10x Genomics (NASDAQ:TXG) Hits New 1-Year High – Still a Buy?

10x Genomics (NASDAQ:TXG) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $37.09 and last traded at $36.8650, with a volume of 10041 shares changing hands. The stock had previously closed at $36.75.

Analyst Ratings Changes

TXG has been the topic of a number of recent research reports. Barclays boosted their price objective on 10x Genomics from $30.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. Morgan Stanley lifted their price objective on shares of 10x Genomics from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 12th. Weiss Ratings restated a “sell (d-)” rating on shares of 10x Genomics in a research note on Wednesday, June 24th. Canaccord Genuity Group lifted their price target on shares of 10x Genomics from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Finally, Zacks Research cut shares of 10x Genomics from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th. Four investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, 10x Genomics presently has a consensus rating of “Hold” and a consensus target price of $24.00.

10x Genomics Stock Performance

The company has a market cap of $4.87 billion, a P/E ratio of -225.53 and a beta of 2.12. The business has a fifty day simple moving average of $27.13 and a 200 day simple moving average of $22.39.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.19. The firm had revenue of $150.84 million for the quarter, compared to analysts’ expectations of $146.41 million. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the business posted ($0.28) earnings per share. Equities research analysts expect that 10x Genomics will post -0.79 EPS for the current year.

Insider Buying and Selling at 10x Genomics

In related news, Director Shehnaaz Suliman sold 5,723 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $32.63, for a total transaction of $186,741.49. Following the sale, the director owned 31,722 shares in the company, valued at $1,035,088.86. This represents a 15.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Benjamin J. Hindson sold 11,595 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $24.44, for a total transaction of $283,381.80. Following the completion of the transaction, the insider directly owned 502,000 shares in the company, valued at $12,268,880. This represents a 2.26% decrease in their position. 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 quarter, insiders have sold 96,309 shares of company stock valued at $2,704,157. Corporate insiders own 8.84% of the company’s stock.

Institutional Trading of 10x Genomics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada grew its stake in 10x Genomics by 806.4% during the 1st quarter. Royal Bank of Canada now owns 182,836 shares of the company’s stock worth $1,597,000 after buying an additional 162,665 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of 10x Genomics by 163.5% during the first quarter. Goldman Sachs Group Inc. now owns 645,366 shares of the company’s stock valued at $5,634,000 after acquiring an additional 400,430 shares during the period. Focus Partners Wealth bought a new position in shares of 10x Genomics during the first quarter worth about $92,000. Legal & General Group Plc grew its position in shares of 10x Genomics by 5.7% during the second quarter. Legal & General Group Plc now owns 110,864 shares of the company’s stock worth $1,284,000 after acquiring an additional 5,985 shares during the last quarter. Finally, American Century Companies Inc. acquired a new stake in shares of 10x Genomics in the 2nd quarter worth about $933,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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.