10x Genomics (NASDAQ:TXG) Shares Down 8.5% – Here’s What Happened

Shares of 10x Genomics (NASDAQ:TXG) dropped 8.5% on Monday . The company traded as low as $18.41 and last traded at $18.7210. Approximately 1,576,440 shares traded hands during trading, a decline of 42% from the average daily volume of 2,730,987 shares. The stock had previously closed at $20.46.

Wall Street Analysts Forecast Growth

TXG has been the subject of a number of research reports. Morgan Stanley reiterated an “equal weight” rating and issued a $20.00 price objective (up previously from $17.00) on shares of 10x Genomics in a report on Monday, December 1st. Weiss Ratings reissued a “sell (e+)” rating on shares of 10x Genomics in a research report on Monday, December 22nd. Wall Street Zen lowered 10x Genomics from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. TD Cowen lifted their price objective on 10x Genomics from $15.00 to $18.00 and gave the company a “hold” rating in a research note on Wednesday, January 7th. Finally, Needham & Company LLC set a $21.00 target price on 10x Genomics in a research note on Monday. Four equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $16.30.

10x Genomics Stock Performance

The stock has a market cap of $2.65 billion, a P/E ratio of -33.74 and a beta of 2.18. The business’s 50-day moving average price is $17.31 and its 200-day moving average price is $14.45.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.05. 10x Genomics had a negative return on equity of 11.50% and a negative net margin of 11.89%.The business had revenue of $149.00 million during the quarter, compared to analyst estimates of $142.50 million. During the same quarter in the previous year, the company posted ($0.30) earnings per share. 10x Genomics’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, equities research analysts expect that 10x Genomics will post -1.43 earnings per share for the current year.

Insider Activity at 10x Genomics

In other 10x Genomics news, insider Benjamin J. Hindson sold 8,283 shares of 10x Genomics stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $19.00, for a total value of $157,377.00. Following the sale, the insider owned 432,605 shares of the company’s stock, valued at $8,219,495. The trade was a 1.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Serge Saxonov sold 13,261 shares of the stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $19.00, for a total value of $251,959.00. Following the transaction, the chief executive officer owned 1,021,556 shares of the company’s stock, valued at $19,409,564. This represents a 1.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 33,432 shares of company stock valued at $635,208. Insiders own 9.39% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

Institutional investors have recently bought and sold shares of the business. Teacher Retirement System of Texas increased its holdings in shares of 10x Genomics by 6.1% in the 2nd quarter. Teacher Retirement System of Texas now owns 14,931 shares of the company’s stock worth $173,000 after buying an additional 858 shares during the last quarter. Arizona State Retirement System grew its position in 10x Genomics by 3.0% in the third quarter. Arizona State Retirement System now owns 29,586 shares of the company’s stock worth $346,000 after acquiring an additional 872 shares in the last quarter. Versant Capital Management Inc increased its stake in 10x Genomics by 3.3% during the third quarter. Versant Capital Management Inc now owns 29,364 shares of the company’s stock worth $343,000 after acquiring an additional 945 shares during the last quarter. True Wealth Design LLC raised its position in 10x Genomics by 26.4% during the third quarter. True Wealth Design LLC now owns 4,534 shares of the company’s stock valued at $53,000 after purchasing an additional 948 shares during the period. Finally, Kera Capital Partners Inc. lifted its stake in shares of 10x Genomics by 4.0% in the 3rd quarter. Kera Capital Partners Inc. now owns 32,269 shares of the company’s stock valued at $377,000 after purchasing an additional 1,251 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

10x Genomics Company Profile

10x Genomics, Inc is a biotechnology company specializing in advanced genomic analysis solutions that enable researchers to explore biology at unprecedented resolution. The company develops and manufactures integrated hardware, consumables and software products for single-cell sequencing and spatial genomics. Its flagship Chromium product line supports applications in single-cell RNA sequencing, immune profiling and genome assembly, while the Visium and Xenium platforms offer spatial transcriptomics and in situ analysis, respectively.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves a global customer base that includes academic institutions, pharmaceutical and biotechnology companies, and government research organizations.