10x Genomics (NASDAQ:TXG) Rating Increased to Hold at Royal Bank Of Canada

10x Genomics (NASDAQ:TXG) was upgraded by Royal Bank Of Canada to a “hold” rating in a note issued to investors on Tuesday, Zacks reports.

Several other research analysts have also recently commented on TXG. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 10x Genomics in a research report on Wednesday, June 24th. Morgan Stanley upped their target price on shares of 10x Genomics from $37.00 to $40.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. Barclays boosted their target price on 10x Genomics from $30.00 to $40.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. Canaccord Genuity Group lifted their price target on 10x Genomics from $50.00 to $60.00 and gave the company a “buy” rating in a report on Monday, August 10th. Finally, Citigroup increased their price objective on shares of 10x Genomics from $45.00 to $50.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Five equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $40.57.

10x Genomics Stock Performance

Shares of TXG opened at $59.98 on Tuesday. The firm has a market cap of $7.81 billion, a PE ratio of -101.66 and a beta of 2.08. 10x Genomics has a twelve month low of $11.16 and a twelve month high of $66.94. The firm’s 50 day moving average price is $49.31 and its 200 day moving average price is $32.51.

10x Genomics (NASDAQ:TXG) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.10. The business had revenue of $151.04 million during the quarter, compared to analysts’ expectations of $146.67 million. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. 10x Genomics’s revenue for the quarter was down 12.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.28 earnings per share. On average, sell-side analysts anticipate that 10x Genomics will post -0.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In other 10x Genomics news, CEO Serge Saxonov sold 30,000 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was 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 directly owned 1,108,380 shares of the company’s stock, valued at approximately $38,172,607.20. The trade was a 2.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Shehnaaz Suliman sold 5,723 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $32.63, for a total value of $186,741.49. Following the sale, the director directly owned 31,722 shares in the company, valued at approximately $1,035,088.86. This represents a 15.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 117,945 shares of company stock worth $6,304,588 over the last ninety days. Insiders own 8.84% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. ARK Investment Management LLC boosted its position in 10x Genomics by 6.6% during the 4th 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. Amova Asset Management Americas Inc. boosted its stake in shares of 10x Genomics by 2.0% during the 4th quarter. Amova Asset Management Americas Inc. now owns 5,486,153 shares of the company’s stock worth $89,424,000 after buying an additional 109,270 shares during the last quarter. Millennium Management LLC grew its holdings in shares of 10x Genomics by 84.7% in the 3rd quarter. Millennium Management LLC now owns 5,437,969 shares of the company’s stock valued at $63,570,000 after acquiring an additional 2,494,142 shares in the last quarter. Quantinno Capital Management LP boosted its position 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 valued at $114,892,000 after purchasing an additional 744,558 shares during the last quarter. Finally, California State Teachers Retirement System grew its stake in 10x Genomics by 3,700.4% in the second quarter. California State Teachers Retirement System now owns 4,679,895 shares of the company’s stock valued at $179,427,000 after purchasing an additional 4,556,753 shares in the last quarter. 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.