10x Genomics (NASDAQ:TXG) Hits New 1-Year High Following Analyst Upgrade

10x Genomics (NASDAQ:TXG)’s share price reached a new 52-week high during mid-day trading on Monday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $26.45 and last traded at $25.6050, with a volume of 2035278 shares. The stock had previously closed at $26.08.

Other research analysts have also issued research reports about the stock. Stifel Nicolaus lifted their price target on shares of 10x Genomics from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, March 2nd. Bank of America lifted their price target on shares of 10x Genomics from $21.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday. TD Cowen lifted their price target on shares of 10x Genomics from $18.00 to $19.00 and gave the stock a “hold” rating in a research report on Friday, February 13th. Leerink Partners decreased their price target on shares of 10x Genomics from $22.00 to $20.00 and set a “market perform” rating on the stock in a research report on Tuesday, January 27th. Finally, William Blair upgraded shares of 10x Genomics from a “market perform” rating to an “outperform” rating in a research report on Tuesday, March 31st. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $20.82.

Insiders Place Their Bets

In other 10x Genomics news, CFO Adam Taich sold 8,968 shares of 10x Genomics stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $18.58, for a total transaction of $166,625.44. Following the transaction, the chief financial officer directly owned 288,417 shares in the company, valued at approximately $5,358,787.86. The trade was a 3.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Serge Saxonov sold 10,000 shares of 10x Genomics stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $19.13, for a total transaction of $191,300.00. Following the transaction, the chief executive officer owned 1,177,273 shares in the company, valued at approximately $22,521,232.49. The trade was a 0.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 46,426 shares of company stock worth $902,695. Corporate insiders own 10.03% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. purchased a new position in 10x Genomics during the 4th quarter worth approximately $38,000. Larson Financial Group LLC grew its holdings in shares of 10x Genomics by 164.4% during the 4th quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock valued at $39,000 after acquiring an additional 1,470 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of 10x Genomics by 85.9% during the 4th quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock valued at $60,000 after acquiring an additional 1,695 shares in the last quarter. True Wealth Design LLC grew its holdings in shares of 10x Genomics by 26.4% during the 3rd quarter. True Wealth Design LLC now owns 4,534 shares of the company’s stock valued at $53,000 after acquiring an additional 948 shares in the last quarter. Finally, Abich Financial Wealth Management LLC purchased a new position in shares of 10x Genomics during the 3rd quarter valued at $56,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

10x Genomics Trading Down 6.6%

The firm’s fifty day moving average price is $20.88 and its 200 day moving average price is $18.25. The firm has a market capitalization of $2.93 billion, a PE ratio of -65.63 and a beta of 2.17.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings results on Thursday, February 12th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.06. 10x Genomics had a negative net margin of 6.77% and a negative return on equity of 6.89%. The business had revenue of $166.03 million for the quarter, compared to analysts’ expectations of $160.35 million. During the same period in the previous year, the company posted ($0.40) EPS. 10x Genomics’s revenue was up .6% on a year-over-year basis. As a group, research analysts expect that 10x Genomics will post -0.74 EPS for the current year.

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.