10x Genomics (NASDAQ:TXG) Shares Down 5.9%

10x Genomics, Inc. (NASDAQ:TXG)’s stock price dropped 5.9% during trading on Tuesday . The stock traded as low as $30.84 and last traded at $30.92. Approximately 371,984 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 1,386,820 shares. The stock had previously closed at $32.86.

Wall Street Analyst Weigh In

TXG has been the subject of several research reports. Barclays dropped their price objective on shares of 10x Genomics from $55.00 to $45.00 and set an “overweight” rating for the company in a research note on Wednesday, April 10th. Stifel Nicolaus dropped their price objective on shares of 10x Genomics from $68.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, February 16th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $60.88.

10x Genomics Stock Performance

The company’s 50 day moving average price is $40.59 and its 200-day moving average price is $43.11.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings results on Thursday, February 15th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.05). The business had revenue of $183.98 million for the quarter, compared to the consensus estimate of $182.73 million. 10x Genomics had a negative net margin of 41.17% and a negative return on equity of 28.82%. 10x Genomics’s revenue was up 17.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.15) EPS. On average, sell-side analysts forecast that 10x Genomics, Inc. will post -1.47 EPS for the current fiscal year.

Insider Activity

In other news, CEO Serge Saxonov sold 4,660 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $44.00, for a total transaction of $205,040.00. Following the completion of the transaction, the chief executive officer now owns 842,900 shares of the company’s stock, valued at $37,087,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Serge Saxonov sold 4,660 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $44.00, for a total transaction of $205,040.00. Following the completion of the sale, the chief executive officer now directly owns 842,900 shares in the company, valued at $37,087,600. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Benjamin J. Hindson sold 2,613 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $46.34, for a total transaction of $121,086.42. Following the sale, the insider now owns 283,059 shares of the company’s stock, valued at $13,116,954.06. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,959 shares of company stock valued at $592,806. Insiders own 10.65% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

Several large investors have recently modified their holdings of the company. FMR LLC grew its holdings in 10x Genomics by 56.4% in the third quarter. FMR LLC now owns 12,666,998 shares of the company’s stock worth $522,514,000 after purchasing an additional 4,565,400 shares during the period. Venrock Management VI LLC acquired a new stake in 10x Genomics in the fourth quarter worth $117,894,000. BlackRock Inc. grew its holdings in 10x Genomics by 14.2% in the first quarter. BlackRock Inc. now owns 9,156,992 shares of the company’s stock worth $696,572,000 after purchasing an additional 1,138,358 shares during the period. ARK Investment Management LLC grew its holdings in 10x Genomics by 35.0% in the fourth quarter. ARK Investment Management LLC now owns 4,041,287 shares of the company’s stock worth $226,150,000 after purchasing an additional 1,047,827 shares during the period. Finally, Millennium Management LLC grew its holdings in 10x Genomics by 467.3% in the fourth quarter. Millennium Management LLC now owns 1,213,394 shares of the company’s stock worth $44,216,000 after purchasing an additional 999,487 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

10x Genomics Company Profile

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.