10x Genomics (NASDAQ:TXG) Sets New 1-Year High – Here’s What Happened

10x Genomics (NASDAQ:TXG)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $43.98 and last traded at $43.4810, with a volume of 399016 shares traded. The stock had previously closed at $42.73.

Analysts Set New Price Targets

TXG has been the topic of several recent analyst reports. Barclays increased their target price on 10x Genomics from $30.00 to $40.00 and gave the company an “overweight” rating in a report on Wednesday, June 24th. William Blair raised 10x Genomics from a “market perform” rating to an “outperform” rating in a research report on Tuesday, March 31st. Zacks Research downgraded 10x Genomics from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. Piper Sandler raised their target price on 10x Genomics from $20.00 to $42.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 1st. Finally, Bank of America boosted their target price on 10x Genomics from $21.00 to $30.00 and gave the stock a “neutral” rating in a research note on Monday, April 20th. Four research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $28.92.

10x Genomics Stock Down 0.9%

The stock has a market capitalization of $5.37 billion, a PE ratio of -249.32 and a beta of 2.05. The business’s 50-day moving average is $29.94 and its two-hundred day moving average is $23.73.

10x Genomics (NASDAQ:TXG) last issued 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. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.The company had revenue of $150.84 million for the quarter, compared to analyst estimates of $146.41 million. During the same quarter last year, the company posted ($0.28) earnings per share. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. As a group, analysts anticipate that 10x Genomics will post -0.79 EPS for the current year.

Insider Transactions at 10x Genomics

In other news, Director Shehnaaz Suliman sold 5,723 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $32.63, for a total value of $186,741.49. Following the completion of the sale, the director directly owned 31,722 shares of the company’s stock, valued at approximately $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 can be accessed through this hyperlink. Also, insider Benjamin J. Hindson sold 11,595 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $24.44, for a total transaction of $283,381.80. Following the transaction, the insider owned 502,000 shares in the company, valued at approximately $12,268,880. This trade represents a 2.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 96,309 shares of company stock worth $2,704,157. 8.84% of the stock is owned by corporate insiders.

Institutional Trading of 10x Genomics

Several institutional investors and hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its stake in shares of 10x Genomics by 777.6% during the third quarter. JPMorgan Chase & Co. now owns 1,073,865 shares of the company’s stock worth $12,553,000 after buying an additional 951,495 shares during the period. Caprock Group LLC increased its position in 10x Genomics by 59.4% in the 4th quarter. Caprock Group LLC now owns 190,913 shares of the company’s stock valued at $3,114,000 after acquiring an additional 71,110 shares during the period. Cookson Peirce & Co. Inc. acquired a new position in 10x Genomics in the 4th quarter valued at about $571,000. Simplify Asset Management Inc. acquired a new position in 10x Genomics in the 4th quarter valued at about $7,926,000. Finally, Clough Capital Partners L P purchased a new stake in 10x Genomics during the 4th quarter valued at approximately $9,955,000. Hedge funds and other 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.