10x Genomics (NASDAQ:TXG) Receives $32.08 Average PT from Analysts

Shares of 10x Genomics (NASDAQ:TXG) have earned a consensus rating of “Hold” from the fifteen ratings firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $32.0833.

Several brokerages recently issued reports on TXG. Leerink Partners increased their price target on shares of 10x Genomics from $23.00 to $40.00 and gave the stock a “market perform” rating in a research note on Friday, July 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of 10x Genomics in a research note on Wednesday, June 24th. Barclays upped their price objective on shares of 10x Genomics from $30.00 to $40.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. Piper Sandler raised their target price on shares of 10x Genomics from $20.00 to $42.00 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. Finally, Zacks Research lowered shares of 10x Genomics from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th.

Insider Buying and Selling

In other 10x Genomics news, insider Benjamin J. Hindson sold 11,595 shares of 10x Genomics stock in a transaction 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 completion of the transaction, the insider owned 502,000 shares in the company, valued at approximately $12,268,880. The trade was a 2.26% decrease in their ownership of the stock. The sale was disclosed in a 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, Director Shehnaaz Suliman sold 5,723 shares of the business’s stock in a transaction 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 in the company, valued at $1,035,088.86. This trade represents a 15.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 91,309 shares of company stock worth $2,581,357. 8.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On 10x Genomics

Large investors have recently modified their holdings of the stock. Geneos Wealth Management Inc. purchased a new stake in 10x Genomics during the 4th quarter valued at about $38,000. Larson Financial Group LLC increased 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 valued at $39,000 after purchasing an additional 1,470 shares in the last quarter. Fifth Third Bancorp purchased a new position in 10x Genomics in the first quarter worth about $50,000. Elevation Wealth Partners LLC raised its holdings in 10x Genomics by 332.3% in the second quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company’s stock worth $57,000 after buying an additional 1,143 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in shares of 10x Genomics by 85.9% in the fourth 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 in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

10x Genomics Stock Down 4.4%

Shares of TXG stock opened at $47.27 on Wednesday. The business’s fifty day moving average is $37.09 and its 200 day moving average is $26.67. The stock has a market cap of $6.00 billion, a price-to-earnings ratio of -278.06 and a beta of 2.05. 10x Genomics has a twelve month low of $11.16 and a twelve month high of $50.34.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.10) EPS for the quarter, beating 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 business had revenue of $150.84 million during the quarter, compared to analyst estimates of $146.41 million. During the same quarter last year, the firm posted ($0.28) earnings per share. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. Equities research analysts expect that 10x Genomics will post -0.78 earnings per share for the current fiscal year.

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.