Quantedge Capital Pte Ltd Raises Stake in 10x Genomics $TXG

Quantedge Capital Pte Ltd grew its holdings in shares of 10x Genomics (NASDAQ:TXG) by 104.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 416,553 shares of the company’s stock after purchasing an additional 212,600 shares during the period. 10x Genomics makes up 4.8% of Quantedge Capital Pte Ltd’s portfolio, making the stock its 4th biggest holding. Quantedge Capital Pte Ltd’s holdings in 10x Genomics were worth $8,843,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Geneos Wealth Management Inc. bought a new stake in shares of 10x Genomics in the 4th quarter worth approximately $38,000. Larson Financial Group LLC grew its holdings in shares of 10x Genomics by 164.4% in the 4th quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock worth $39,000 after acquiring an additional 1,470 shares during the last quarter. Fifth Third Bancorp acquired a new position in shares of 10x Genomics in the 1st quarter worth $50,000. Van ECK Associates Corp raised its position in shares of 10x Genomics by 85.9% during the fourth quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock worth $60,000 after purchasing an additional 1,695 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of 10x Genomics by 28.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,660 shares of the company’s stock worth $92,000 after purchasing an additional 1,237 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TXG. Canaccord Genuity Group increased their price target on 10x Genomics from $32.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Bank of America upped their price objective on shares of 10x Genomics from $21.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, April 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of 10x Genomics in a report on Wednesday, June 24th. Barclays lifted their target price on shares of 10x Genomics from $30.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 24th. Finally, William Blair upgraded shares of 10x Genomics from a “market perform” rating to an “outperform” rating in a report on Tuesday, March 31st. Four investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $32.08.

Insiders Place Their Bets

In other 10x Genomics news, CFO Adam Taich sold 15,098 shares of 10x Genomics stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $24.44, for a total transaction of $368,995.12. Following the transaction, the chief financial officer owned 379,898 shares of the company’s stock, valued at $9,284,707.12. The trade was a 3.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Serge Saxonov sold 30,000 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $34.44, for a total value of $1,033,200.00. Following the completion of the transaction, the chief executive officer owned 1,108,380 shares in the company, valued at $38,172,607.20. This represents a 2.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 91,309 shares of company stock worth $2,581,357. Insiders own 8.84% of the company’s stock.

10x Genomics Stock Up 9.2%

Shares of 10x Genomics stock opened at $47.20 on Wednesday. The stock has a market cap of $5.99 billion, a PE ratio of -277.65 and a beta of 2.05. The business has a fifty day simple moving average of $33.14 and a 200-day simple moving average of $25.11. 10x Genomics has a 12 month low of $11.16 and a 12 month high of $47.25.

10x Genomics (NASDAQ:TXG) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.19. The business had revenue of $150.84 million for the quarter, compared to the consensus estimate of $146.41 million. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.10x Genomics’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.28) earnings per share. Analysts expect that 10x Genomics will post -0.78 EPS for the current fiscal year.

About 10x Genomics

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.