Brokerages Set 10x Genomics (NASDAQ:TXG) Price Target at $23.17

Shares of 10x Genomics (NASDAQ:TXG) have been given a consensus recommendation of “Hold” by the fifteen brokerages that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $23.1667.

Several research analysts have recently issued reports on TXG shares. William Blair raised shares of 10x Genomics from a “market perform” rating to an “outperform” rating in a research note on Tuesday, March 31st. Morgan Stanley raised their target price on shares of 10x Genomics from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 10x Genomics in a research note on Friday, March 27th. JPMorgan Chase & Co. raised their target price on shares of 10x Genomics from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Tuesday, May 12th. Finally, Citigroup raised their target price on shares of 10x Genomics from $18.00 to $24.00 and gave the company a “neutral” rating in a research note on Tuesday, April 7th.

10x Genomics Trading Down 0.7%

Shares of NASDAQ TXG opened at $28.84 on Tuesday. The firm has a market capitalization of $3.66 billion, a PE ratio of -169.65 and a beta of 2.12. 10x Genomics has a 1 year low of $10.17 and a 1 year high of $35.65. The firm’s 50-day moving average is $24.53 and its 200-day moving average is $21.01.

10x Genomics (NASDAQ:TXG) last issued its earnings results on Thursday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.19. The company had revenue of $150.84 million for the quarter, compared to analyst estimates of $146.41 million. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.86%. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.28) EPS. As a group, equities research analysts anticipate that 10x Genomics will post -0.79 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Adam Taich sold 15,098 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total value of $368,995.12. Following the sale, the chief financial officer directly owned 379,898 shares in the company, valued at $9,284,707.12. This trade represents a 3.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Serge Saxonov sold 18,175 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total transaction of $444,197.00. Following the completion of the sale, the chief executive officer owned 1,149,098 shares in the company, valued at $28,083,955.12. This represents a 1.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 75,586 shares of company stock valued at $1,773,116. 8.84% of the stock is currently owned by insiders.

Institutional Trading of 10x Genomics

Hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. raised its holdings in 10x Genomics by 777.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,073,865 shares of the company’s stock worth $12,553,000 after buying an additional 951,495 shares during the period. Level Four Advisory Services LLC acquired a new stake in 10x Genomics during the 3rd quarter worth approximately $640,000. Principal Financial Group Inc. acquired a new stake in 10x Genomics during the 3rd quarter worth approximately $1,896,000. Dynamic Technology Lab Private Ltd raised its holdings in 10x Genomics by 146.7% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 96,279 shares of the company’s stock worth $1,126,000 after buying an additional 57,256 shares during the period. Finally, Vanguard Group Inc. raised its holdings in 10x Genomics by 6.7% during the 3rd quarter. Vanguard Group Inc. now owns 13,274,332 shares of the company’s stock worth $155,177,000 after buying an additional 834,272 shares during the period. 84.68% of the stock is currently 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.