Citigroup Forecasts Strong Price Appreciation for 10x Genomics (NASDAQ:TXG) Stock

10x Genomics (NASDAQ:TXG) had its target price upped by investment analysts at Citigroup from $50.00 to $60.00 in a report issued on Friday, Marketbeat reports. The firm currently has a “hold” rating on the stock. Citigroup‘s target price suggests a potential downside of 7.76% from the stock’s previous close.

Several other analysts have also recently issued reports on the stock. Stifel Nicolaus boosted their price objective on shares of 10x Genomics from $50.00 to $68.00 and gave the company a “buy” rating in a research note on Friday. Barclays increased their target price on 10x Genomics from $52.00 to $110.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 7th. Argus began coverage on 10x Genomics in a report on Monday, September 28th. They issued a “buy” rating and a $110.00 target price on the stock. UBS Group lowered their price target on 10x Genomics from $90.00 to $61.00 and set a “neutral” rating for the company in a research report on Friday. Finally, Piper Sandler boosted their price target on 10x Genomics from $47.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, September 28th. Five research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $68.40.

10x Genomics Price Performance

Shares of TXG stock opened at $65.05 on Friday. The firm has a market cap of $8.48 billion, a P/E ratio of -125.10 and a beta of 2.03. 10x Genomics has a 1-year low of $15.12 and a 1-year high of $102.81. The firm’s 50-day simple moving average is $74.02 and its 200-day simple moving average is $41.81.

10x Genomics (NASDAQ:TXG) last released its earnings results on Thursday, November 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.12. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. The firm had revenue of $150.67 million during the quarter, compared to the consensus estimate of $147.96 million. During the same period in the previous year, the firm earned ($0.22) earnings per share. 10x Genomics’s revenue was up 1.1% compared to the same quarter last year. Analysts expect that 10x Genomics will post -0.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Serge Saxonov sold 25,000 shares of the firm’s stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $81.22, for a total value of $2,030,500.00. Following the transaction, the chief executive officer owned 1,050,249 shares of the company’s stock, valued at approximately $85,301,223.78. This trade represents a 2.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Adam Taich sold 46,388 shares of 10x Genomics stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $64.57, for a total transaction of $2,995,273.16. Following the transaction, the chief financial officer owned 316,344 shares in the company, valued at $20,426,332.08. The trade was a 12.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 159,333 shares of company stock valued at $10,655,070. 8.84% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On 10x Genomics

Several institutional investors and hedge funds have recently modified their holdings of TXG. Quantinno Capital Management LP raised its holdings in shares of 10x Genomics by 16.0% during the 1st quarter. Quantinno Capital Management LP now owns 5,411,761 shares of the company’s stock valued at $114,892,000 after buying an additional 744,558 shares during the period. Dimensional Fund Advisors LP boosted its holdings in 10x Genomics by 34.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,042,950 shares of the company’s stock worth $43,357,000 after acquiring an additional 525,369 shares during the period. Hsbc Holdings PLC purchased a new position in 10x Genomics in the 1st quarter worth approximately $5,945,000. Quantedge Capital Pte Ltd grew its position in 10x Genomics by 104.2% in the first quarter. Quantedge Capital Pte Ltd now owns 416,553 shares of the company’s stock valued at $8,843,000 after acquiring an additional 212,600 shares in the last quarter. Finally, Counterpoint Mutual Funds LLC acquired a new stake in 10x Genomics in the third quarter valued at approximately $11,364,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

About 10x Genomics

10x Genomics, Inc. develops technology for studying biological systems at single-cell and spatial resolution. Its instruments, consumables and software help researchers analyze gene expression and other features of cells while preserving information about their location within tissue. The company’s product platforms include Chromium for single-cell analysis, Visium for spatial gene-expression analysis and Xenium for in situ analysis of gene activity within tissue samples. Its tools are used in areas such as immunology, neuroscience, cancer research and drug discovery.