10x Genomics (NASDAQ:TXG) Receives $38.31 Average Price Target from Analysts

10x Genomics (NASDAQ:TXG) has earned an average recommendation of “Hold” from the sixteen brokerages that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, ten have issued a hold recommendation and five have given a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $38.3077.

Several research analysts have weighed in on the company. TD Cowen reiterated a “hold” rating on shares of 10x Genomics in a research note on Wednesday, July 15th. Barclays upped their price target on 10x Genomics from $30.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. Morgan Stanley lifted their price objective 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. Leerink Partners boosted their price objective on shares of 10x Genomics from $23.00 to $40.00 and gave the company a “market perform” rating in a research note on Friday, July 17th. Finally, Canaccord Genuity Group upped their price objective on shares of 10x Genomics from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, August 10th.

Insider Buying and Selling

In related news, CEO Serge Saxonov sold 30,000 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $34.44, for a total transaction of $1,033,200.00. Following the completion of the transaction, the chief executive officer directly owned 1,108,380 shares of the company’s stock, valued at $38,172,607.20. This represents a 2.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Shehnaaz Suliman sold 5,723 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $32.63, for a total transaction of $186,741.49. Following the completion of the sale, the director owned 31,722 shares of the company’s stock, valued at approximately $1,035,088.86. The trade was a 15.28% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 55,723 shares of company stock valued at $2,374,941 over the last ninety days. Corporate insiders own 8.84% of the company’s stock.

Institutional Trading of 10x Genomics

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Geneos Wealth Management Inc. purchased a new stake in shares of 10x Genomics during the 4th quarter worth approximately $38,000. Larson Financial Group LLC raised its holdings in 10x Genomics by 164.4% during the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock worth $39,000 after purchasing an additional 1,470 shares during the last quarter. Fifth Third Bancorp acquired a new stake in 10x Genomics in the first quarter valued at $50,000. Elevation Wealth Partners LLC grew 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 valued at $57,000 after purchasing an additional 1,143 shares during the last quarter. Finally, Van ECK Associates Corp grew its holdings in 10x Genomics by 85.9% in the fourth quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock valued at $60,000 after purchasing an additional 1,695 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

10x Genomics Trading Up 1.4%

Shares of NASDAQ TXG opened at $64.72 on Friday. The stock has a market cap of $8.43 billion, a P/E ratio of -109.69 and a beta of 2.03. 10x Genomics has a twelve month low of $11.16 and a twelve month high of $66.94. The stock has a 50 day moving average of $46.38 and a two-hundred day moving average of $30.97.

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

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.