10x Genomics (NASDAQ:TXG) Stock Has Consensus Price Target of $58.60

Shares of 10x Genomics (NASDAQ:TXG) have earned an average rating of “Hold” from the eighteen brokerages that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation and six have issued a buy recommendation on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $68.00.

A number of research firms have issued reports on TXG. UBS Group assumed coverage on 10x Genomics in a research report on Wednesday, September 9th. They issued a “neutral” rating and a $68.00 target price on the stock. Stifel Nicolaus set a $70.00 target price on shares of 10x Genomics in a report on Tuesday. Piper Sandler increased their target price on shares of 10x Genomics from $47.00 to $80.00 and gave the stock a “neutral” rating in a report on Monday, September 28th. Weiss Ratings restated a “sell (d-)” rating on shares of 10x Genomics in a research note on Monday, September 21st. Finally, Canaccord Genuity Group raised their price target on shares of 10x Genomics from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Monday.

Insider Buying and Selling at 10x Genomics

In other 10x Genomics news, insider Benjamin J. Hindson sold 13,818 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $63.02, for a total value of $870,810.36. Following the sale, the insider owned 488,182 shares in the company, valued at $30,765,229.64. This trade represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a 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, Director John R. Stuelpnagel sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $61.75, for a total transaction of $1,235,000.00. Following the completion of the sale, the director owned 328,436 shares in the company, valued at $20,280,923. This represents a 5.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 179,333 shares of company stock worth $11,810,070 over the last 90 days. 8.84% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of TXG. Casdin Capital LLC bought a new stake in 10x Genomics during the 4th quarter worth $22,834,000. Quantinno Capital Management LP increased its holdings in 10x Genomics by 16.0% in the 1st 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 in the last quarter. Clough Capital Partners L P acquired a new position in 10x Genomics in the 4th quarter worth about $9,955,000. Dimensional Fund Advisors LP raised its position in 10x Genomics by 34.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,042,950 shares of the company’s stock valued at $43,357,000 after purchasing an additional 525,369 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new position in 10x Genomics in the first quarter valued at about $5,945,000. 84.68% of the stock is currently owned by institutional investors.

10x Genomics Stock Performance

10x Genomics stock opened at $73.10 on Monday. 10x Genomics has a 52 week low of $11.62 and a 52 week high of $102.81. The stock has a market capitalization of $9.52 billion, a P/E ratio of -123.90 and a beta of 1.99. The stock has a fifty day moving average of $70.22 and a 200-day moving average of $44.95.

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

10x Genomics Company Profile

10x Genomics, Inc is a life sciences technology company that develops tools for analyzing biological systems at high resolution. Its platforms are used by academic and government research institutions, pharmaceutical and biotechnology companies, and other organizations studying genomics, cell biology, immunology, neuroscience, and disease mechanisms.

The company’s product portfolio includes the Chromium platform for single-cell and other multiomics analyses, the Visium platform for spatial analysis of tissue, and the Xenium platform for high-plex in situ analysis of gene expression.