10x Genomics (NASDAQ:TXG) Hits New 52-Week High – Should You Buy?

Shares of 10x Genomics (NASDAQ:TXG) hit a new 52-week high during trading on Monday . The stock traded as high as $40.56 and last traded at $39.7140, with a volume of 618917 shares. The stock had previously closed at $39.01.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on TXG shares. Barclays raised their price objective on shares of 10x Genomics from $30.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of 10x Genomics in a report on Wednesday, June 24th. Citigroup upped their price objective on 10x Genomics from $24.00 to $45.00 and gave the company a “neutral” rating in a report on Wednesday. JPMorgan Chase & Co. increased their price objective on 10x Genomics from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 12th. Finally, Morgan Stanley lifted their target price on 10x Genomics from $20.00 to $22.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. Four equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $27.67.

10x Genomics Stock Down 2.4%

The firm has a market capitalization of $4.69 billion, a P/E ratio of -217.44 and a beta of 2.05. The firm has a 50 day moving average of $28.75 and a 200-day moving average of $23.20.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.19. The firm had revenue of $150.84 million during 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 company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.28) EPS. As a group, research analysts expect that 10x Genomics will post -0.79 EPS for the current year.

Insider Activity

In other news, CFO Adam Taich sold 15,098 shares of the company’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 transaction 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 approximately $9,284,707.12. This represents a 3.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Serge Saxonov sold 30,000 shares of 10x Genomics stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $34.44, for a total transaction of $1,033,200.00. Following the completion of the transaction, the chief executive officer directly owned 1,108,380 shares in the company, valued at $38,172,607.20. This trade represents a 2.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 96,309 shares of company stock worth $2,704,157. 8.84% of the stock is owned by company insiders.

Hedge Funds Weigh In On 10x Genomics

Hedge funds and other institutional investors have recently modified their holdings of the business. Intech Investment Management LLC boosted its stake in 10x Genomics by 1.4% in the fourth quarter. Intech Investment Management LLC now owns 40,047 shares of the company’s stock valued at $653,000 after buying an additional 567 shares in the last quarter. Certuity LLC lifted its holdings in shares of 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 during the last quarter. Stratos Wealth Partners LTD. grew its holdings in shares of 10x Genomics by 7.3% during the 4th quarter. Stratos Wealth Partners LTD. now owns 14,052 shares of the company’s stock valued at $229,000 after purchasing an additional 950 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of 10x Genomics by 16.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 7,186 shares of the company’s stock valued at $153,000 after purchasing an additional 1,012 shares during the last quarter. Finally, Kera Capital Partners Inc. increased its position in 10x Genomics by 2.3% during the 1st quarter. Kera Capital Partners Inc. now owns 48,937 shares of the company’s stock worth $1,039,000 after purchasing an additional 1,108 shares in 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.