JPMorgan Chase & Co. Boosts 10x Genomics (NASDAQ:TXG) Price Target to $20.00

10x Genomics (NASDAQ:TXG) had its price target raised by equities researchers at JPMorgan Chase & Co. from $17.00 to $20.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 4.43% from the stock’s current price.

Several other research analysts have also issued reports on the stock. Deutsche Bank Aktiengesellschaft set a $17.00 price target on shares of 10x Genomics and gave the stock a “hold” rating in a research report on Friday, February 13th. UBS Group increased their price objective on 10x Genomics from $14.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, February 20th. Canaccord Genuity Group raised their price objective on 10x Genomics from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. TD Cowen lifted their target price on 10x Genomics from $18.00 to $19.00 and gave the stock a “hold” rating in a report on Friday, February 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 10x Genomics in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, 10x Genomics has a consensus rating of “Hold” and an average price target of $22.31.

10x Genomics Stock Performance

NASDAQ TXG traded up $0.43 on Tuesday, reaching $20.93. The company’s stock had a trading volume of 464,243 shares, compared to its average volume of 2,589,824. 10x Genomics has a twelve month low of $8.06 and a twelve month high of $26.44. The firm’s 50 day moving average is $21.53 and its two-hundred day moving average is $19.07. The stock has a market cap of $2.67 billion, a PE ratio of -123.29 and a beta of 2.05.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.19. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.89%. The company had revenue of $150.84 million for the quarter, compared to analysts’ expectations of $146.41 million. During the same quarter in the previous year, the company posted ($0.28) EPS. The business’s revenue was up 9.4% compared to the same quarter last year. Equities research analysts anticipate that 10x Genomics will post -0.93 EPS for the current fiscal year.

Insider Activity at 10x Genomics

In related news, insider Benjamin J. Hindson sold 7,826 shares of the company’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $18.58, for a total value of $145,407.08. Following the completion of the sale, the insider owned 424,779 shares in the company, valued at approximately $7,892,393.82. This represents a 1.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Serge Saxonov sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 14th. The stock was sold at an average price of $24.56, for a total transaction of $122,800.00. Following the completion of the transaction, the chief executive officer directly owned 1,167,273 shares of the company’s stock, valued at $28,668,224.88. This represents a 0.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 46,426 shares of company stock worth $902,695. 8.84% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in 10x Genomics by 6.7% in the 3rd quarter. Vanguard Group Inc. now owns 13,274,332 shares of the company’s stock worth $155,177,000 after acquiring an additional 834,272 shares in the last quarter. ARK Investment Management LLC boosted its position in 10x Genomics by 6.6% during the 4th quarter. ARK Investment Management LLC now owns 12,667,369 shares of the company’s stock worth $206,605,000 after acquiring an additional 779,973 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its stake in 10x Genomics by 2.1% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,492,189 shares of the company’s stock valued at $89,578,000 after acquiring an additional 110,970 shares in the last quarter. Amova Asset Management Americas Inc. increased its holdings in shares of 10x Genomics by 2.0% in the 4th quarter. Amova Asset Management Americas Inc. now owns 5,486,153 shares of the company’s stock valued at $89,424,000 after purchasing an additional 109,270 shares during the period. Finally, Millennium Management LLC increased its holdings in shares of 10x Genomics by 84.7% in the 3rd quarter. Millennium Management LLC now owns 5,437,969 shares of the company’s stock valued at $63,570,000 after purchasing an additional 2,494,142 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

10x Genomics Company Profile

10x Genomics, Inc is a biotechnology company specializing in advanced genomic analysis solutions that enable researchers to explore biology at unprecedented resolution. The company develops and manufactures integrated hardware, consumables and software products for single-cell sequencing and spatial genomics. Its flagship Chromium product line supports applications in single-cell RNA sequencing, immune profiling and genome assembly, while the Visium and Xenium platforms offer spatial transcriptomics and in situ analysis, respectively.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves a global customer base that includes academic institutions, pharmaceutical and biotechnology companies, and government research organizations.