10x Genomics (NASDAQ:TXG) Hits New 52-Week High – Here’s What Happened

10x Genomics (NASDAQ:TXG) shares reached a new 52-week high on Tuesday . The stock traded as high as $66.53 and last traded at $65.5250, with a volume of 522556 shares traded. The stock had previously closed at $63.80.

Key 10x Genomics News

Here are the key news stories impacting 10x Genomics this week:

• Neutral Sentiment: CEO Serge Saxonov, CFO Adam Taich and insider Benjamin J. Hindson collectively sold approximately $3.12 million of TXG shares. Each sale was made to cover tax-withholding obligations tied to vested equity awards, which makes the transactions less bearish than discretionary open-market selling. The executives retained substantial positions after the sales. CEO insider sale SEC filing CFO insider sale SEC filing Insider sale SEC filing
• Neutral Sentiment: Director Shehnaaz Suliman sold 2,207 shares worth approximately $140,476, reducing her ownership by 6.96%. Unlike the executive transactions, the filing does not identify tax withholding as the reason for the sale, creating a modestly more cautious signal. Director insider sale SEC filing
• Neutral Sentiment: Reported short interest was zero shares as of August 25, unchanged from the prior report. This produces a zero-day short ratio, but the figure is likely a data-reporting anomaly and provides little actionable insight into TXG’s trading outlook.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on TXG shares. Citigroup lifted their price target on shares of 10x Genomics from $45.00 to $50.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Stifel Nicolaus set a $50.00 price objective on shares of 10x Genomics in a research note on Friday, August 7th. Stephens raised their price objective on shares of 10x Genomics from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, August 12th. Leerink Partners lifted their target price on shares of 10x Genomics from $23.00 to $40.00 and gave the company a “market perform” rating in a research note on Friday, July 17th. Finally, Zacks Research downgraded 10x Genomics from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. Five analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $38.31.

10x Genomics Stock Performance

The company has a market capitalization of $8.37 billion, a price-to-earnings ratio of -108.91 and a beta of 2.03. The business’s 50-day simple moving average is $47.02 and its 200-day simple moving average is $31.29.

10x Genomics (NASDAQ:TXG) last released its earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.10. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. The firm had revenue of $151.04 million during the quarter, compared to analyst estimates of $146.67 million. During the same quarter in the previous year, the business earned $0.28 EPS. The business’s quarterly revenue was down 12.7% compared to the same quarter last year. On average, analysts forecast that 10x Genomics will post -0.75 earnings per share for the current year.

Insider Activity

In other news, CFO Adam Taich sold 17,166 shares of 10x Genomics stock in a transaction on Monday, August 24th. The shares were sold at an average price of $63.02, for a total transaction of $1,081,801.32. Following the transaction, the chief financial officer directly owned 362,732 shares of the company’s stock, valued at $22,859,370.64. This trade represents a 4.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director John R. Stuelpnagel sold 20,000 shares of the business’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $57.75, for a total value of $1,155,000.00. Following the completion of the transaction, the director directly owned 348,436 shares of the company’s stock, valued at approximately $20,122,179. The trade was a 5.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 107,459 shares of company stock valued at $5,636,735. 8.84% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its position in shares of 10x Genomics by 806.4% in the first quarter. Royal Bank of Canada now owns 182,836 shares of the company’s stock valued at $1,597,000 after acquiring an additional 162,665 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in 10x Genomics by 163.5% during the first quarter. Goldman Sachs Group Inc. now owns 645,366 shares of the company’s stock worth $5,634,000 after buying an additional 400,430 shares during the last quarter. Focus Partners Wealth acquired a new position in 10x Genomics during the first quarter worth $92,000. Legal & General Group Plc raised its position in 10x Genomics by 5.7% during the second quarter. Legal & General Group Plc now owns 110,864 shares of the company’s stock worth $1,284,000 after acquiring an additional 5,985 shares in the last quarter. Finally, American Century Companies Inc. bought a new stake in 10x Genomics during the second quarter worth $933,000. Institutional investors own 84.68% of the company’s stock.

About 10x Genomics

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.