10x Genomics (NASDAQ:TXG) Receives $16.83 Average PT from Analysts

10x Genomics (NASDAQ:TXG) has received a consensus recommendation of “Hold” from the sixteen analysts that are currently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, nine have given a hold recommendation and four have given a buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $16.8333.

A number of equities analysts have recently weighed in on the stock. Piper Sandler lifted their price target on shares of 10x Genomics from $15.00 to $19.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 11th. Zacks Research downgraded 10x Genomics from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. Needham & Company LLC set a $21.00 target price on 10x Genomics in a research note on Monday, January 12th. TD Cowen restated a “hold” rating on shares of 10x Genomics in a report on Wednesday, January 7th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $20.00 price objective (up previously from $17.00) on shares of 10x Genomics in a report on Monday, December 1st.

10x Genomics Trading Up 5.1%

10x Genomics stock opened at $18.61 on Wednesday. The firm has a market capitalization of $2.36 billion, a P/E ratio of -30.02 and a beta of 2.24. 10x Genomics has a 1 year low of $6.78 and a 1 year high of $23.56. The business has a 50-day moving average of $18.62 and a 200-day moving average of $15.44.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.05. The business had revenue of $149.00 million for 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%. 10x Genomics’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period last year, the company posted ($0.30) EPS. Research analysts anticipate that 10x Genomics will post -1.43 EPS for the current fiscal year.

Insider Activity

In related news, CFO Adam Taich sold 11,888 shares of the business’s stock in a transaction on Monday, November 24th. The shares were sold at an average price of $19.00, for a total value of $225,872.00. Following the sale, the chief financial officer directly owned 297,385 shares of the company’s stock, valued at approximately $5,650,315. The trade was a 3.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Serge Saxonov sold 13,261 shares of the stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $19.00, for a total value of $251,959.00. Following the transaction, the chief executive officer owned 1,021,556 shares of the company’s stock, valued at approximately $19,409,564. This trade represents a 1.28% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 33,432 shares of company stock worth $635,208 over the last quarter. 9.39% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. ARK Investment Management LLC raised its position in 10x Genomics by 8.1% in the 2nd quarter. ARK Investment Management LLC now owns 13,892,103 shares of the company’s stock valued at $160,871,000 after buying an additional 1,046,390 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of 10x Genomics by 6.7% during the 3rd quarter. Vanguard Group Inc. now owns 13,274,332 shares of the company’s stock worth $155,177,000 after acquiring an additional 834,272 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of 10x Genomics by 12.2% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 6,017,963 shares of the company’s stock valued at $69,688,000 after purchasing an additional 654,597 shares during the last quarter. Nikko Asset Management Americas Inc. lifted its position in shares of 10x Genomics by 12.1% in the second quarter. Nikko Asset Management Americas Inc. now owns 6,009,653 shares of the company’s stock worth $69,532,000 after purchasing an additional 646,997 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of 10x Genomics by 84.7% in the third quarter. Millennium Management LLC now owns 5,437,969 shares of the company’s stock worth $63,570,000 after purchasing an additional 2,494,142 shares in the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

10x Genomics Company Profile

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.