10x Genomics (NASDAQ:TXG) Reaches New 12-Month High – Here’s Why

10x Genomics (NASDAQ:TXG)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $67.00 and last traded at $66.8170, with a volume of 829078 shares. The stock had previously closed at $65.60.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. UBS Group assumed coverage on 10x Genomics in a report on Wednesday. They issued a “neutral” rating and a $68.00 price objective for the company. Stifel Nicolaus set a $50.00 price target on 10x Genomics in a research report on Friday, August 7th. Citigroup raised their price objective on 10x Genomics from $45.00 to $50.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Leerink Partners lifted their price objective on 10x Genomics from $23.00 to $40.00 and gave the stock a “market perform” rating in a research note on Friday, July 17th. Finally, TD Cowen reiterated a “hold” rating on shares of 10x Genomics in a report on Wednesday, July 15th. Five equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, 10x Genomics presently has an average rating of “Hold” and a consensus price target of $44.00.

10x Genomics Stock Up 1.3%

The business’s 50 day moving average is $51.97 and its two-hundred day moving average is $34.09. The firm has a market cap of $8.66 billion, a P/E ratio of -112.86 and a beta of 2.08.

10x Genomics (NASDAQ:TXG) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.10. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. The business had revenue of $151.04 million for the quarter, compared to analysts’ expectations of $146.67 million. During the same quarter in the prior year, the firm posted $0.28 earnings per share. The business’s quarterly revenue was down 12.7% compared to the same quarter last year. Equities research analysts anticipate that 10x Genomics will post -0.75 EPS for the current year.

Insider Buying and Selling

In other 10x Genomics news, CFO Adam Taich sold 17,166 shares of 10x Genomics stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $63.02, for a total value of $1,081,801.32. Following the completion of the sale, the chief financial officer directly owned 362,732 shares in the company, valued at approximately $22,859,370.64. The trade was a 4.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director John R. Stuelpnagel sold 20,000 shares of 10x Genomics stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $61.75, for a total value of $1,235,000.00. Following the completion of the sale, the director owned 328,436 shares of the company’s stock, valued at approximately $20,280,923. The trade was a 5.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 137,945 shares of company stock worth $7,539,588 over the last three months. Insiders own 8.84% of the company’s stock.

Institutional Trading of 10x Genomics

Several large investors have recently modified their holdings of the stock. ARK Investment Management LLC lifted its position in shares of 10x Genomics by 6.6% during the 4th quarter. ARK Investment Management LLC now owns 12,667,369 shares of the company’s stock valued at $206,605,000 after acquiring an additional 779,973 shares during the period. Amova Asset Management Americas Inc. grew its holdings in 10x Genomics by 2.0% in the fourth quarter. Amova Asset Management Americas Inc. now owns 5,486,153 shares of the company’s stock worth $89,424,000 after purchasing an additional 109,270 shares during the period. Millennium Management LLC increased its stake in 10x Genomics by 84.7% in the third quarter. Millennium Management LLC now owns 5,437,969 shares of the company’s stock valued at $63,570,000 after purchasing an additional 2,494,142 shares in the last quarter. Quantinno Capital Management LP increased its stake in 10x Genomics by 16.0% in the first quarter. Quantinno Capital Management LP now owns 5,411,761 shares of the company’s stock valued at $114,892,000 after purchasing an additional 744,558 shares in the last quarter. Finally, California State Teachers Retirement System raised its holdings in shares of 10x Genomics by 3,700.4% during the second quarter. California State Teachers Retirement System now owns 4,679,895 shares of the company’s stock valued at $179,427,000 after purchasing an additional 4,556,753 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.