10x Genomics (NASDAQ:TXG) Rating Lowered to “Hold” at Zacks Research

10x Genomics (NASDAQ:TXG) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Other equities research analysts have also issued research reports about the stock. JPMorgan Chase & Co. boosted their price target on shares of 10x Genomics from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Tuesday, May 12th. Canaccord Genuity Group boosted their price target on shares of 10x Genomics from $22.00 to $32.00 and gave the company a “buy” rating in a report on Monday, April 20th. Stifel Nicolaus boosted their price target on shares of 10x Genomics from $20.00 to $25.00 and gave the company a “buy” rating in a report on Monday, March 2nd. Morgan Stanley boosted their price target on shares of 10x Genomics from $20.00 to $22.00 and gave the company an “equal weight” rating in a report on Tuesday, May 12th. Finally, UBS Group boosted their price target on shares of 10x Genomics from $14.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, February 20th. Four analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $23.17.

10x Genomics Price Performance

NASDAQ TXG opened at $22.29 on Monday. The company’s 50 day simple moving average is $21.43 and its 200 day simple moving average is $19.42. 10x Genomics has a 12 month low of $8.06 and a 12 month high of $26.44. The company has a market capitalization of $2.83 billion, a P/E ratio of -131.12 and a beta of 2.05.

10x Genomics (NASDAQ:TXG) last released its earnings results on Thursday, May 7th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.19. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.86%. The business had revenue of $150.84 million for the quarter, compared to the consensus estimate of $146.41 million. During the same period in the previous year, the firm earned ($0.28) EPS. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. On average, analysts anticipate that 10x Genomics will post -0.82 earnings per share for the current year.

Insider Activity at 10x Genomics

In related news, insider Benjamin J. Hindson sold 7,826 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $18.58, for a total transaction of $145,407.08. Following the transaction, the insider directly owned 424,779 shares of the company’s stock, valued at approximately $7,892,393.82. The trade was a 1.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Serge Saxonov sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $19.13, for a total transaction of $191,300.00. Following the transaction, the chief executive officer directly owned 1,177,273 shares in the company, valued at $22,521,232.49. The trade was a 0.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 46,426 shares of company stock valued at $902,695. Corporate insiders own 8.84% of the company’s stock.

Institutional Trading of 10x Genomics

Several large investors have recently added to or reduced their stakes in the business. Intech Investment Management LLC grew its position in 10x Genomics by 1.4% in the fourth quarter. Intech Investment Management LLC now owns 40,047 shares of the company’s stock worth $653,000 after acquiring an additional 567 shares in 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. Certuity LLC grew its position in 10x Genomics by 4.7% in the fourth quarter. Certuity LLC now owns 20,204 shares of the company’s stock worth $330,000 after acquiring an additional 904 shares in the last quarter. Stratos Wealth Partners LTD. grew its position in 10x Genomics by 7.3% in the fourth quarter. Stratos Wealth Partners LTD. now owns 14,052 shares of the company’s stock worth $229,000 after acquiring an additional 950 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in 10x Genomics by 16.4% in the first quarter. EverSource Wealth Advisors LLC now owns 7,186 shares of the company’s stock worth $153,000 after acquiring an additional 1,012 shares in the last quarter. 84.68% of the stock is owned by institutional investors.

About 10x Genomics

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.