Analysts Set 10x Genomics (NASDAQ:TXG) Target Price at $32.08

Shares of 10x Genomics (NASDAQ:TXG) have been assigned an average rating of “Hold” from the fifteen research firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, ten have assigned a hold recommendation and four have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $32.0833.

Several research firms have recently weighed in on TXG. Zacks Research downgraded 10x Genomics from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. Leerink Partners lifted their target price on shares of 10x Genomics from $23.00 to $40.00 and gave the company a “market perform” rating in a report on Friday, July 17th. Canaccord Genuity Group upped their price target on shares of 10x Genomics from $32.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Piper Sandler increased their price target on shares of 10x Genomics from $20.00 to $42.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 1st. Finally, Bank of America raised their price objective on shares of 10x Genomics from $21.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, April 20th.

10x Genomics Price Performance

NASDAQ:TXG opened at $47.86 on Wednesday. The firm has a market capitalization of $6.08 billion, a PE ratio of -281.53 and a beta of 2.03. The business’s fifty day moving average price is $38.02 and its 200 day moving average price is $27.09. 10x Genomics has a 12 month low of $11.16 and a 12 month high of $50.34.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.19. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.86%. The company had revenue of $150.84 million for the quarter, compared to analysts’ expectations of $146.41 million. During the same quarter last year, the company earned ($0.28) earnings per share. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, equities analysts anticipate that 10x Genomics will post -0.78 EPS for the current year.

Insider Activity

In related news, CFO Adam Taich sold 15,098 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $24.44, for a total value of $368,995.12. Following the completion of the transaction, the chief financial officer directly owned 379,898 shares of the company’s stock, valued at $9,284,707.12. This trade represents a 3.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Shehnaaz Suliman sold 5,723 shares of the firm’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $32.63, for a total value of $186,741.49. Following the completion of the transaction, the director owned 31,722 shares of the company’s stock, valued at approximately $1,035,088.86. This represents a 15.28% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 91,309 shares of company stock valued at $2,581,357. 8.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On 10x Genomics

Institutional investors have recently made changes to their positions in the stock. ARK Investment Management LLC boosted its position in shares of 10x Genomics by 6.6% in the fourth quarter. ARK Investment Management LLC now owns 12,667,369 shares of the company’s stock worth $206,605,000 after acquiring an additional 779,973 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in 10x Genomics by 2.1% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,492,189 shares of the company’s stock worth $89,578,000 after purchasing an additional 110,970 shares during the last quarter. Amova Asset Management Americas Inc. increased its position in 10x Genomics by 2.0% during the fourth quarter. Amova Asset Management Americas Inc. now owns 5,486,153 shares of the company’s stock worth $89,424,000 after purchasing an additional 109,270 shares during the last quarter. Millennium Management LLC raised its stake in 10x Genomics by 84.7% during the third quarter. Millennium Management LLC now owns 5,437,969 shares of the company’s stock worth $63,570,000 after purchasing an additional 2,494,142 shares during the period. Finally, Quantinno Capital Management LP raised its stake in 10x Genomics by 16.0% during the first quarter. Quantinno Capital Management LP now owns 5,411,761 shares of the company’s stock worth $114,892,000 after purchasing an additional 744,558 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

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.