10x Genomics (NASDAQ:TXG) Sets New 52-Week High – Here’s What Happened

10x Genomics (NASDAQ:TXG) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $36.59 and last traded at $35.6930, with a volume of 178604 shares trading hands. The stock had previously closed at $34.76.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TXG. Citigroup increased their price objective on 10x Genomics from $18.00 to $24.00 and gave the stock a “neutral” rating in a report on Tuesday, April 7th. Morgan Stanley boosted their target price on shares of 10x Genomics from $20.00 to $22.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 12th. Canaccord Genuity Group upped their target price on shares of 10x Genomics from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Zacks Research lowered 10x Genomics from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Finally, Stifel Nicolaus upped their price objective on 10x Genomics from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, March 2nd. Four research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $23.17.

10x Genomics Price Performance

The company’s fifty day simple moving average is $25.61 and its 200-day simple moving average is $21.52. The firm has a market capitalization of $4.44 billion, a PE ratio of -205.91 and a beta of 2.12.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.19. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.86%. The firm had revenue of $150.84 million for the quarter, compared to analyst estimates of $146.41 million. During the same period in the previous year, the company earned ($0.28) earnings per share. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. As a group, equities research analysts anticipate that 10x Genomics will post -0.79 earnings per share for the current fiscal year.

Insider Transactions at 10x Genomics

In other 10x Genomics news, CEO Serge Saxonov sold 10,718 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $24.71, for a total value of $264,841.78. Following the transaction, the chief executive officer directly owned 1,138,380 shares of the company’s stock, valued at $28,129,369.80. This trade represents a 0.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $24.44, for a total value of $368,995.12. Following the completion of the transaction, the chief financial officer owned 379,898 shares of the company’s stock, valued at $9,284,707.12. The trade was a 3.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 71,309 shares of company stock valued at $1,768,557. Insiders own 8.84% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of TXG. AQR Capital Management LLC grew its stake in 10x Genomics by 241.3% during the 2nd quarter. AQR Capital Management LLC now owns 4,137,801 shares of the company’s stock worth $47,916,000 after buying an additional 2,925,372 shares during the last quarter. Millennium Management LLC raised its holdings in 10x Genomics by 84.7% during the 3rd 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 boosted its position in shares of 10x Genomics by 126.6% in the third quarter. Wellington Management Group LLP now owns 4,285,628 shares of the company’s stock worth $50,099,000 after buying an additional 2,394,355 shares during the period. Quantinno Capital Management LP grew its position in 10x Genomics by 207.2% during the second quarter. Quantinno Capital Management LP now owns 2,233,526 shares of the company’s stock valued at $25,864,000 after purchasing an additional 1,506,530 shares in the last quarter. Finally, Casdin Capital LLC purchased a new position in 10x Genomics in the fourth quarter valued at about $22,834,000. Institutional investors and hedge funds 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.