10x Genomics (NASDAQ:TXG) Trading Down 4.3% – What’s Next?

10x Genomics, Inc. (NASDAQ:TXG) shares dropped 4.3% during trading on Tuesday . The company traded as low as $15.58 and last traded at $15.76. Approximately 106,007 shares changed hands during trading, a decline of 94% from the average daily volume of 1,741,581 shares. The stock had previously closed at $16.47.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TXG. Citigroup reduced their price objective on 10x Genomics from $35.00 to $23.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. Leerink Partnrs raised 10x Genomics to a “strong-buy” rating in a research report on Tuesday, September 3rd. Leerink Partners began coverage on shares of 10x Genomics in a report on Tuesday, September 3rd. They set an “outperform” rating and a $35.00 target price on the stock. Stephens reaffirmed an “overweight” rating and set a $30.00 target price on shares of 10x Genomics in a research note on Thursday, October 10th. Finally, The Goldman Sachs Group decreased their price objective on shares of 10x Genomics from $16.00 to $14.00 and set a “sell” rating on the stock in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $29.19.

10x Genomics Stock Performance

The firm’s 50-day moving average price is $16.89 and its 200 day moving average price is $19.50.

10x Genomics (NASDAQ:TXG) last issued its earnings results on Tuesday, October 29th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.04. The company had revenue of $151.65 million for the quarter, compared to analyst estimates of $158.84 million. 10x Genomics had a negative return on equity of 25.07% and a negative net margin of 28.93%. The business’s revenue was down 1.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.51) EPS. On average, research analysts forecast that 10x Genomics, Inc. will post -1.4 EPS for the current fiscal year.

Hedge Funds Weigh In On 10x Genomics

Several institutional investors and hedge funds have recently modified their holdings of TXG. Swedbank AB bought a new stake in shares of 10x Genomics during the first quarter worth about $675,000. SG Americas Securities LLC increased its position in 10x Genomics by 604.9% during the 2nd quarter. SG Americas Securities LLC now owns 101,344 shares of the company’s stock valued at $1,971,000 after buying an additional 86,967 shares in the last quarter. Mirador Capital Partners LP raised its position in 10x Genomics by 115.0% in the 2nd quarter. Mirador Capital Partners LP now owns 61,967 shares of the company’s stock worth $1,205,000 after buying an additional 33,142 shares during the last quarter. SteelPeak Wealth LLC purchased a new stake in shares of 10x Genomics in the 2nd quarter worth $413,000. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in 10x Genomics by 69.6% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,143,067 shares of the company’s stock valued at $119,483,000 after purchasing an additional 2,521,289 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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.