10x Genomics (NASDAQ:TXG) Trading Up 8% – Time to Buy?

Shares of 10x Genomics (NASDAQ:TXG) were up 8% during mid-day trading on Tuesday . The company traded as high as $22.12 and last traded at $22.1560. Approximately 1,387,709 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 2,676,518 shares. The stock had previously closed at $20.52.

Analysts Set New Price Targets

TXG has been the topic of a number of analyst reports. TD Cowen lifted their price objective on 10x Genomics from $15.00 to $18.00 and gave the stock a “hold” rating in a research report on Wednesday, January 7th. Morgan Stanley reiterated an “equal weight” rating and set a $20.00 price target (up previously from $17.00) on shares of 10x Genomics in a report on Monday, December 1st. Barclays boosted their price target on shares of 10x Genomics from $17.00 to $22.00 and gave the company an “overweight” rating in a research report on Monday, December 15th. Cowen restated a “hold” rating on shares of 10x Genomics in a research report on Wednesday, January 7th. Finally, Citigroup downgraded shares of 10x Genomics from a “buy” rating to a “cautious” rating in a research note on Thursday, December 11th. Four equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, 10x Genomics presently has an average rating of “Hold” and an average target price of $16.30.

10x Genomics Stock Up 7.5%

The business’s 50-day simple moving average is $17.65 and its two-hundred day simple moving average is $14.64. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of -35.56 and a beta of 2.18.

10x Genomics (NASDAQ:TXG) last posted its earnings results on Thursday, November 6th. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.05. The firm had revenue of $149.00 million during the quarter, compared to the consensus estimate of $142.50 million. 10x Genomics had a negative net margin of 11.89% and a negative return on equity of 11.50%. During the same quarter last year, the firm earned ($0.30) EPS. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. Sell-side analysts anticipate that 10x Genomics will post -1.43 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Serge Saxonov sold 13,261 shares of the stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $19.00, for a total transaction of $251,959.00. Following the sale, the chief executive officer owned 1,021,556 shares of the company’s stock, valued at approximately $19,409,564. This represents a 1.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benjamin J. Hindson sold 8,283 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $19.00, for a total transaction of $157,377.00. Following the completion of the transaction, the insider directly owned 432,605 shares of the company’s stock, valued at approximately $8,219,495. The trade was a 1.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 33,432 shares of company stock valued at $635,208. Corporate insiders own 10.03% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TXG. AQR Capital Management LLC raised its position in 10x Genomics by 241.3% in the 2nd quarter. AQR Capital Management LLC now owns 4,137,801 shares of the company’s stock valued at $47,916,000 after purchasing an additional 2,925,372 shares in the last quarter. Millennium Management LLC increased its stake in shares of 10x Genomics by 84.7% during the third quarter. Millennium Management LLC now owns 5,437,969 shares of the company’s stock worth $63,570,000 after buying an additional 2,494,142 shares during the period. Wellington Management Group LLP raised its holdings in 10x Genomics by 126.6% in the third quarter. Wellington Management Group LLP now owns 4,285,628 shares of the company’s stock valued at $50,099,000 after acquiring an additional 2,394,355 shares in the last quarter. Quantinno Capital Management LP lifted its stake in 10x Genomics by 207.2% in the second quarter. Quantinno Capital Management LP now owns 2,233,526 shares of the company’s stock worth $25,864,000 after acquiring an additional 1,506,530 shares during the last quarter. Finally, Blue Water Life Science Advisors LP acquired a new position in 10x Genomics during the 2nd quarter worth approximately $12,746,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

About 10x Genomics

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.