10x Genomics (NASDAQ:TXG) Hits New 12-Month High – Time to Buy?

10x Genomics (NASDAQ:TXG) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $26.85 and last traded at $27.2980, with a volume of 279717 shares changing hands. The stock had previously closed at $25.51.

Analyst Upgrades and Downgrades

TXG has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. upped their target price on 10x Genomics from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Tuesday, May 12th. William Blair raised 10x Genomics from a “market perform” rating to an “outperform” rating in a research report on Tuesday, March 31st. UBS Group upped their target price on 10x Genomics from $14.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, February 20th. Barclays upped their target price on 10x Genomics from $22.00 to $30.00 and gave the company an “overweight” rating in a research report on Tuesday, April 14th. Finally, Bank of America upped their target price on 10x Genomics from $21.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, April 20th. Four equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $23.17.

10x Genomics Stock Performance

The firm has a market capitalization of $3.48 billion, a P/E ratio of -160.96 and a beta of 2.05. The stock has a fifty day moving average price of $22.03 and a two-hundred day moving average price of $19.89.

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

Insider Activity

In other news, CEO Serge Saxonov sold 10,718 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $24.71, for a total value of $264,841.78. Following the completion of the sale, the chief executive officer directly owned 1,138,380 shares in the company, valued at approximately $28,129,369.80. The trade was a 0.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Adam Taich sold 15,098 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total value of $368,995.12. Following the completion of the sale, the chief financial officer owned 379,898 shares of the company’s stock, valued at $9,284,707.12. This trade represents a 3.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 75,586 shares of company stock worth $1,773,116. 8.84% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in TXG. Geneos Wealth Management Inc. bought a new position in 10x Genomics during the 4th quarter worth $38,000. Larson Financial Group LLC grew its stake in 10x Genomics by 164.4% during the 4th quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock worth $39,000 after buying an additional 1,470 shares during the last quarter. Fifth Third Bancorp bought a new position in 10x Genomics during the 1st quarter worth $50,000. Abich Financial Wealth Management LLC bought a new position in 10x Genomics during the 3rd quarter worth $56,000. Finally, Van ECK Associates Corp grew its stake in 10x Genomics by 85.9% during the 4th quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock worth $60,000 after buying an additional 1,695 shares during the last quarter. 84.68% of the stock is currently 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.