10x Genomics (NASDAQ:TXG) Trading 7.1% Higher – What’s Next?

10x Genomics (NASDAQ:TXG)’s share price was up 7.1% during trading on Monday . The stock traded as high as $55.18 and last traded at $55.70. Approximately 1,006,057 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 2,831,926 shares. The stock had previously closed at $52.03.

Analyst Ratings Changes

TXG has been the topic of a number of recent analyst reports. Citigroup upped their price target on shares of 10x Genomics from $45.00 to $50.00 and gave the company a “neutral” rating in a research note on Friday. Canaccord Genuity Group boosted their price objective on shares of 10x Genomics from $50.00 to $60.00 and gave the company a “buy” rating in a report on Monday. Stifel Nicolaus set a $50.00 price objective on shares of 10x Genomics in a report on Friday. Weiss Ratings reissued a “sell (d-)” rating on shares of 10x Genomics in a research report on Wednesday, June 24th. Finally, JPMorgan Chase & Co. raised their target price on 10x Genomics from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 12th. Four research 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. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $36.08.

10x Genomics Trading Up 11.7%

The company has a market capitalization of $7.38 billion, a PE ratio of -98.39 and a beta of 2.03. The business’s 50-day simple moving average is $39.28 and its 200-day simple moving average is $27.67.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.10. The company had revenue of $151.04 million for the quarter, compared to analyst estimates of $146.67 million. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.41%. The firm’s revenue was down 12.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.28 earnings per share. Sell-side analysts forecast that 10x Genomics will post -0.78 EPS for the current fiscal year.

Insider Buying and Selling

In other 10x Genomics news, CEO Serge Saxonov sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $34.44, for a total value of $1,033,200.00. Following the sale, the chief executive officer owned 1,108,380 shares in the company, valued at approximately $38,172,607.20. This represents a 2.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 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 sale, the insider directly owned 502,000 shares in the company, valued at $12,268,880. The trade was a 2.26% decrease in their position. 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. Insiders sold 91,309 shares of company stock valued at $2,581,357 in the last three months. 8.84% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Elevation Wealth Partners LLC increased its stake in shares of 10x Genomics by 332.3% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company’s stock valued at $57,000 after purchasing an additional 1,143 shares in the last quarter. Geneos Wealth Management Inc. acquired a new stake in 10x Genomics in the fourth quarter valued at approximately $38,000. Larson Financial Group LLC increased its position in shares of 10x Genomics by 164.4% in the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock valued at $39,000 after buying an additional 1,470 shares in the last quarter. Fifth Third Bancorp purchased a new stake in shares of 10x Genomics in the first quarter valued at approximately $50,000. Finally, Van ECK Associates Corp raised its stake in shares of 10x Genomics by 85.9% during the 4th 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 during the period. Institutional investors and hedge funds 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.