10x Genomics (NASDAQ:TXG) Stock Price Down 6.7% – What’s Next?

10x Genomics (NASDAQ:TXG)’s stock price fell 6.7% during trading on Thursday . The company traded as low as $16.40 and last traded at $16.3510. 462,460 shares traded hands during trading, a decline of 85% from the average session volume of 3,185,433 shares. The stock had previously closed at $17.53.

Wall Street Analysts Forecast Growth

TXG has been the subject of a number of analyst reports. JPMorgan Chase & Co. lifted their price target on shares of 10x Genomics from $13.00 to $15.00 and gave the company a “neutral” rating in a research report on Friday, November 7th. Zacks Research cut shares of 10x Genomics from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 10th. Citigroup reiterated a “neutral” rating on shares of 10x Genomics in a research note on Thursday. Piper Sandler raised their target price on shares of 10x Genomics from $15.00 to $19.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $20.00 price target (up previously from $17.00) on shares of 10x Genomics in a report on Monday, December 1st. Four research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $15.12.

10x Genomics Stock Performance

The firm has a market cap of $2.10 billion, a P/E ratio of -26.76 and a beta of 2.15. The company’s 50 day moving average is $14.93 and its 200 day moving average is $13.19.

10x Genomics (NASDAQ:TXG) last issued its earnings results on Thursday, November 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.05. The business had revenue of $149.00 million during the quarter, compared to analysts’ expectations of $142.50 million. 10x Genomics had a negative return on equity of 11.50% and a negative net margin of 11.89%.The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.30) EPS. On average, equities research analysts anticipate that 10x Genomics will post -1.43 EPS for the current year.

Insider Transactions at 10x Genomics

In related news, CEO Serge Saxonov sold 13,261 shares of 10x Genomics stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $19.00, for a total value of $251,959.00. Following the transaction, the chief executive officer directly owned 1,021,556 shares of the company’s stock, valued at $19,409,564. The trade was a 1.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Adam Taich sold 11,888 shares of the stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $19.00, for a total transaction of $225,872.00. Following the sale, the chief financial officer directly owned 297,385 shares of the company’s stock, valued at $5,650,315. This represents a 3.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 33,432 shares of company stock worth $635,208 over the last ninety days. 9.39% of the stock is owned by insiders.

Hedge Funds Weigh In On 10x Genomics

Several hedge funds and other institutional investors have recently bought and sold shares of TXG. Teacher Retirement System of Texas boosted its position in 10x Genomics by 6.1% during the second quarter. Teacher Retirement System of Texas now owns 14,931 shares of the company’s stock valued at $173,000 after acquiring an additional 858 shares during the last quarter. Arizona State Retirement System lifted its stake in shares of 10x Genomics by 3.0% in the 3rd quarter. Arizona State Retirement System now owns 29,586 shares of the company’s stock valued at $346,000 after purchasing an additional 872 shares during the period. Versant Capital Management Inc boosted its position in shares of 10x Genomics by 3.3% during the 3rd quarter. Versant Capital Management Inc now owns 29,364 shares of the company’s stock valued at $343,000 after purchasing an additional 945 shares in the last quarter. True Wealth Design LLC grew its stake in 10x Genomics by 26.4% during the third quarter. True Wealth Design LLC now owns 4,534 shares of the company’s stock worth $53,000 after purchasing an additional 948 shares during the period. Finally, Kera Capital Partners Inc. grew its stake in 10x Genomics by 4.0% during the third quarter. Kera Capital Partners Inc. now owns 32,269 shares of the company’s stock worth $377,000 after purchasing an additional 1,251 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

About 10x Genomics

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.