10x Genomics (NASDAQ:TXG) Shares Gap Down Following Analyst Downgrade

10x Genomics, Inc. (NASDAQ:TXG) gapped down prior to trading on Thursday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $60.00 to $55.00. The stock had previously closed at $29.16, but opened at $27.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. 10x Genomics shares last traded at $27.89, with a volume of 409,343 shares traded.

Several other research firms have also recently weighed in on TXG. Stifel Nicolaus cut their price objective on 10x Genomics from $68.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, February 16th. Barclays reduced their target price on 10x Genomics from $55.00 to $45.00 and set an “overweight” rating for the company in a report on Wednesday, April 10th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.22.

Insider Activity at 10x Genomics

In other news, CEO Serge Saxonov sold 1,000 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $49.53, for a total value of $49,530.00. Following the completion of the sale, the chief executive officer now owns 855,381 shares of the company’s stock, valued at approximately $42,367,020.93. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Serge Saxonov sold 1,000 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $49.53, for a total transaction of $49,530.00. Following the completion of the sale, the chief executive officer now directly owns 855,381 shares in the company, valued at approximately $42,367,020.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Benjamin J. Hindson sold 2,613 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $46.34, for a total value of $121,086.42. Following the transaction, the insider now owns 283,059 shares of the company’s stock, valued at approximately $13,116,954.06. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,959 shares of company stock valued at $592,806. Insiders own 10.65% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

Institutional investors have recently added to or reduced their stakes in the company. Atlas Capital Advisors LLC boosted its position in shares of 10x Genomics by 41.7% in the 2nd quarter. Atlas Capital Advisors LLC now owns 935 shares of the company’s stock worth $42,000 after purchasing an additional 275 shares in the last quarter. UMB Bank n.a. boosted its holdings in 10x Genomics by 51.6% in the fourth quarter. UMB Bank n.a. now owns 782 shares of the company’s stock worth $44,000 after acquiring an additional 266 shares in the last quarter. Comerica Bank purchased a new stake in shares of 10x Genomics in the third quarter worth $64,000. Harvest Fund Management Co. Ltd bought a new position in shares of 10x Genomics during the fourth quarter valued at $66,000. Finally, PNC Financial Services Group Inc. raised its position in shares of 10x Genomics by 17.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,299 shares of the company’s stock worth $73,000 after purchasing an additional 197 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

10x Genomics Stock Performance

The firm has a 50-day moving average price of $40.59 and a 200-day moving average price of $43.11. The stock has a market cap of $3.35 billion, a PE ratio of -12.81 and a beta of 1.90.

10x Genomics (NASDAQ:TXG) last released its earnings results on Thursday, February 15th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.05). 10x Genomics had a negative return on equity of 28.82% and a negative net margin of 41.17%. The business had revenue of $183.98 million for the quarter, compared to analysts’ expectations of $182.73 million. During the same quarter in the prior year, the business posted ($0.15) EPS. The business’s revenue for the quarter was up 17.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that 10x Genomics, Inc. will post -1.47 EPS for the current fiscal year.

10x Genomics Company Profile

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.