10x Genomics (NASDAQ:TXG) Rating Lowered to Equal Weight at Stephens

10x Genomics (NASDAQ:TXG) was downgraded by Stephens from an “overweight” rating to an “equal weight” rating in a research note issued on Friday, Marketbeat.com reports.

Several other research firms have also recently commented on TXG. Piper Sandler increased their price objective on 10x Genomics from $47.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, September 28th. Morgan Stanley lifted their target price on shares of 10x Genomics from $40.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Monday, October 12th. Royal Bank Of Canada began coverage on 10x Genomics in a report on Tuesday, September 1st. They set a “sector perform” rating and a $70.00 price target on the stock. Barclays raised their target price on 10x Genomics from $52.00 to $110.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 7th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of 10x Genomics in a research note on Monday, September 21st. Five investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, 10x Genomics currently has an average rating of “Hold” and an average price target of $68.00.

10x Genomics Price Performance

NASDAQ:TXG traded up $1.80 on Friday, reaching $71.55. 2,227,375 shares of the company’s stock were exchanged, compared to its average volume of 4,198,203. 10x Genomics has a 52 week low of $12.34 and a 52 week high of $102.81. The firm has a market cap of $9.32 billion, a price-to-earnings ratio of -121.27 and a beta of 1.99. The stock has a fifty day simple moving average of $72.49 and a 200-day simple moving average of $47.24.

10x Genomics (NASDAQ:TXG) last announced its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.10. The company had revenue of $151.04 million during the quarter, compared to analyst estimates of $146.67 million. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. The firm’s quarterly revenue was down 12.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.28 earnings per share. As a group, sell-side analysts predict that 10x Genomics will post -0.77 EPS for the current year.

Insider Activity at 10x Genomics

In other 10x Genomics news, CFO Adam Taich sold 46,388 shares of 10x Genomics stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $64.57, for a total value of $2,995,273.16. Following the completion of the transaction, the chief financial officer owned 316,344 shares of the company’s stock, valued at approximately $20,426,332.08. The trade was a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Shehnaaz Suliman sold 5,723 shares of the company’s stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $81.19, for a total transaction of $464,650.37. Following the transaction, the director owned 23,792 shares of the company’s stock, valued at approximately $1,931,672.48. This trade represents a 19.39% 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 in the last three months. Company insiders own 8.84% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

Several large investors have recently bought and sold shares of TXG. Carolina Wealth Advisors LLC purchased a new position in shares of 10x Genomics in the 3rd quarter valued at $46,000. V Square Quantitative Management LLC acquired a new position in shares of 10x Genomics in the 3rd quarter valued at $68,000. Farther Finance Advisors LLC grew its position in 10x Genomics by 29.9% during the third quarter. Farther Finance Advisors LLC now owns 934 shares of the company’s stock valued at $84,000 after purchasing an additional 215 shares in the last quarter. Elevation Wealth Partners LLC increased its holdings in 10x Genomics by 332.3% in the second quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company’s stock worth $57,000 after buying an additional 1,143 shares during the last quarter. Finally, CoreCap Advisors LLC increased its holdings in shares of 10x Genomics by 3,269.2% during the 3rd quarter. CoreCap Advisors LLC now owns 1,752 shares of the company’s stock valued at $158,000 after acquiring an additional 1,700 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

About 10x Genomics

10x Genomics, Inc is a life sciences technology company that develops tools for analyzing biological systems at the single-cell and spatial levels. Its technologies are designed to help researchers study gene expression, cellular interactions, tissue organization and other biological processes in greater detail than conventional laboratory methods.

The company’s product portfolio includes the Chromium platform for single-cell analysis, the Visium platform for spatial transcriptomics, and the Xenium platform for high-resolution in situ analysis of tissue samples.