Exagen (NASDAQ:XGN) Stock: Insider Jorey Chernett Sells 11,265 Shares

Exagen Inc. (NASDAQ:XGN) major shareholder Jorey Chernett sold 11,265 shares of the firm’s stock in a transaction that occurred on Friday, November 6th. The stock was sold at an average price of $6.14, for a total transaction of $69,167.10. Following the completion of the sale, the insider directly owned 2,610,040 shares in the company, valued at $16,025,645.60. This represents a 0.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Tuesday, November 10th, Jorey Chernett purchased 7,085 shares of Exagen stock. The shares were bought at an average cost of $5.26 per share, with a total value of $37,267.10.
• On Monday, November 9th, Jorey Chernett purchased 8,500 shares of Exagen stock. The shares were bought at an average cost of $6.35 per share, with a total value of $53,975.00.
• On Monday, October 19th, Jorey Chernett purchased 14,000 shares of Exagen stock. The shares were bought at an average cost of $7.46 per share, for a total transaction of $104,440.00.

Exagen Stock Performance

NASDAQ:XGN opened at $5.03 on Thursday. The company has a market cap of $121.85 million, a P/E ratio of -6.71 and a beta of 2.25. The firm’s 50 day moving average is $7.84 and its two-hundred day moving average is $5.13. 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 3.18 and a debt-to-equity ratio of 1.96.

Exagen (NASDAQ:XGN) last announced its quarterly earnings data on Tuesday, November 10th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.07). The company had revenue of $18.42 million for the quarter, compared to analysts’ expectations of $18.34 million. Exagen had a negative net margin of 25.14% and a negative return on equity of 123.63%. Analysts expect that Exagen Inc. will post -0.69 EPS for the current year.

Trending Headlines about Exagen

Investors following XGN have been watching these headlines:

• Positive Sentiment: Q3 revenue increased 7% year over year to $18.4 million, slightly ahead of estimates. For the first nine months, revenue rose 11%, net loss narrowed 12%, and adjusted EBITDA loss improved by more than 30%. Exagen Q3 results
• Neutral Sentiment: BTIG reaffirmed its Buy rating and $9 target. Canaccord also kept a Buy rating but cut its target from $11 to $9, tempering the positive analyst outlook. Canaccord analyst rating
• Negative Sentiment: Q3 adjusted loss of $0.25 per share missed analyst expectations of roughly $0.18–$0.19. Operating expenses increased and the operating loss widened to $4.4 million from $3.1 million a year earlier; cash also fell to $28.1 million from $35.7 million a year earlier. These results highlight continued losses and cash-use concerns despite revenue growth. Q3 earnings report

Institutional Investors Weigh In On Exagen

Large investors have recently made changes to their positions in the business. Corient Private Wealth LP purchased a new position in shares of Exagen in the 2nd quarter valued at $52,000. Penbrook Management LLC acquired a new position in shares of Exagen during the 3rd quarter valued at $92,000. Calamos Advisors LLC acquired a new position in shares of Exagen during the 3rd quarter valued at $94,000. Bank of New York Mellon Corp acquired a new position in shares of Exagen during the 2nd quarter valued at $97,000. Finally, Russell Investments Group Ltd. purchased a new stake in Exagen during the 3rd quarter worth $418,000. Institutional investors and hedge funds own 75.25% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on XGN. Canaccord Genuity Group lowered their price target on Exagen from $11.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday. TD Cowen upped their price target on Exagen from $10.00 to $11.00 and gave the stock a “buy” rating in a research note on Tuesday, October 13th. BTIG Research restated a “buy” rating and issued a $9.00 price objective on shares of Exagen in a report on Wednesday. B. Riley Financial began coverage on Exagen in a research note on Friday, September 11th. They issued a “buy” rating and a $12.00 price objective on the stock. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Exagen in a research note on Wednesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $9.88.

About Exagen

Exagen Inc. is a commercial-stage diagnostic company focused on improving the diagnosis and management of autoimmune and rheumatic diseases. The company develops and commercializes blood tests that help physicians identify autoimmune disease, distinguish among related conditions and monitor disease activity over time. Its principal product family is AVISE, which includes the AVISE CTD and AVISE Lupus tests, as well as monitoring and specialty tests used in the evaluation of systemic lupus erythematosus and other connective-tissue diseases.