10x Genomics (NASDAQ:TXG) Hits New 52-Week High – Here’s What Happened

Shares of 10x Genomics (NASDAQ:TXG) reached a new 52-week high on Tuesday . The stock traded as high as $46.50 and last traded at $46.5490, with a volume of 820898 shares traded. The stock had previously closed at $43.22.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on TXG. Zacks Research lowered shares of 10x Genomics from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. Piper Sandler increased their target price on 10x Genomics from $20.00 to $42.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 1st. Weiss Ratings restated a “sell (d-)” rating on shares of 10x Genomics in a report on Wednesday, June 24th. William Blair upgraded shares of 10x Genomics from a “market perform” rating to an “outperform” rating in a report on Tuesday, March 31st. Finally, Barclays raised their price target on 10x Genomics from $30.00 to $40.00 and gave the company an “overweight” rating in a research note on Wednesday, June 24th. Four research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $32.08.

10x Genomics Stock Performance

The firm has a market cap of $5.97 billion, a P/E ratio of -276.76 and a beta of 2.05. The company’s 50 day moving average is $33.66 and its 200 day moving average is $25.33.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings data 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. The business had revenue of $150.84 million during the quarter, compared to the consensus estimate of $146.41 million. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.10x Genomics’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.28) earnings per share. On average, equities research analysts anticipate that 10x Genomics will post -0.78 EPS for the current year.

Insiders Place Their Bets

In other 10x Genomics news, insider Benjamin J. Hindson sold 11,595 shares of the 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 directly owned 502,000 shares in the company, valued at approximately $12,268,880. This represents a 2.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 firm’s stock in a transaction on Friday, May 22nd. The stock was 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 $9,284,707.12. The trade was a 3.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 91,309 shares of company stock valued at $2,581,357. Company insiders own 8.84% of the company’s stock.

Institutional Trading of 10x Genomics

Several institutional investors and hedge funds have recently modified their holdings of TXG. Intech Investment Management LLC lifted its position in shares of 10x Genomics by 1.4% during the 4th quarter. Intech Investment Management LLC now owns 40,047 shares of the company’s stock worth $653,000 after buying an additional 567 shares in the last quarter. Certuity LLC increased its holdings in 10x Genomics by 4.7% in the 4th 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. raised its position in shares of 10x Genomics by 7.3% in the fourth 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 period. EverSource Wealth Advisors LLC lifted its position in shares of 10x Genomics by 16.4% during 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. Finally, Kera Capital Partners Inc. boosted its stake in 10x Genomics by 2.3% in 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 during the period. 84.68% of the stock is owned by hedge funds and other 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.