10x Genomics (NASDAQ:TXG) Stock Falls 6.5% – What’s Next?

10x Genomics (NASDAQ:TXG)’s stock price dropped 6.5% during mid-day trading on Monday. The company traded as low as $65.66 and last traded at $65.5610. Approximately 891,625 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 2,995,744 shares. The stock had previously closed at $70.11.

Analyst Upgrades and Downgrades

Several research analysts recently commented on TXG shares. Royal Bank Of Canada assumed coverage on shares of 10x Genomics in a report on Tuesday, September 1st. They issued a “sector perform” rating and a $70.00 target price on the stock. Piper Sandler upped their price target on shares of 10x Genomics from $47.00 to $80.00 and gave the company a “neutral” rating in a report on Monday, September 28th. Morgan Stanley raised their price target on 10x Genomics from $40.00 to $70.00 and gave the company an “equal weight” rating in a research report on Monday, October 12th. Leerink Partners raised their price target on 10x Genomics from $40.00 to $90.00 and gave the company a “market perform” rating in a research report on Tuesday, September 29th. Finally, Canaccord Genuity Group lifted their price objective on 10x Genomics from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Monday, October 12th. Five research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $68.00.

10x Genomics Stock Up 3.4%

The stock’s 50-day moving average is $74.13 and its 200-day moving average is $40.99. The firm has a market cap of $8.80 billion, a P/E ratio of -114.44 and a beta of 2.03.

10x Genomics (NASDAQ:TXG) last released its earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.10. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. The firm had revenue of $151.04 million during the quarter, compared to analysts’ expectations of $146.67 million. During the same period in the prior year, the company earned $0.28 EPS. The business’s quarterly revenue was down 12.7% compared to the same quarter last year. As a group, analysts expect that 10x Genomics will post -0.77 EPS for the current fiscal year.

Insider Activity at 10x Genomics

In related news, insider Benjamin J. Hindson sold 13,818 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $63.02, for a total value of $870,810.36. Following the completion of the sale, the insider owned 488,182 shares in the company, valued at approximately $30,765,229.64. This trade represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director John R. Stuelpnagel sold 20,000 shares of 10x Genomics stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $61.75, for a total value of $1,235,000.00. Following the sale, the director directly owned 328,436 shares in the company, valued at approximately $20,280,923. This trade represents a 5.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 179,333 shares of company stock worth $11,810,070. Insiders own 8.84% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

Several large investors have recently added to or reduced their stakes in TXG. Quantinno Capital Management LP grew its stake in shares of 10x Genomics by 16.0% in the 1st quarter. Quantinno Capital Management LP now owns 5,411,761 shares of the company’s stock valued at $114,892,000 after purchasing an additional 744,558 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of 10x Genomics by 34.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,042,950 shares of the company’s stock worth $43,357,000 after buying an additional 525,369 shares during the period. Quantedge Capital Pte Ltd lifted its position in shares of 10x Genomics by 104.2% during the 1st quarter. Quantedge Capital Pte Ltd now owns 416,553 shares of the company’s stock worth $8,843,000 after buying an additional 212,600 shares during the period. Hsbc Holdings PLC bought a new position in shares of 10x Genomics during the 1st quarter worth approximately $5,945,000. Finally, Swiss National Bank boosted its stake in 10x Genomics by 2.2% in the 1st quarter. Swiss National Bank now owns 207,400 shares of the company’s stock valued at $4,403,000 after buying an additional 4,400 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

About 10x Genomics

10x Genomics, Inc is a life sciences technology company that develops tools for analyzing biological systems at the single-cell and spatial levels. Its technologies are designed to help researchers study gene expression, cellular interactions, tissue organization and other biological processes in greater detail than conventional laboratory methods.

The company’s product portfolio includes the Chromium platform for single-cell analysis, the Visium platform for spatial transcriptomics, and the Xenium platform for high-resolution in situ analysis of tissue samples.