10x Genomics (NASDAQ:TXG) Sets New 12-Month High – Time to Buy?

Shares of 10x Genomics (NASDAQ:TXG) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $66.53 and last traded at $65.5250, with a volume of 522556 shares. The stock had previously closed at $63.80.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Stifel Nicolaus set a $50.00 price objective on 10x Genomics in a research note on Friday, August 7th. Weiss Ratings restated a “sell (d-)” rating on shares of 10x Genomics in a report on Wednesday, June 24th. Leerink Partners raised their price objective on shares of 10x Genomics from $23.00 to $40.00 and gave the stock a “market perform” rating in a research report on Friday, July 17th. Canaccord Genuity Group raised their price target on shares of 10x Genomics from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Finally, Morgan Stanley lifted their price target on shares of 10x Genomics from $37.00 to $40.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Five analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $38.31.

10x Genomics Trading Up 4.1%

The firm’s fifty day moving average is $45.72 and its 200-day moving average is $30.64. The stock has a market capitalization of $8.65 billion, a PE ratio of -112.49 and a beta of 2.03.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.10. The business had revenue of $151.04 million during the quarter, compared to analysts’ expectations of $146.67 million. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. The business’s revenue for the quarter was down 12.7% on a year-over-year basis. During the same period last year, the business earned $0.28 earnings per share. As a group, equities analysts predict that 10x Genomics will post -0.75 EPS for the current year.

Insider Transactions at 10x Genomics

In related news, Director Shehnaaz Suliman sold 5,723 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $32.63, for a total transaction of $186,741.49. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Serge Saxonov sold 30,000 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $34.44, for a total transaction of $1,033,200.00. Following the sale, the chief executive officer 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 55,723 shares of company stock worth $2,374,941 over the last ninety days. Company insiders own 8.84% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TXG. California State Teachers Retirement System lifted its holdings in 10x Genomics by 3,700.4% during the 2nd quarter. California State Teachers Retirement System now owns 4,679,895 shares of the company’s stock worth $179,427,000 after buying an additional 4,556,753 shares in the last quarter. AQR Capital Management LLC boosted its position in 10x Genomics by 241.3% in the 2nd quarter. AQR Capital Management LLC now owns 4,137,801 shares of the company’s stock valued at $47,916,000 after buying an additional 2,925,372 shares during the period. Millennium Management LLC grew its stake in shares of 10x Genomics by 84.7% in the third quarter. Millennium Management LLC now owns 5,437,969 shares of the company’s stock worth $63,570,000 after acquiring an additional 2,494,142 shares in the last quarter. Wellington Management Group LLP increased its position in shares of 10x Genomics by 126.6% during the third quarter. Wellington Management Group LLP now owns 4,285,628 shares of the company’s stock worth $50,099,000 after acquiring an additional 2,394,355 shares during the period. Finally, Quantinno Capital Management LP increased its position in shares of 10x Genomics by 207.2% during the second quarter. Quantinno Capital Management LP now owns 2,233,526 shares of the company’s stock worth $25,864,000 after acquiring an additional 1,506,530 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.