Exagen tumbles on stock sale

Shares of diagnostic test maker Exagen XGN.O down 15.8% before the bell to $5.75 after equity raise

Vista, California-based firm sells 3.35 mln shares at $5.25 for gross proceeds of ~$17.6 mln

Offering priced at 23.1% discount to stock's last close

Canaccord Genuity sole bookrunner

Co intends to use net proceeds for working capital, general purposes, and potentially acquire, in-license or invest in complementary technologies or business, per the SEC prospectus filing

The maker of testing products that help in diagnosing auto-immune diseases such as rheumatism, has ~18 mln shares outstanding for ~$123 mln market cap

Through Weds, XGN up ~67% YTD. Stock closed at $1.40 a year ago

5 of 6 analysts covering XGN rate stock "strong buy" or "buy", 1 has "hold" and the median PT is $7.50 - LSEG data