10x Genomics (NASDAQ:TXG) Stock Price Down 4.9% – Here’s Why

10x Genomics, Inc. (NASDAQ:TXG)’s share price dropped 4.9% on Thursday . The company traded as low as $14.24 and last traded at $14.24. Approximately 83,224 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 1,786,313 shares. The stock had previously closed at $14.98.

Analyst Upgrades and Downgrades

TXG has been the topic of a number of recent research reports. Stephens reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of 10x Genomics in a research note on Thursday, October 10th. The Goldman Sachs Group dropped 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 note on Wednesday, October 30th. UBS Group dropped their price objective on shares of 10x Genomics from $25.00 to $20.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lowered their target price on shares of 10x Genomics from $20.00 to $14.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. Finally, Morgan Stanley lowered their target price on shares of 10x Genomics from $30.00 to $28.00 and set an “overweight” rating for the company in a report on Monday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $23.86.

10x Genomics Price Performance

The business’s fifty day moving average is $14.99 and its 200-day moving average is $18.00. The firm has a market cap of $1.79 billion, a PE ratio of -9.65 and a beta of 1.83.

10x Genomics (NASDAQ:TXG) last posted 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 firm had revenue of $151.65 million during the quarter, compared to the consensus estimate of $158.84 million. 10x Genomics had a negative net margin of 28.93% and a negative return on equity of 25.07%. The company’s revenue was down 1.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.51) earnings per share. Analysts forecast that 10x Genomics, Inc. will post -1.43 EPS for the current year.

Hedge Funds Weigh In On 10x Genomics

Several large investors have recently modified their holdings of TXG. GAMMA Investing LLC increased its stake in shares of 10x Genomics by 451.8% in the third quarter. GAMMA Investing LLC now owns 1,545 shares of the company’s stock worth $35,000 after purchasing an additional 1,265 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in 10x Genomics during the third quarter valued at approximately $35,000. Blue Trust Inc. grew its stake in 10x Genomics by 136.5% during the third quarter. Blue Trust Inc. now owns 1,776 shares of the company’s stock valued at $40,000 after acquiring an additional 1,025 shares in the last quarter. Sound Income Strategies LLC purchased a new position in 10x Genomics during the third quarter valued at approximately $46,000. Finally, Venturi Wealth Management LLC grew its stake in 10x Genomics by 1,108.9% during the third quarter. Venturi Wealth Management LLC now owns 2,442 shares of the company’s stock valued at $55,000 after acquiring an additional 2,240 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

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.