Bank of America Trims 10x Genomics (NASDAQ:TXG) Target Price to $36.00

10x Genomics (NASDAQ:TXG) had its price target lowered by Bank of America from $45.00 to $36.00 in a research note published on Wednesday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other research firms have also recently commented on TXG. Deutsche Bank Aktiengesellschaft dropped their price objective on 10x Genomics from $60.00 to $55.00 and set a buy rating on the stock in a research report on Thursday, April 18th. TD Cowen downgraded shares of 10x Genomics from a buy rating to a hold rating and dropped their price target for the company from $57.00 to $32.00 in a report on Wednesday. Barclays decreased their price objective on shares of 10x Genomics from $55.00 to $45.00 and set an overweight rating for the company in a report on Wednesday, April 10th. Canaccord Genuity Group dropped their target price on shares of 10x Genomics from $65.00 to $50.00 and set a buy rating on the stock in a report on Monday, April 29th. Finally, Stifel Nicolaus decreased their target price on shares of 10x Genomics from $63.00 to $53.00 and set a buy rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $48.50.

10x Genomics Stock Performance

Shares of 10x Genomics stock opened at $27.48 on Wednesday. The company has a 50-day simple moving average of $36.16 and a two-hundred day simple moving average of $42.18. 10x Genomics has a 52-week low of $24.60 and a 52-week high of $63.57. The stock has a market capitalization of $3.27 billion, a PE ratio of -12.24 and a beta of 1.94.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings data on Tuesday, April 30th. The company reported ($0.50) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.50). 10x Genomics had a negative net margin of 42.20% and a negative return on equity of 30.85%. The company had revenue of $141.01 million during the quarter, compared to analyst estimates of $142.24 million. During the same period in the previous year, the business earned ($0.44) EPS. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. As a group, equities research analysts forecast that 10x Genomics will post -1.47 EPS for the current fiscal year.

Insider Activity at 10x Genomics

In other 10x Genomics news, CEO Serge Saxonov sold 1,000 shares of the company’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $49.53, for a total value of $49,530.00. Following the completion of the sale, the chief executive officer now owns 855,381 shares in the company, valued at $42,367,020.93. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other 10x Genomics news, CEO Serge Saxonov sold 1,000 shares of 10x Genomics stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $49.53, for a total transaction of $49,530.00. Following the transaction, the chief executive officer now owns 855,381 shares of the company’s stock, valued at $42,367,020.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Justin J. Mcanear sold 1,865 shares of the 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 completion of the sale, the chief financial officer now directly owns 95,240 shares of the company’s stock, valued at $4,413,421.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,959 shares of company stock worth $592,806. Corporate insiders own 10.65% of the company’s stock.

Institutional Trading of 10x Genomics

Institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC boosted its holdings in shares of 10x Genomics by 56.4% during the 3rd quarter. FMR LLC now owns 12,666,998 shares of the company’s stock valued at $522,514,000 after purchasing an additional 4,565,400 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of 10x Genomics by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 9,011,332 shares of the company’s stock worth $504,274,000 after buying an additional 107,815 shares in the last quarter. ARK Investment Management LLC boosted its stake 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 buying an additional 1,047,827 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in 10x Genomics by 58.6% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,621,778 shares of the company’s stock valued at $135,925,000 after buying an additional 1,338,248 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. increased its stake in 10x Genomics by 58.6% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 3,621,778 shares of the company’s stock worth $135,780,000 after acquiring an additional 1,338,248 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

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.