10x Genomics (NASDAQ:TXG) Hits New 12-Month High – Time to Buy?

10x Genomics (NASDAQ:TXG) shares hit a new 52-week high during trading on Thursday . The company traded as high as $26.85 and last traded at $27.2980, with a volume of 279717 shares traded. The stock had previously closed at $25.51.

Wall Street Analysts Forecast Growth

TXG has been the subject of a number of recent research reports. Morgan Stanley upped their price objective on 10x Genomics from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 12th. TD Cowen increased their price target on 10x Genomics from $18.00 to $19.00 and gave the stock a “hold” rating in a research note on Friday, February 13th. Bank of America increased their price target on 10x Genomics from $21.00 to $30.00 and gave the stock a “neutral” rating in a research note on Monday, April 20th. Canaccord Genuity Group increased their price target on 10x Genomics from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Finally, Barclays increased their price target on 10x Genomics from $22.00 to $30.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 14th. Four analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $23.17.

10x Genomics Stock Up 7.4%

The company has a market cap of $3.48 billion, a P/E ratio of -160.96 and a beta of 2.05. The company has a 50 day moving average price of $22.03 and a 200-day moving average price of $19.89.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.19. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.The company had revenue of $150.84 million during the quarter, compared to analysts’ expectations of $146.41 million. During the same quarter in the prior year, the business posted ($0.28) earnings per share. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. On average, research analysts expect that 10x Genomics will post -0.82 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Benjamin J. Hindson sold 11,595 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $24.44, for a total value of $283,381.80. Following the completion of the sale, the insider owned 502,000 shares in the company, valued at $12,268,880. This represents a 2.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Adam Taich sold 15,098 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total value of $368,995.12. Following the completion of the sale, the chief financial officer owned 379,898 shares of the company’s stock, valued at approximately $9,284,707.12. This trade represents a 3.82% decrease in their position. 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 sold a total of 75,586 shares of company stock worth $1,773,116 over the last 90 days. 8.84% of the stock is currently owned by company insiders.

Institutional Trading of 10x Genomics

Institutional investors have recently modified their holdings of the company. Geneos Wealth Management Inc. acquired a new stake in shares of 10x Genomics in the fourth quarter valued at $38,000. Larson Financial Group LLC lifted its holdings in shares of 10x Genomics by 164.4% in the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock valued at $39,000 after buying an additional 1,470 shares during the period. Fifth Third Bancorp acquired a new stake in shares of 10x Genomics in the first quarter valued at $50,000. Van ECK Associates Corp lifted its holdings in shares of 10x Genomics by 85.9% in the fourth quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock valued at $60,000 after buying an additional 1,695 shares during the period. Finally, Abich Financial Wealth Management LLC acquired a new stake in shares of 10x Genomics in the third quarter valued at $56,000. Institutional investors and hedge funds 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.