10x Genomics (NASDAQ:TXG) Trading Up 8.3% – Here’s Why

Shares of 10x Genomics (NASDAQ:TXG) shot up 8.3% on Wednesday . The stock traded as high as $34.77 and last traded at $34.5080. 388,178 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 2,742,543 shares. The stock had previously closed at $31.87.

Wall Street Analyst Weigh In

Several research firms recently issued reports on TXG. Zacks Research downgraded shares of 10x Genomics from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Morgan Stanley upped their price objective on shares of 10x Genomics from $20.00 to $22.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 12th. Canaccord Genuity Group raised their target price on 10x Genomics from $22.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Barclays lifted their target price on 10x Genomics from $30.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Citigroup boosted their price target on 10x Genomics from $18.00 to $24.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 7th. Four research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, 10x Genomics currently has an average rating of “Hold” and an average price target of $24.00.

10x Genomics Price Performance

The firm has a market cap of $4.42 billion, a price-to-earnings ratio of -204.99 and a beta of 2.12. The business’s 50-day moving average price is $25.98 and its two-hundred day moving average price is $21.73.

10x Genomics (NASDAQ:TXG) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping 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 business had revenue of $150.84 million during the quarter, compared to analyst estimates of $146.41 million. During the same quarter in the previous year, the firm earned ($0.28) earnings per share. The business’s revenue was up 9.4% compared to the same quarter last year. Equities analysts predict that 10x Genomics will post -0.79 earnings per share for the current fiscal year.

Insider Activity at 10x Genomics

In other news, insider Benjamin J. Hindson sold 11,595 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $24.44, for a total transaction of $283,381.80. Following the transaction, the insider owned 502,000 shares of the company’s stock, valued at approximately $12,268,880. This trade represents a 2.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Adam Taich sold 15,098 shares of 10x Genomics stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $24.44, for a total value of $368,995.12. Following the completion of the transaction, the chief financial officer owned 379,898 shares of the company’s stock, valued at $9,284,707.12. This trade represents a 3.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 66,309 shares of company stock worth $1,670,957 over the last quarter. Company insiders own 8.84% of the company’s stock.

Institutional Trading of 10x Genomics

Several institutional investors and hedge funds have recently bought and sold shares of TXG. Intech Investment Management LLC lifted its holdings in 10x Genomics by 1.4% during the 4th quarter. Intech Investment Management LLC now owns 40,047 shares of the company’s stock worth $653,000 after buying an additional 567 shares during the last quarter. Certuity LLC increased its holdings in shares of 10x Genomics by 4.7% in the 4th quarter. Certuity LLC now owns 20,204 shares of the company’s stock valued at $330,000 after acquiring an additional 904 shares during the last quarter. Stratos Wealth Partners LTD. raised its position in shares of 10x Genomics by 7.3% during the 4th quarter. Stratos Wealth Partners LTD. now owns 14,052 shares of the company’s stock valued at $229,000 after acquiring an additional 950 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in 10x Genomics by 16.4% during the first quarter. EverSource Wealth Advisors LLC now owns 7,186 shares of the company’s stock worth $153,000 after purchasing an additional 1,012 shares during the last quarter. Finally, Kera Capital Partners Inc. lifted its stake in 10x Genomics by 2.3% during the first quarter. Kera Capital Partners Inc. now owns 48,937 shares of the company’s stock worth $1,039,000 after purchasing an additional 1,108 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

10x Genomics Company Profile

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.