Exagen (NASDAQ:XGN) Major Shareholder Jorey Chernett Acquires 71,315 Shares of Company Stock

Exagen Inc. (NASDAQ:XGN) major shareholder Jorey Chernett acquired 71,315 shares of Exagen stock in a transaction that occurred on Wednesday, November 11th. The shares were purchased at an average cost of $5.23 per share, with a total value of $372,977.45. Following the completion of the acquisition, the insider owned 2,696,940 shares of the company’s stock, valued at $14,104,996.20. The trade was a 2.72% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• 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 bought 7,085 shares of Exagen stock. The stock was purchased at an average cost of $5.26 per share, for a total transaction of $37,267.10.
• On Monday, November 9th, Jorey Chernett purchased 8,500 shares of Exagen stock. The stock was purchased at an average price 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 stock was purchased at an average price of $7.46 per share, with a total value of $104,440.00.

Exagen Stock Performance

NASDAQ:XGN opened at $4.41 on Friday. The company has a quick ratio of 3.18, a current ratio of 3.46 and a debt-to-equity ratio of 1.73. Exagen Inc. has a 52-week low of $2.59 and a 52-week high of $9.73. The stock has a fifty day simple moving average of $7.78 and a 200-day simple moving average of $5.13.

Exagen (NASDAQ:XGN) last announced its earnings results on Tuesday, November 10th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.07). Exagen had a negative return on equity of 125.60% and a negative net margin of 25.14%. The business had revenue of $18.42 million for the quarter, compared to analyst estimates of $18.34 million. Equities research analysts predict that Exagen Inc. will post -0.69 earnings per share for the current year.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Exagen

Several hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. purchased a new position in shares of Exagen during the third quarter valued at approximately $418,000. Calamos Advisors LLC acquired a new stake in Exagen during the third quarter worth approximately $94,000. Penbrook Management LLC purchased a new stake in Exagen in the 3rd quarter worth approximately $92,000. Flputnam Investment Management Co. purchased a new stake in Exagen in the 2nd quarter worth approximately $1,343,000. Finally, Corient Private Wealth LP purchased a new stake in Exagen in the 2nd quarter worth approximately $52,000. 75.25% of the stock is owned by institutional investors and hedge funds.

About Exagen

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.