Engineers Gate Manager LP Reduces Position in 10x Genomics $TXG

Engineers Gate Manager LP trimmed its position in 10x Genomics (NASDAQ:TXG) by 36.0% during the 2nd quarter, Holdings Channel.com reports. The fund owned 59,229 shares of the company’s stock after selling 33,284 shares during the period. Engineers Gate Manager LP’s holdings in 10x Genomics were worth $2,271,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TXG. California State Teachers Retirement System grew its stake in 10x Genomics by 3,700.4% during the 2nd quarter. California State Teachers Retirement System now owns 4,679,895 shares of the company’s stock valued at $179,427,000 after purchasing an additional 4,556,753 shares during the last quarter. Casdin Capital LLC acquired a new position in shares of 10x Genomics in the fourth quarter valued at about $22,834,000. Quantinno Capital Management LP raised its stake in shares of 10x Genomics by 16.0% in the first quarter. Quantinno Capital Management LP now owns 5,411,761 shares of the company’s stock worth $114,892,000 after purchasing an additional 744,558 shares during the last quarter. Clough Capital Partners L P purchased a new position in shares of 10x Genomics in the fourth quarter worth about $9,955,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of 10x Genomics by 34.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,042,950 shares of the company’s stock worth $43,357,000 after purchasing an additional 525,369 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

10x Genomics Price Performance

Shares of NASDAQ TXG opened at $70.11 on Tuesday. The stock has a market capitalization of $9.13 billion, a price-to-earnings ratio of -118.83 and a beta of 2.08. The firm’s 50 day simple moving average is $54.28 and its 200-day simple moving average is $35.47. 10x Genomics has a 12 month low of $11.16 and a 12 month high of $70.46.

10x Genomics (NASDAQ:TXG) last posted its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (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 previous year, the business posted $0.28 EPS. The business’s revenue was down 12.7% compared to the same quarter last year. Analysts anticipate that 10x Genomics will post -0.75 earnings per share for the current fiscal year.

Insider Activity at 10x Genomics

In other 10x Genomics news, Director John R. Stuelpnagel sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $61.75, for a total value of $1,235,000.00. Following the completion of the transaction, the director owned 328,436 shares in the company, valued at approximately $20,280,923. This represents a 5.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Benjamin J. Hindson sold 13,818 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $63.02, for a total transaction of $870,810.36. Following the sale, the insider directly owned 488,182 shares in the company, valued at approximately $30,765,229.64. The trade was a 2.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 178,610 shares of company stock valued at $10,348,120 in the last quarter. 8.84% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages recently commented on TXG. Morgan Stanley upped their target price on 10x Genomics from $37.00 to $40.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Stifel Nicolaus set a $50.00 price target on shares of 10x Genomics in a research report on Friday, August 7th. TD Cowen reissued a “hold” rating on shares of 10x Genomics in a research report on Wednesday, July 15th. UBS Group started coverage on shares of 10x Genomics in a research note on Wednesday, September 9th. They set a “neutral” rating and a $68.00 price objective for the company. Finally, Stephens upped their price objective on shares of 10x Genomics from $50.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Five investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $44.00.

10x Genomics Company Profile

10x Genomics, Inc develops life science technology for analyzing biological systems at the single-cell and spatial levels. Its platforms are designed to help researchers study gene expression, genetic variation, cell populations and tissue organization with greater detail than conventional laboratory methods.

The company’s product portfolio includes the Chromium platform for single-cell analysis, Visium solutions for spatial transcriptomics and tissue profiling, and Xenium in situ platforms for high-resolution analysis of RNA and other biological features within tissue samples.