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

10x Genomics (NASDAQ:TXG)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $40.56 and last traded at $39.7140, with a volume of 618917 shares traded. The stock had previously closed at $39.01.

Analysts Set New Price Targets

A number of analysts have weighed in on TXG shares. William Blair raised 10x Genomics from a “market perform” rating to an “outperform” rating in a research report on Tuesday, March 31st. Canaccord Genuity Group raised their price objective on 10x Genomics from $22.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Weiss Ratings restated a “sell (d-)” rating on shares of 10x Genomics in a report on Wednesday, June 24th. Barclays upped their target price on 10x Genomics from $30.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 24th. Finally, Zacks Research lowered shares of 10x Genomics from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th. Four investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, 10x Genomics has a consensus rating of “Hold” and an average target price of $25.92.

10x Genomics Price Performance

The firm has a market capitalization of $5.09 billion, a P/E ratio of -235.55 and a beta of 2.05. The business has a 50 day moving average price of $28.07 and a 200 day moving average price of $22.88.

10x Genomics (NASDAQ:TXG) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.19. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.The company had revenue of $150.84 million for the quarter, compared to the consensus estimate of $146.41 million. During the same period in the previous year, the business posted ($0.28) EPS. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, equities analysts expect that 10x Genomics will post -0.79 EPS for the current year.

Insider Activity at 10x Genomics

In other 10x Genomics news, CFO Adam Taich sold 15,098 shares of the company’s 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. This represents a 3.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Benjamin J. Hindson sold 11,595 shares of the firm’s 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 $283,381.80. Following the completion of the sale, the insider owned 502,000 shares of the company’s stock, valued at $12,268,880. This represents a 2.26% 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. Insiders sold a total of 96,309 shares of company stock worth $2,704,157 over the last ninety days. Corporate insiders own 8.84% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

A number of institutional investors have recently bought and sold shares of the business. Geneos Wealth Management Inc. bought a new position in shares of 10x Genomics during the 4th quarter worth about $38,000. Larson Financial Group LLC raised its position in 10x Genomics by 164.4% in the fourth 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 acquired a new position in 10x Genomics in the first quarter worth about $50,000. Van ECK Associates Corp lifted its stake in 10x Genomics by 85.9% during the fourth quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock worth $60,000 after purchasing an additional 1,695 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in 10x Genomics by 28.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,660 shares of the company’s stock worth $92,000 after purchasing an additional 1,237 shares during the period. Institutional investors and hedge funds 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.