Exagen (NYSE:XGN) Shares Gap Down After Insider Selling
Exagen Inc. (NYSE:XGN) shares gapped down before the market opened on Monday after an insider sold shares in the company. The stock had previously closed at $13.35, but opened at $12.95. Exagen shares last traded at $12.75, with a volume of 674 shares traded.
Specifically, Director James L. L. Tullis sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $12.40, for a total transaction of $186,000.00. Following the completion of the transaction, the director now directly owns 38,745 shares of the company’s stock, valued at $480,438. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Nmsic Co-Investment Fund, L.P. sold 126,404 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $12.50, for a total value of $1,580,050.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 157,789 shares of company stock worth $2,038,680.
A number of equities research analysts have issued reports on the company. Cantor Fitzgerald began coverage on Exagen in a research note on Monday, June 1st. They issued an “overweight” rating and a $20.00 target price on the stock. Zacks Investment Research lowered shares of Exagen from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st.
Exagen (NYSE:XGN) last issued its quarterly earnings results on Tuesday, July 28th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.50. The firm had revenue of $8.95 million for the quarter, compared to the consensus estimate of $4.82 million.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its stake in Exagen by 33.7% during the first quarter. BlackRock Inc. now owns 163,021 shares of the company’s stock valued at $2,598,000 after purchasing an additional 41,057 shares during the last quarter. Wasatch Advisors Inc. boosted its stake in shares of Exagen by 97.0% during the 1st quarter. Wasatch Advisors Inc. now owns 692,419 shares of the company’s stock worth $11,037,000 after acquiring an additional 341,006 shares in the last quarter. State Street Corp grew its holdings in shares of Exagen by 123.1% in the 1st quarter. State Street Corp now owns 51,469 shares of the company’s stock worth $820,000 after acquiring an additional 28,404 shares during the last quarter. Cowen AND Company LLC acquired a new stake in shares of Exagen during the first quarter worth $3,820,000. Finally, JPMorgan Chase & Co. raised its position in shares of Exagen by 674.5% during the first quarter. JPMorgan Chase & Co. now owns 8,357 shares of the company’s stock worth $133,000 after purchasing an additional 7,278 shares during the period.
About Exagen (NYSE:XGN)
Exagen Inc operates as a commercial-stage diagnostics company, develops and markets products for the diagnosis, prognosis, and monitoring of patients affected by autoimmune rheumatic diseases (ARDs). Its lead product includes Avise SLE+CT, a proprietary diagnostic test that provides an enhanced solution for patients with a range of ARDs, such as systemic lupus erythematosus (SLE), rheumatoid arthritis (RA), Sjögren's syndrome, and scleroderma, as well as other disorders, including fibromyalgia.
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