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

10x Genomics, Inc. (NASDAQ:TXG)’s share price gapped down prior to trading on Thursday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $60.00 to $55.00. The stock had previously closed at $29.16, but opened at $27.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. 10x Genomics shares last traded at $27.89, with a volume of 409,343 shares trading hands.

Other equities research analysts have also issued reports about the company. Stifel Nicolaus cut their price objective on 10x Genomics from $68.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, February 16th. Barclays cut their price objective on 10x Genomics from $55.00 to $45.00 and set an “overweight” rating for the company in a research note on Wednesday, April 10th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $60.22.

Insider Transactions at 10x Genomics

In other news, CEO Serge Saxonov sold 4,660 shares of the business’s stock in a transaction that occurred 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 directly owns 842,900 shares in the company, valued at approximately $37,087,600. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other 10x Genomics news, CFO Justin J. Mcanear sold 1,865 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $46.34, for a total transaction of $86,424.10. Following the transaction, the chief financial officer now directly owns 95,240 shares in the company, valued at $4,413,421.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Serge Saxonov sold 4,660 shares of the company’s 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 owns 842,900 shares in the company, valued at $37,087,600. The disclosure for this sale can be found here. Insiders have sold a total of 12,959 shares of company stock worth $592,806 in the last ninety days. Insiders own 10.65% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TXG. FMR LLC lifted its stake in 10x Genomics by 56.4% during the third quarter. FMR LLC now owns 12,666,998 shares of the company’s stock worth $522,514,000 after purchasing an additional 4,565,400 shares in the last quarter. Venrock Management VI LLC acquired a new position in 10x Genomics during the fourth quarter worth $117,894,000. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in 10x Genomics by 58.6% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,621,778 shares of the company’s stock worth $135,925,000 after purchasing an additional 1,338,248 shares in the last quarter. BlackRock Inc. lifted its stake in 10x Genomics by 14.2% during the first quarter. BlackRock Inc. now owns 9,156,992 shares of the company’s stock worth $696,572,000 after purchasing an additional 1,138,358 shares in the last quarter. Finally, ARK Investment Management LLC increased its position in shares of 10x Genomics by 35.0% during the fourth quarter. ARK Investment Management LLC now owns 4,041,287 shares of the company’s stock worth $226,150,000 after acquiring an additional 1,047,827 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

10x Genomics Stock Down 3.5 %

The business has a 50-day moving average price of $39.76 and a two-hundred day moving average price of $42.92. The firm has a market cap of $3.33 billion, a PE ratio of -12.88 and a beta of 1.90.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $182.73 million. During the same period in the prior year, the company posted ($0.15) EPS. The firm’s revenue was up 17.8% compared to the same quarter last year. On average, equities research analysts predict that 10x Genomics, Inc. will post -1.47 earnings per share for the current fiscal 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.