10x Genomics (NASDAQ:TXG) Sets New 52-Week Low – Time to Sell?

10x Genomics, Inc. (NASDAQ:TXG)’s stock price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $9.06 and last traded at $9.11, with a volume of 455868 shares traded. The stock had previously closed at $9.41.

Analysts Set New Price Targets

A number of research analysts recently commented on TXG shares. Barclays lowered their price target on 10x Genomics from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Monday, February 10th. Citigroup lowered their target price on shares of 10x Genomics from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. JPMorgan Chase & Co. cut their target price on shares of 10x Genomics from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, February 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of 10x Genomics in a report on Saturday, March 22nd. Finally, Leerink Partners downgraded shares of 10x Genomics from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $25.00 to $12.00 in a report on Thursday, February 13th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.21.

10x Genomics Stock Down 2.7 %

The firm has a market cap of $1.12 billion, a P/E ratio of -6.03 and a beta of 1.93. The company’s 50 day simple moving average is $12.12 and its 200-day simple moving average is $15.09.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings data on Wednesday, February 12th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.08). 10x Genomics had a negative net margin of 29.90% and a negative return on equity of 25.40%. Equities research analysts predict that 10x Genomics, Inc. will post -1.43 EPS for the current year.

Insider Buying and Selling

In related news, CEO Serge Saxonov sold 5,092 shares of 10x Genomics stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $11.07, for a total transaction of $56,368.44. Following the transaction, the chief executive officer now directly owns 879,482 shares of the company’s stock, valued at $9,735,865.74. This trade represents a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Benjamin J. Hindson sold 4,573 shares of the company’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 $50,623.11. Following the sale, the insider now owns 335,324 shares of the company’s stock, valued at approximately $3,712,036.68. This represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. 10.03% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. RA Capital Management L.P. bought a new stake in 10x Genomics during the fourth quarter valued at about $47,092,000. Assenagon Asset Management S.A. purchased a new stake in shares of 10x Genomics during the fourth quarter valued at about $26,308,000. Point72 Asset Management L.P. bought a new stake in shares of 10x Genomics in the 3rd quarter valued at about $27,778,000. D. E. Shaw & Co. Inc. purchased a new position in shares of 10x Genomics in the 4th quarter worth approximately $17,499,000. Finally, ARK Investment Management LLC raised its stake in shares of 10x Genomics by 11.1% during the 4th quarter. ARK Investment Management LLC now owns 11,944,057 shares of the company’s stock worth $171,517,000 after acquiring an additional 1,193,712 shares in the last quarter. 84.68% of the stock is currently owned by hedge funds and other 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.