10x Genomics (NASDAQ:TXG) Shares Down 6.2% – What’s Next?

10x Genomics (NASDAQ:TXG)’s share price fell 6.2% during mid-day trading on Tuesday. The company traded as low as $97.06 and last traded at $91.6890. 620,926 shares were traded during trading, a decline of 78% from the average daily volume of 2,880,605 shares. The stock had previously closed at $97.74.

Analyst Ratings Changes

Several analysts have recently weighed in on TXG shares. Citigroup lifted their price objective on shares of 10x Genomics from $45.00 to $50.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Morgan Stanley raised their price target on shares of 10x Genomics from $37.00 to $40.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th. Piper Sandler boosted their price objective on 10x Genomics from $47.00 to $80.00 and gave the company a “neutral” rating in a report on Monday, September 28th. TD Cowen reissued a “hold” rating on shares of 10x Genomics in a report on Wednesday, July 15th. Finally, Stifel Nicolaus set a $50.00 target price on 10x Genomics in a research note on Friday, August 7th. Six research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, 10x Genomics currently has a consensus rating of “Hold” and a consensus price target of $53.93.

10x Genomics Price Performance

The stock has a market capitalization of $10.85 billion, a P/E ratio of -139.70 and a beta of 1.99. The company has a 50 day simple moving average of $66.17 and a 200-day simple moving average of $42.13.

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

Insider Buying and Selling at 10x Genomics

In related news, CFO Adam Taich sold 46,388 shares of the firm’s stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $64.57, for a total value of $2,995,273.16. Following the sale, the chief financial officer directly owned 316,344 shares of the company’s stock, valued at $20,426,332.08. This trade represents a 12.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Benjamin J. Hindson sold 13,818 shares of the company’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $63.02, for a total transaction of $870,810.36. Following the completion of the transaction, the insider owned 488,182 shares of the company’s stock, valued at $30,765,229.64. This trade represents a 2.75% 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 three months, insiders have sold 179,333 shares of company stock worth $11,810,070. Company insiders own 8.84% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

Several institutional investors and hedge funds have recently bought and sold shares of the business. Casdin Capital LLC bought a new stake in shares of 10x Genomics in the 4th quarter worth $22,834,000. Quantinno Capital Management LP lifted its stake in shares of 10x Genomics by 16.0% during the 1st quarter. Quantinno Capital Management LP now owns 5,411,761 shares of the company’s stock valued at $114,892,000 after buying an additional 744,558 shares in the last quarter. Clough Capital Partners L P purchased a new stake in 10x Genomics in the 4th quarter worth $9,955,000. Dimensional Fund Advisors LP boosted its stake in 10x Genomics by 34.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,042,950 shares of the company’s stock valued at $43,357,000 after buying an additional 525,369 shares during the last quarter. Finally, Hsbc Holdings PLC purchased a new position in 10x Genomics in the first quarter worth about $5,945,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

10x Genomics Company Profile

10x Genomics, Inc is a life sciences technology company that develops tools for analyzing biological systems at high resolution. Its platforms are used by academic and government research institutions, pharmaceutical and biotechnology companies, and other organizations studying genomics, cell biology, immunology, neuroscience, and disease mechanisms.

The company’s product portfolio includes the Chromium platform for single-cell and other multiomics analyses, the Visium platform for spatial analysis of tissue, and the Xenium platform for high-plex in situ analysis of gene expression.