10x Genomics (NASDAQ:TXG) Shares Down 10.9% – Here’s Why

10x Genomics (NASDAQ:TXG) was down 10.9% during trading on Monday . The company traded as low as $16.29 and last traded at $16.7350. Approximately 1,073,582 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 2,599,615 shares. The stock had previously closed at $18.79.

Analyst Ratings Changes

TXG has been the topic of several recent research reports. Leerink Partners decreased their price target on 10x Genomics from $22.00 to $20.00 and set a “market perform” rating on the stock in a report on Tuesday, January 27th. Stifel Nicolaus increased their price objective on 10x Genomics from $20.00 to $25.00 and gave the company a “buy” rating in a report on Monday, March 2nd. Bank of America set a $21.00 price target on 10x Genomics in a report on Monday, January 12th. Barclays boosted their price target on 10x Genomics from $17.00 to $22.00 and gave the company an “overweight” rating in a research note on Monday, December 15th. Finally, Canaccord Genuity Group set a $22.00 price target on shares of 10x Genomics in a research report on Friday, February 13th. Four equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $18.46.

10x Genomics Stock Performance

The stock’s fifty day moving average is $20.24 and its two-hundred day moving average is $16.61. The company has a market cap of $2.11 billion, a price-to-earnings ratio of -47.07 and a beta of 2.20.

10x Genomics (NASDAQ:TXG) last posted its earnings results on Thursday, February 12th. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.06. 10x Genomics had a negative net margin of 6.77% and a negative return on equity of 6.89%. The firm had revenue of $166.03 million for the quarter, compared to analysts’ expectations of $160.35 million. During the same quarter last year, the firm earned ($0.40) EPS. The company’s quarterly revenue was up .6% compared to the same quarter last year. On average, equities research analysts expect that 10x Genomics will post -1.43 EPS for the current year.

Insider Activity at 10x Genomics

In related news, CEO Serge Saxonov sold 9,632 shares of the company’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $18.58, for a total value of $178,962.56. Following the completion of the transaction, the chief executive officer directly owned 1,061,924 shares in the company, valued at approximately $19,730,547.92. The trade was a 0.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Adam Taich sold 8,968 shares of the company’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $18.58, for a total transaction of $166,625.44. Following the completion of the sale, the chief financial officer directly owned 288,417 shares of the company’s stock, valued at $5,358,787.86. This trade represents a 3.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 26,426 shares of company stock valued at $490,995 over the last three months. 10.03% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On 10x Genomics

Several large investors have recently modified their holdings of TXG. Intech Investment Management LLC raised its position in 10x Genomics by 1.4% in the 4th quarter. Intech Investment Management LLC now owns 40,047 shares of the company’s stock worth $653,000 after buying an additional 567 shares during the last quarter. Arizona State Retirement System grew its position in shares of 10x Genomics by 3.0% during the third quarter. Arizona State Retirement System now owns 29,586 shares of the company’s stock worth $346,000 after purchasing an additional 872 shares in the last quarter. Certuity LLC raised its position in shares of 10x Genomics by 4.7% during the fourth quarter. Certuity LLC now owns 20,204 shares of the company’s stock valued at $330,000 after buying an additional 904 shares during the last quarter. Versant Capital Management Inc lifted its stake in 10x Genomics by 3.3% in the 3rd quarter. Versant Capital Management Inc now owns 29,364 shares of the company’s stock worth $343,000 after purchasing an additional 945 shares in the last quarter. Finally, True Wealth Design LLC boosted its stake in 10x Genomics by 26.4% during the third quarter. True Wealth Design LLC now owns 4,534 shares of the company’s stock valued at $53,000 after buying an additional 948 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

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.