10x Genomics (NASDAQ:TXG) Price Target Raised to $42.00

10x Genomics (NASDAQ:TXG) had its price objective raised by Piper Sandler from $20.00 to $42.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price objective points to a potential upside of 11.38% from the company’s previous close.

A number of other research firms have also weighed in on TXG. Morgan Stanley increased their price objective on shares of 10x Genomics from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 12th. Barclays lifted their price target on shares of 10x Genomics from $30.00 to $40.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of 10x Genomics in a report on Wednesday, June 24th. JPMorgan Chase & Co. raised their target price on 10x Genomics from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note 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 company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $25.92.

10x Genomics Price Performance

Shares of 10x Genomics stock opened at $37.71 on Wednesday. The company’s fifty day simple moving average is $27.13 and its 200-day simple moving average is $22.39. 10x Genomics has a 1-year low of $11.16 and a 1-year high of $38.67. The stock has a market capitalization of $4.79 billion, a PE ratio of -224.08 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) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.19. The firm had revenue of $150.84 million for the quarter, compared to the consensus estimate of $146.41 million. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.86%. The company’s revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm earned ($0.28) EPS. As a group, research analysts anticipate that 10x Genomics will post -0.79 EPS for the current year.

Insider Buying and Selling at 10x Genomics

In related news, CFO Adam Taich sold 15,098 shares of the firm’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 transaction, the chief financial officer owned 379,898 shares of the company’s stock, valued at $9,284,707.12. This trade represents a 3.82% decrease in their ownership of the stock. The transaction 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, Director Shehnaaz Suliman sold 5,723 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $32.63, for a total value of $186,741.49. Following the sale, the director directly owned 31,722 shares of the company’s stock, valued at $1,035,088.86. The trade was a 15.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 96,309 shares of company stock valued at $2,704,157 over the last three months. 8.84% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Geneos Wealth Management Inc. acquired a new position in 10x Genomics during the 4th quarter worth approximately $38,000. Larson Financial Group LLC boosted its holdings in 10x Genomics by 164.4% during the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock worth $39,000 after buying an additional 1,470 shares in the last quarter. Fifth Third Bancorp acquired a new position in 10x Genomics during the first quarter worth $50,000. Van ECK Associates Corp raised its stake in shares of 10x Genomics by 85.9% during the 4th quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock worth $60,000 after buying an additional 1,695 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in 10x Genomics by 28.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,660 shares of the company’s stock valued at $92,000 after acquiring an additional 1,237 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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.