10x Genomics (NASDAQ:TXG) Releases Quarterly Earnings Results, Hits Expectations

10x Genomics (NASDAQ:TXG) released its earnings results on Tuesday. The company reported ($0.50) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.50), Yahoo Finance reports. The company had revenue of $141.01 million for the quarter, compared to analyst estimates of $142.24 million. 10x Genomics had a negative return on equity of 30.43% and a negative net margin of 42.20%. 10x Genomics’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.44) EPS. 10x Genomics updated its FY 2024 guidance to EPS.

10x Genomics Price Performance

Shares of TXG opened at $26.46 on Thursday. 10x Genomics has a 1 year low of $24.60 and a 1 year high of $63.57. The company has a market capitalization of $3.15 billion, a price-to-earnings ratio of -12.07 and a beta of 1.94. The business has a 50-day moving average of $36.94 and a 200-day moving average of $42.40.

Insider Transactions at 10x Genomics

In other news, CEO Serge Saxonov sold 2,821 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $46.34, for a total transaction of $130,725.14. Following the completion of the transaction, the chief executive officer now directly owns 847,560 shares in the company, valued at $39,275,930.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Serge Saxonov sold 2,821 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $46.34, for a total transaction of $130,725.14. Following the completion of the transaction, the chief executive officer now directly owns 847,560 shares in the company, valued at $39,275,930.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Justin J. Mcanear sold 1,865 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $46.34, for a total value of $86,424.10. Following the transaction, the chief financial officer now owns 95,240 shares of the company’s stock, valued at $4,413,421.60. The disclosure for this sale can be found here. Insiders sold 12,959 shares of company stock worth $592,806 over the last ninety days. 10.65% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on TXG shares. Canaccord Genuity Group reduced their price objective on 10x Genomics from $65.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday. Bank of America reduced their price objective on 10x Genomics from $45.00 to $36.00 and set a “neutral” rating on the stock in a research note on Wednesday. Deutsche Bank Aktiengesellschaft reduced their price objective on 10x Genomics from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Thursday, April 18th. TD Cowen lowered 10x Genomics from a “buy” rating to a “hold” rating and reduced their price objective for the company from $57.00 to $32.00 in a research note on Wednesday. Finally, Barclays reduced their price objective on 10x Genomics from $55.00 to $45.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $48.50.

About 10x Genomics

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.