Exagen Inc. (NASDAQ:XGN) Short Interest Decreases by 23.5% in March

On April 2nd, 2025, it was reported that Exagen Inc. (NASDAQ:XGN) experienced a significant decrease in short interest for the month of March. As of March 15th, the total short interest stood at 17,600 shares, reflecting a decrease of 23.5% from the February 28th total of 23,000 shares. This sales figure accounts for approximately 0.2% of the company's total shares. Given an average trading volume of 146,200 shares, the current days-to-cover ratio is 0.1 days, meaning it would take a little over a day to cover the short positions in case of a buyback.

Exagen's Recent Price Movement

As of the latest trading session, NASDAQ XGN opened at $3.93. The company's stock has a 50-day moving average price of $3.89 and a 200-day moving average price of $3.65. Over the past year, Exagen has faced price fluctuations with a 52-week low of $1.30 and a high of $6.22. Financially, the company shows a strong quick ratio of 4.05 and a current ratio of 4.05, indicating good short-term financial health, despite having a debt-to-equity ratio of 1.54. The market capitalization of Exagen is approximately $70.34 million, and it has a negative P/E ratio of -4.18 with a beta of 1.40, suggesting higher volatility.

Institutional Investor Activities

Recent activities among institutional investors indicate a mixed sentiment toward Exagen. During the fourth quarter, Toronto Dominion Bank entered a new investment in Exagen worth $3,655,000, while Driehaus Capital Management LLC also acquired a new stake valued at $1,716,000. Meanwhile, Northern Trust Corp increased its position by 16.7%, owning 18,375 shares after buying an additional 2,630 shares recently. Marshall Wace LLP purchased a new stake valued at approximately $66,000. Additionally, Kennedy Capital Management LLC expanded its holdings by 8.8%, now owning 184,473 shares, increasing its position by 14,920 shares during this timeframe. Together, institutional investors hold about 75.25% of Exagen's stock.

Analyst Forecasts for Exagen

Exagen has been receiving attention from Wall Street analysts, with several firms publishing research reports. In a report dated March 12th, William Blair reaffirmed an “outperform” rating for Exagen's shares. Meanwhile, Cantor Fitzgerald maintained an “overweight” rating, setting a price target of $8.00 for the stock. Additionally, Canaccord Genuity Group raised its price target from $5.00 to $7.00, assigning a “buy” rating on January 3rd.

About Exagen Inc.

Exagen Inc. is known for developing and commercializing various diagnostic testing products under the AVISE brand in the United States. The company focuses on enabling healthcare providers with solutions for diagnosing, prognosing, and monitoring autoimmune diseases and related conditions, which include systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA).

Exagen, NASDAQ, Investors