10x Genomics (NASDAQ:TXG) Shares Up 8% – Time to Buy?

10x Genomics (NASDAQ:TXG)’s share price rose 8% on Wednesday. The stock traded as high as $82.91 and last traded at $84.2520. 283,127 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 2,977,598 shares. The stock had previously closed at $78.02.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on TXG. Royal Bank Of Canada began coverage on shares of 10x Genomics in a report on Tuesday, September 1st. They set a “sector perform” rating and a $70.00 price objective on the stock. Piper Sandler upped their target price on shares of 10x Genomics from $47.00 to $80.00 and gave the stock a “neutral” rating in a research note on Monday, September 28th. TD Cowen increased their target price on 10x Genomics from $47.00 to $70.00 and gave the stock a “hold” rating in a report on Tuesday, October 13th. Barclays lifted their price target on 10x Genomics from $52.00 to $110.00 and gave the company an “overweight” rating in a research note on Wednesday, October 7th. Finally, Canaccord Genuity Group boosted their price target on 10x Genomics from $60.00 to $100.00 and gave the company a “buy” rating in a report on Monday, October 12th. Five investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $68.00.

10x Genomics Trading Down 2.5%

The company has a market capitalization of $10.63 billion, a P/E ratio of -138.22 and a beta of 1.99. The firm’s 50 day moving average price is $74.05 and its two-hundred day moving average price is $40.31.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings data 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 business had revenue of $151.04 million for the quarter, compared to analyst estimates of $146.67 million. During the same quarter in the previous year, the firm posted $0.28 earnings per share. The firm’s revenue for the quarter was down 12.7% on a year-over-year basis. Analysts anticipate that 10x Genomics will post -0.77 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Shehnaaz Suliman sold 5,723 shares of the stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $81.19, for a total value of $464,650.37. Following the completion of the sale, the director owned 23,792 shares of the company’s stock, valued at approximately $1,931,672.48. This represents a 19.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Adam Taich sold 46,388 shares of the firm’s stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $64.57, for a total transaction of $2,995,273.16. Following the completion of the transaction, the chief financial officer directly owned 316,344 shares of the company’s stock, valued at $20,426,332.08. This represents a 12.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 179,333 shares of company stock worth $11,810,070. 8.84% of the stock is currently owned by company insiders.

Institutional Trading of 10x Genomics

Large investors have recently added to or reduced their stakes in the company. Carolina Wealth Advisors LLC bought a new stake in shares of 10x Genomics in the 3rd quarter valued at about $46,000. V Square Quantitative Management LLC acquired a new stake in 10x Genomics in the 3rd quarter valued at about $68,000. Farther Finance Advisors LLC grew its holdings in 10x Genomics by 29.9% during the third quarter. Farther Finance Advisors LLC now owns 934 shares of the company’s stock worth $84,000 after purchasing an additional 215 shares during the period. Elevation Wealth Partners LLC grew its holdings in 10x Genomics by 332.3% during the second quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company’s stock worth $57,000 after purchasing an additional 1,143 shares during the period. Finally, CoreCap Advisors LLC grew its holdings in 10x Genomics by 3,269.2% during the third quarter. CoreCap Advisors LLC now owns 1,752 shares of the company’s stock worth $158,000 after purchasing an additional 1,700 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

10x Genomics Company Profile

10x Genomics, Inc is a life sciences technology company that develops tools for analyzing biological systems at the single-cell and spatial levels. Its technologies are designed to help researchers study gene expression, cellular interactions, tissue organization and other biological processes in greater detail than conventional laboratory methods.

The company’s product portfolio includes the Chromium platform for single-cell analysis, the Visium platform for spatial transcriptomics, and the Xenium platform for high-resolution in situ analysis of tissue samples.