10x Genomics (NASDAQ:TXG) Trading Up 10.2% – Should You Buy?

10x Genomics (NASDAQ:TXG) shares shot up 10.2% on Thursday . The company traded as high as $41.99 and last traded at $41.2850. Approximately 243,128 shares were traded during trading, a decline of 91% from the average session volume of 2,795,960 shares. The stock had previously closed at $37.47.

Analyst Ratings Changes

TXG has been the topic of a number of recent research reports. Canaccord Genuity Group raised their price objective on shares of 10x Genomics from $22.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Piper Sandler upped their target price on shares of 10x Genomics from $20.00 to $42.00 and gave the company a “neutral” rating in a research report on Wednesday, July 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of 10x Genomics in a research note on Wednesday, June 24th. Citigroup raised their price target on 10x Genomics from $24.00 to $45.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. lifted their price objective on 10x Genomics from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 12th. 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 company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $28.92.

10x Genomics Trading Down 0.9%

The firm’s 50 day moving average is $29.94 and its two-hundred day moving average is $23.68. The firm has a market cap of $5.43 billion, a P/E ratio of -251.35 and a beta of 2.05.

10x Genomics (NASDAQ:TXG) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.19. The firm had revenue of $150.84 million during the quarter, compared to analysts’ expectations of $146.41 million. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.86%. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.28) earnings per share. Analysts predict that 10x Genomics will post -0.79 EPS for the current fiscal year.

Insiders Place Their Bets

In other 10x Genomics news, CEO Serge Saxonov sold 30,000 shares of 10x Genomics stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $34.44, for a total transaction of $1,033,200.00. Following the transaction, the chief executive officer directly owned 1,108,380 shares in the company, valued at approximately $38,172,607.20. The trade was a 2.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Benjamin J. Hindson sold 11,595 shares of the business’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 transaction, the insider directly owned 502,000 shares of the company’s stock, valued at approximately $12,268,880. The trade was a 2.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 96,309 shares of company stock worth $2,704,157. 8.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On 10x Genomics

Several institutional investors and hedge funds have recently modified their holdings of TXG. Geneos Wealth Management Inc. acquired a new stake in 10x Genomics during the 4th quarter worth approximately $38,000. Larson Financial Group LLC boosted its holdings in shares of 10x Genomics by 164.4% in the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock valued at $39,000 after buying an additional 1,470 shares during the period. Fifth Third Bancorp bought a new stake in shares of 10x Genomics during the first quarter worth $50,000. Elevation Wealth Partners LLC increased its position in shares of 10x Genomics by 332.3% during the second quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company’s stock worth $57,000 after acquiring an additional 1,143 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of 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 acquiring an additional 1,695 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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.