JPMorgan Chase & Co. Lowers 10x Genomics (NASDAQ:TXG) to Neutral

JPMorgan Chase & Co. downgraded shares of 10x Genomics (NASDAQ:TXG) from an overweight rating to a neutral rating in a research note issued to investors on Thursday morning, MarketBeat reports. JPMorgan Chase & Co. currently has $20.00 target price on the stock, down from their previous target price of $40.00.

Several other research firms also recently weighed in on TXG. Guggenheim reiterated a neutral rating on shares of 10x Genomics in a research note on Tuesday, June 25th. Jefferies Financial Group initiated coverage on shares of 10x Genomics in a research report on Monday, June 3rd. They issued a hold rating and a $24.00 price objective for the company. Bank of America cut their price objective on shares of 10x Genomics from $45.00 to $36.00 and set a neutral rating for the company in a research report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft lowered shares of 10x Genomics from a buy rating to a hold rating and cut their price objective for the company from $55.00 to $25.00 in a research report on Wednesday, July 10th. Finally, Canaccord Genuity Group cut their price objective on shares of 10x Genomics from $65.00 to $50.00 and set a buy rating for the company in a research report on Monday, April 29th. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and an average price target of $37.57.

10x Genomics Stock Up 0.8 %

TXG opened at $16.70 on Thursday. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of -7.49 and a beta of 1.84. The firm has a 50-day moving average price of $20.90 and a 200-day moving average price of $33.02. 10x Genomics has a twelve month low of $15.28 and a twelve month high of $63.57.

10x Genomics (NASDAQ:TXG) last posted its earnings results on Tuesday, April 30th. The company reported ($0.50) earnings per share for the quarter, hitting the consensus estimate of ($0.50). The firm had revenue of $141.01 million during the quarter, compared to the consensus estimate of $142.24 million. 10x Genomics had a negative net margin of 42.20% and a negative return on equity of 30.85%. The company’s revenue was up 5.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.44) earnings per share. On average, sell-side analysts expect that 10x Genomics will post -1.53 earnings per share for the current fiscal year.

Insider Buying and Selling at 10x Genomics

In other 10x Genomics news, CFO Justin J. Mcanear sold 2,936 shares of 10x Genomics stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $24.30, for a total transaction of $71,344.80. Following the completion of the sale, the chief financial officer now directly owns 146,203 shares in the company, valued at $3,552,732.90. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Justin J. Mcanear sold 2,936 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $24.30, for a total value of $71,344.80. Following the completion of the sale, the chief financial officer now directly owns 146,203 shares in the company, valued at approximately $3,552,732.90. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Benjamin J. Hindson sold 4,087 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $24.30, for a total transaction of $99,314.10. Following the completion of the sale, the insider now owns 350,055 shares of the company’s stock, valued at $8,506,336.50. The disclosure for this sale can be found here. Insiders sold a total of 11,900 shares of company stock worth $289,170 over the last three months. 10.03% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its stake in shares of 10x Genomics by 113.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock worth $26,000 after buying an additional 371 shares during the period. First Horizon Advisors Inc. increased its stake in shares of 10x Genomics by 74.1% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,898 shares of the company’s stock worth $37,000 after acquiring an additional 808 shares in the last quarter. Covestor Ltd increased its stake in shares of 10x Genomics by 501.7% in the 1st quarter. Covestor Ltd now owns 1,047 shares of the company’s stock worth $39,000 after acquiring an additional 873 shares in the last quarter. UMB Bank n.a. increased its stake in shares of 10x Genomics by 51.6% in the 4th quarter. UMB Bank n.a. now owns 782 shares of the company’s stock worth $44,000 after acquiring an additional 266 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new stake in 10x Genomics during the 4th quarter valued at about $66,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

About 10x Genomics

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.