Insider Selling: 10x Genomics (NASDAQ:TXG) CEO Sells 18,545 Shares of Stock

10x Genomics (NASDAQ:TXG) CEO Serge Saxonov sold 18,545 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $63.02, for a total transaction of $1,168,705.90. Following the transaction, the chief executive officer owned 1,085,835 shares in the company, valued at approximately $68,429,321.70. The trade was a 1.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Serge Saxonov also recently made the following trade(s):

• On Monday, June 22nd, Serge Saxonov sold 30,000 shares of 10x Genomics stock. The shares were sold at an average price of $34.44, for a total transaction of $1,033,200.00.

10x Genomics Trading Down 0.7%

Shares of TXG traded down $0.46 during mid-day trading on Wednesday, hitting $64.26. The company’s stock had a trading volume of 3,076,435 shares, compared to its average volume of 2,891,627. The company’s 50-day moving average is $46.38 and its 200-day moving average is $30.97. 10x Genomics has a 52-week low of $11.16 and a 52-week high of $66.94. The firm has a market capitalization of $8.37 billion, a price-to-earnings ratio of -108.91 and a beta of 2.03.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.10. The firm had revenue of $151.04 million for the quarter, compared to the consensus estimate of $146.67 million. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. The company’s quarterly revenue was down 12.7% on a year-over-year basis. During the same period last year, the firm earned $0.28 earnings per share. As a group, sell-side analysts predict that 10x Genomics will post -0.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On 10x Genomics

Large investors have recently made changes to their positions in the business. Geneos Wealth Management Inc. purchased a new stake in shares of 10x Genomics during the 4th quarter valued at $38,000. Larson Financial Group LLC boosted its position in shares of 10x Genomics by 164.4% in the 4th quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock worth $39,000 after purchasing an additional 1,470 shares in the last quarter. Fifth Third Bancorp purchased a new position in 10x Genomics during the 1st quarter worth $50,000. Elevation Wealth Partners LLC grew its stake in 10x Genomics by 332.3% during the 2nd quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company’s stock worth $57,000 after buying an additional 1,143 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in 10x Genomics by 85.9% during the 4th 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 in the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on TXG shares. Piper Sandler lifted their price target on 10x Genomics from $42.00 to $47.00 and gave the company a “neutral” rating in a report on Monday, August 10th. Canaccord Genuity Group upped their price objective on 10x Genomics from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 10x Genomics in a research report on Wednesday, June 24th. JPMorgan Chase & Co. lifted their target price on 10x Genomics from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Tuesday, May 12th. Finally, Citigroup boosted their target price on shares of 10x Genomics from $45.00 to $50.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Five equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $38.31.

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.