10x Genomics (NASDAQ:TXG) Shares Gap Down Following Analyst Downgrade

10x Genomics, Inc. (NASDAQ:TXG) gapped down before the market opened on Wednesday after Barclays lowered their price target on the stock from $55.00 to $45.00. The stock had previously closed at $37.37, but opened at $35.33. Barclays currently has an overweight rating on the stock. 10x Genomics shares last traded at $35.56, with a volume of 47,155 shares trading hands.

Several other analysts also recently weighed in on the company. Guggenheim initiated coverage on 10x Genomics in a research note on Thursday, December 14th. They set a “buy” rating and a $60.00 target price on the stock. Wolfe Research started coverage on 10x Genomics in a research report on Wednesday, December 13th. They set an “outperform” rating and a $55.00 price target on the stock. Stifel Nicolaus lowered their price target on 10x Genomics from $68.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, February 16th. Finally, Bank of America upgraded 10x Genomics from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $36.00 to $54.00 in a research report on Tuesday, December 12th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, 10x Genomics currently has an average rating of “Moderate Buy” and an average target price of $60.88.

Insider Buying and Selling

In related news, CEO Serge Saxonov sold 4,660 shares of 10x Genomics stock in a transaction on Monday, March 4th. The stock was sold at an average price of $44.00, for a total value of $205,040.00. Following the transaction, the chief executive officer now directly owns 842,900 shares in the company, valued at approximately $37,087,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Serge Saxonov sold 4,660 shares of 10x Genomics stock in a transaction on Monday, March 4th. The stock was sold at an average price of $44.00, for a total transaction of $205,040.00. Following the transaction, the chief executive officer now owns 842,900 shares in the company, valued at $37,087,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Justin J. Mcanear sold 1,865 shares of 10x Genomics stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $46.34, for a total value of $86,424.10. Following the transaction, the chief financial officer now owns 95,240 shares in the company, valued at approximately $4,413,421.60. The disclosure for this sale can be found here. Insiders have sold 16,959 shares of company stock worth $773,766 in the last three months. 10.65% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. ARK Investment Management LLC boosted its position in 10x Genomics by 35.0% during the fourth quarter. ARK Investment Management LLC now owns 4,041,287 shares of the company’s stock valued at $226,150,000 after purchasing an additional 1,047,827 shares during the last quarter. Vanguard Group Inc. boosted its position in 10x Genomics by 4.2% during the third quarter. Vanguard Group Inc. now owns 8,903,517 shares of the company’s stock valued at $367,270,000 after purchasing an additional 354,921 shares during the last quarter. TD Asset Management Inc boosted its position in 10x Genomics by 72.8% during the third quarter. TD Asset Management Inc now owns 238,364 shares of the company’s stock valued at $9,833,000 after purchasing an additional 100,382 shares during the last quarter. RTW Investments LP boosted its position in 10x Genomics by 3.9% during the third quarter. RTW Investments LP now owns 1,519,956 shares of the company’s stock valued at $62,698,000 after purchasing an additional 57,000 shares during the last quarter. Finally, Primecap Management Co. CA acquired a new stake in 10x Genomics during the third quarter valued at $1,242,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

10x Genomics Trading Up 2.9 %

The business has a 50-day moving average of $41.61 and a 200-day moving average of $43.36.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings results on Thursday, February 15th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.05). 10x Genomics had a negative return on equity of 28.82% and a negative net margin of 41.17%. The company had revenue of $183.98 million during the quarter, compared to analyst estimates of $182.73 million. During the same period in the prior year, the firm earned ($0.15) EPS. 10x Genomics’s quarterly revenue was up 17.8% on a year-over-year basis. Equities analysts forecast that 10x Genomics, Inc. will post -1.47 EPS for the current year.

10x Genomics Company Profile

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.