10x Genomics (NASDAQ:TXG) Sets New 12-Month High – What’s Next?

10x Genomics (NASDAQ:TXG) reached a new 52-week high on Tuesday . The company traded as high as $46.50 and last traded at $46.5490, with a volume of 820898 shares. The stock had previously closed at $43.22.

Analysts Set New Price Targets

TXG has been the topic of a number of analyst reports. Zacks Research lowered 10x Genomics from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Morgan Stanley upped their target price on shares of 10x Genomics from $22.00 to $37.00 and gave the company an “equal weight” rating in a report on Thursday, July 9th. Leerink Partners raised their price target on shares of 10x Genomics from $23.00 to $40.00 and gave the stock a “market perform” rating in a research note on Friday. Canaccord Genuity Group lifted their price target on shares of 10x Genomics from $32.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Finally, Bank of America boosted their price objective on shares of 10x Genomics from $21.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, April 20th. Four investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $32.08.

10x Genomics Price Performance

The company has a 50-day moving average of $32.61 and a two-hundred day moving average of $24.90. The stock has a market capitalization of $5.91 billion, a PE ratio of -274.07 and a beta of 2.05.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.19. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.86%. The company had revenue of $150.84 million during the quarter, compared to the consensus estimate of $146.41 million. During the same quarter in the prior year, the company posted ($0.28) EPS. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, research analysts forecast that 10x Genomics will post -0.79 EPS for the current fiscal year.

Insider Activity at 10x Genomics

In other news, Director Shehnaaz Suliman sold 5,723 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $32.63, for a total transaction of $186,741.49. Following the completion of the sale, the director owned 31,722 shares of the company’s stock, valued at approximately $1,035,088.86. This trade represents a 15.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Adam Taich sold 15,098 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total transaction of $368,995.12. Following the completion of the sale, the chief financial officer directly owned 379,898 shares in the company, valued at $9,284,707.12. This represents a 3.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 91,309 shares of company stock worth $2,581,357. Company insiders own 8.84% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Elevation Wealth Partners LLC raised its stake in shares of 10x Genomics by 332.3% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company’s stock valued at $57,000 after purchasing an additional 1,143 shares in the last quarter. Geneos Wealth Management Inc. bought a new stake in 10x Genomics in the fourth quarter valued at about $38,000. Larson Financial Group LLC raised its stake in 10x Genomics by 164.4% during the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock valued at $39,000 after buying an additional 1,470 shares in the last quarter. Fifth Third Bancorp acquired a new stake in 10x Genomics during the first quarter valued at approximately $50,000. Finally, Van ECK Associates Corp grew its position in shares of 10x Genomics by 85.9% in the 4th quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock worth $60,000 after acquiring an additional 1,695 shares in the last quarter. 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.