large investors have recently bought and sold shares of the business. Russell Investments Group Ltd. purchased a new stake in shares of Exagen during the third quarter worth approximately $418,000. Calamos Advisors LLC acquired a new position in shares of Exagen during the third quarter worth about $94,000. Penbrook Management LLC acquired a new position in shares of Exagen during the third quarter worth about $92,000. Flputnam Investment Management Co. acquired a new stake in Exagen in the second quarter valued at about $1,343,000. Finally, Corient Private Wealth LP acquired a new position in Exagen during the 2nd quarter worth approximately $52,000. Institutional investors and hedge funds own 75.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Exagen in a research note on Wednesday, November 4th. B. Riley Financial started coverage on Exagen in a research report on Friday, September 11th. They set a “buy” rating and a $12.00 price objective for the company. BTIG Research reiterated a “buy” rating and issued a $9.00 price target on shares of Exagen in a research note on Wednesday. TD Cowen boosted their target price on shares of Exagen from $10.00 to $11.00 and gave the stock a “buy” rating in a research note on Tuesday, October 13th. Finally, Canaccord Genuity Group dropped their price objective on Exagen from $11.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $9.88.

Exagen Company Profile

Exagen Inc. is a diagnostics company focused on testing for autoimmune and rheumatic diseases. It develops and provides blood tests intended to help physicians assess and monitor conditions such as systemic lupus erythematosus and other connective tissue diseases. The company’s AVISE test portfolio includes diagnostic and monitoring tests that use proprietary biomarkers to support clinical evaluation. Its offerings are designed to provide information that may help clinicians distinguish among autoimmune conditions and guide patient care.