10x Genomics (NASDAQ:TXG) Price Target Cut to $18.00 by Analysts at Morgan Stanley

10x Genomics (NASDAQ:TXG) had its price target decreased by analysts at Morgan Stanley from $26.00 to $18.00 in a report released on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price target would indicate a potential upside of 100.09% from the company’s current price.

Several other brokerages have also issued reports on TXG. UBS Group lowered their price target on shares of 10x Genomics from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Tuesday, May 13th. Weiss Ratings reissued a “sell (e+)” rating on shares of 10x Genomics in a research note on Saturday, May 10th. Stifel Nicolaus cut their price target on shares of 10x Genomics from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. Canaccord Genuity Group lowered their price objective on 10x Genomics from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, May 12th. Finally, The Goldman Sachs Group cut their target price on 10x Genomics from $7.50 to $6.50 and set a “sell” rating for the company in a research report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, 10x Genomics has a consensus rating of “Hold” and a consensus target price of $15.81.

10x Genomics Stock Performance

Shares of NASDAQ:TXG traded down $0.39 on Monday, hitting $9.00. 309,355 shares of the company were exchanged, compared to its average volume of 2,360,295. The company’s 50 day moving average price is $8.77 and its two-hundred day moving average price is $12.31. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of -5.93 and a beta of 1.94. 10x Genomics has a one year low of $6.78 and a one year high of $25.55.

10x Genomics (NASDAQ:TXG) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.09. 10x Genomics had a negative return on equity of 25.40% and a negative net margin of 29.90%. The firm had revenue of $154.88 million for the quarter, compared to analyst estimates of $131.91 million. During the same period in the previous year, the company posted ($0.50) earnings per share. The company’s quarterly revenue was down 2.3% compared to the same quarter last year. Research analysts predict that 10x Genomics will post -1.43 earnings per share for the current year.

Insider Activity

In related news, Director Alan Mateo acquired 40,000 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was purchased at an average price of $11.14 per share, for a total transaction of $445,600.00. Following the transaction, the director now directly owns 61,691 shares of the company’s stock, valued at approximately $687,237.74. This trade represents a 184.41% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Serge Saxonov sold 5,092 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $11.07, for a total value of $56,368.44. Following the sale, the chief executive officer now owns 879,482 shares of the company’s stock, valued at approximately $9,735,865.74. The trade was a 0.58% decrease in their position. The disclosure for this sale can be found here. 9.39% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On 10x Genomics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Entropy Technologies LP grew its holdings in 10x Genomics by 285.6% during the 4th quarter. Entropy Technologies LP now owns 37,595 shares of the company’s stock worth $540,000 after acquiring an additional 27,844 shares during the period. SG Americas Securities LLC increased its holdings in 10x Genomics by 209.8% in the fourth quarter. SG Americas Securities LLC now owns 73,046 shares of the company’s stock valued at $1,049,000 after purchasing an additional 49,468 shares during the last quarter. Alberta Investment Management Corp acquired a new position in 10x Genomics in the fourth quarter valued at about $3,206,000. China Universal Asset Management Co. Ltd. acquired a new position in 10x Genomics in the fourth quarter valued at about $326,000. Finally, Barclays PLC boosted its holdings in 10x Genomics by 11.7% during the third quarter. Barclays PLC now owns 602,536 shares of the company’s stock worth $13,605,000 after buying an additional 63,079 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

About 10x Genomics

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.