10x Genomics (NASDAQ:TXG) Trading Up 6.9% – Time to Buy?

10x Genomics (NASDAQ:TXG) traded up 6.9% on Tuesday . The stock traded as high as $17.77 and last traded at $17.8490. 521,531 shares traded hands during trading, a decline of 80% from the average session volume of 2,654,478 shares. The stock had previously closed at $16.69.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on TXG shares. Leerink Partners dropped their target price 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 lifted their price objective on shares of 10x Genomics from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, March 2nd. Bank of America set a $21.00 price objective on shares of 10x Genomics in a research note on Monday, January 12th. Weiss Ratings reiterated a “sell (e+)” rating on shares of 10x Genomics in a research report on Monday, December 22nd. Finally, UBS Group upped their price target on 10x Genomics from $14.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, February 20th. Four research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, 10x Genomics presently has a consensus rating of “Hold” and an average target price of $18.46.

10x Genomics Price Performance

The company has a market cap of $2.27 billion, a price-to-earnings ratio of -50.94 and a beta of 2.20. The business has a 50 day simple moving average of $20.20 and a 200 day simple moving average of $16.63.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings results on Thursday, February 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.06. 10x Genomics had a negative return on equity of 6.89% and a negative net margin of 6.77%.The company had revenue of $166.03 million during the quarter, compared to the consensus estimate of $160.35 million. During the same period in the prior year, the company earned ($0.40) earnings per share. The company’s revenue for the quarter was up .6% compared to the same quarter last year. As a group, sell-side analysts anticipate that 10x Genomics will post -1.43 earnings per share for the current fiscal year.

Insider Buying and Selling at 10x Genomics

In other 10x Genomics news, CEO Serge Saxonov sold 9,632 shares of the stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $18.58, for a total transaction of $178,962.56. Following the completion of the sale, the chief executive officer owned 1,061,924 shares of the company’s stock, valued at approximately $19,730,547.92. This represents a 0.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Benjamin J. Hindson sold 7,826 shares of the stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $18.58, for a total value of $145,407.08. Following the transaction, the insider owned 424,779 shares in the company, valued at $7,892,393.82. The trade was a 1.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 26,426 shares of company stock worth $490,995. Insiders own 10.03% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP raised its position in 10x Genomics by 150.4% during the second quarter. Allworth Financial LP now owns 2,271 shares of the company’s stock valued at $26,000 after purchasing an additional 1,364 shares in the last quarter. Geneos Wealth Management Inc. bought a new position in shares of 10x Genomics in the fourth quarter worth approximately $38,000. Larson Financial Group LLC raised its stake in shares of 10x Genomics by 164.4% during the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock valued at $39,000 after acquiring an additional 1,470 shares during the last quarter. True Wealth Design LLC grew its stake in shares of 10x Genomics by 26.4% in the third quarter. True Wealth Design LLC now owns 4,534 shares of the company’s stock worth $53,000 after purchasing an additional 948 shares during the last quarter. Finally, Abich Financial Wealth Management LLC purchased a new position in shares of 10x Genomics during the third quarter valued at approximately $56,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

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.