10x Genomics (NASDAQ:TXG) Stock Price Up 6.6% – Here’s Why

Shares of 10x Genomics (NASDAQ:TXG) shot up 6.6% during trading on Wednesday. The company traded as high as $76.16 and last traded at $76.1640. 909,022 shares changed hands during trading, a decline of 70% from the average session volume of 2,990,099 shares. The stock had previously closed at $71.46.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Canaccord Genuity Group upped their price objective on 10x Genomics from $60.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday, October 12th. TD Cowen raised their target price on 10x Genomics from $47.00 to $70.00 and gave the stock a “hold” rating in a research report on Tuesday, October 13th. Stephens boosted their target price on 10x Genomics from $50.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 12th. Stifel Nicolaus set a $70.00 target price on 10x Genomics in a research note on Tuesday, October 13th. Finally, Citigroup upped their price target on 10x Genomics from $45.00 to $50.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Six 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. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $68.00.

10x Genomics Price Performance

The firm’s 50 day simple moving average is $72.18 and its 200-day simple moving average is $47.07. The company has a market cap of $9.09 billion, a price-to-earnings ratio of -118.22 and a beta of 1.99.

10x Genomics (NASDAQ:TXG) last posted its earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.10. 10x Genomics had a negative return on equity of 9.33% and a negative net margin of 12.18%. 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 previous year, the firm earned $0.28 earnings per share. The business’s revenue was down 12.7% compared to the same quarter last year. On average, analysts forecast that 10x Genomics will post -0.75 EPS for the current year.

Insider Activity

In other 10x Genomics news, Director John Stuelpnagel sold 20,000 shares of the business’s 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 in the company, valued at approximately $20,280,923. The trade was a 5.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Shehnaaz Suliman sold 5,723 shares of the business’s stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $81.19, for a total value of $464,650.37. Following the completion of the sale, the director owned 23,792 shares of the company’s stock, valued at approximately $1,931,672.48. This represents a 19.39% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 179,333 shares of company stock worth $11,810,070 over the last ninety days. 8.84% of the stock is owned by corporate insiders.

Institutional Trading of 10x Genomics

Several institutional investors and hedge funds have recently bought and sold shares of the business. Fifth Third Bancorp acquired a new stake in 10x Genomics during the 1st quarter worth $50,000. Elevation Wealth Partners LLC grew its position in 10x Genomics by 332.3% during the 2nd quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company’s stock worth $57,000 after purchasing an additional 1,143 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in 10x Genomics in the third quarter valued at $68,000. Farther Finance Advisors LLC increased its stake in 10x Genomics by 29.9% in the third quarter. Farther Finance Advisors LLC now owns 934 shares of the company’s stock valued at $84,000 after purchasing an additional 215 shares during the period. Finally, Nykredit A S acquired a new position in 10x Genomics in the second quarter valued at $126,000. 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 the single-cell and spatial levels. Its technologies are designed to help researchers study gene expression, cellular interactions, tissue organization and other biological processes in greater detail than conventional laboratory methods.

The company’s product portfolio includes the Chromium platform for single-cell analysis, the Visium platform for spatial transcriptomics, and the Xenium platform for high-resolution in situ analysis of tissue samples.