10x Genomics (NASDAQ:TXG) Sets New 1-Year High – Here’s What Happened

10x Genomics (NASDAQ:TXG)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $43.98 and last traded at $43.4810, with a volume of 399016 shares trading hands. The stock had previously closed at $42.73.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TXG. William Blair upgraded 10x Genomics from a “market perform” rating to an “outperform” rating in a research note on Tuesday, March 31st. Canaccord Genuity Group lifted their price objective on shares of 10x Genomics from $22.00 to $32.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of 10x Genomics in a research note on Wednesday, June 24th. JPMorgan Chase & Co. upped their price objective on shares of 10x Genomics from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 12th. Finally, Zacks Research cut shares of 10x Genomics from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Four equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $28.92.

10x Genomics Stock Down 0.9%

The stock has a fifty day moving average of $29.94 and a two-hundred day moving average of $23.73. The stock has a market cap of $5.37 billion, a price-to-earnings ratio of -249.32 and a beta of 2.05.

10x Genomics (NASDAQ:TXG) last released its earnings results on Thursday, May 7th. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.19. The company had revenue of $150.84 million during the quarter, compared to the consensus estimate of $146.41 million. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.10x Genomics’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.28) earnings per share. On average, research analysts expect that 10x Genomics will post -0.79 EPS for the current year.

Insider Activity at 10x Genomics

In related news, insider Benjamin J. Hindson sold 11,595 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were 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 trade represents a 2.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 business’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $24.44, for a total transaction of $368,995.12. Following the sale, the chief financial officer directly owned 379,898 shares in the company, valued at approximately $9,284,707.12. This 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. Over the last 90 days, insiders have sold 96,309 shares of company stock worth $2,704,157. 8.84% of the stock is owned by company insiders.

Institutional Investors Weigh In On 10x Genomics

Several institutional investors have recently modified their holdings of the company. AQR Capital Management LLC raised its stake in shares of 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 grew its stake in 10x Genomics by 84.7% in the 3rd quarter. Millennium Management LLC now owns 5,437,969 shares of the company’s stock valued at $63,570,000 after acquiring an additional 2,494,142 shares during the last quarter. Wellington Management Group LLP grew its stake in 10x Genomics by 126.6% in the 3rd 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 during the last quarter. Quantinno Capital Management LP increased its holdings in 10x Genomics by 207.2% during the 2nd quarter. Quantinno Capital Management LP now owns 2,233,526 shares of the company’s stock valued at $25,864,000 after acquiring an additional 1,506,530 shares in the last quarter. Finally, Casdin Capital LLC purchased a new position in 10x Genomics during the 4th quarter valued at about $22,834,000. 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.