10x Genomics (NASDAQ:TXG) Hits New 52-Week Low – Here’s Why

10x Genomics, Inc. (NASDAQ:TXG)’s stock price reached a new 52-week low during trading on Friday . The company traded as low as $9.06 and last traded at $9.11, with a volume of 455868 shares trading hands. The stock had previously closed at $9.41.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on TXG. Leerink Partnrs cut 10x Genomics from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 13th. JPMorgan Chase & Co. reduced their target price on 10x Genomics from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, February 13th. Leerink Partners cut shares of 10x Genomics from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $25.00 to $12.00 in a research note on Thursday, February 13th. Morgan Stanley reduced their price objective on shares of 10x Genomics from $28.00 to $26.00 and set an “overweight” rating for the company in a research report on Friday, February 14th. Finally, Canaccord Genuity Group cut their target price on shares of 10x Genomics from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $20.21.

10x Genomics Price Performance

The stock has a 50 day simple moving average of $12.24 and a two-hundred day simple moving average of $15.22. The company has a market cap of $1.11 billion, a price-to-earnings ratio of -5.99 and a beta of 1.93.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings results on Wednesday, February 12th. The company reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.08). 10x Genomics had a negative net margin of 29.90% and a negative return on equity of 25.40%. As a group, research analysts forecast that 10x Genomics, Inc. will post -1.43 EPS for the current year.

Insider Buying and Selling

In other 10x Genomics news, insider Benjamin J. Hindson sold 4,573 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $11.07, for a total value of $50,623.11. Following the sale, the insider now owns 335,324 shares of the company’s stock, valued at $3,712,036.68. The trade was a 1.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Serge Saxonov sold 5,092 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $11.07, for a total value of $56,368.44. Following the transaction, the chief executive officer now owns 879,482 shares in the company, valued at $9,735,865.74. This trade represents a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 10.03% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

Institutional investors have recently bought and sold shares of the company. RA Capital Management L.P. purchased a new position in shares of 10x Genomics in the fourth quarter valued at approximately $47,092,000. Assenagon Asset Management S.A. acquired a new position in shares of 10x Genomics in the fourth quarter worth $26,308,000. Point72 Asset Management L.P. purchased a new stake in shares of 10x Genomics during the third quarter worth $27,778,000. D. E. Shaw & Co. Inc. acquired a new stake in shares of 10x Genomics in the fourth quarter valued at $17,499,000. Finally, ARK Investment Management LLC boosted its holdings in 10x Genomics by 11.1% in the fourth quarter. ARK Investment Management LLC now owns 11,944,057 shares of the company’s stock valued at $171,517,000 after purchasing an additional 1,193,712 shares during the period. 84.68% of the stock is 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.