10x Genomics (NASDAQ:TXG) Stock Price Target Lowered at JPMorgan Chase & Co.

10x Genomics (NASDAQ:TXG) had its price target decreased by equities researchers at JPMorgan Chase & Co. from $70.00 to $65.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential downside of 0.24% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. Argus began coverage on 10x Genomics in a report on Monday, September 28th. They issued a “buy” rating and a $110.00 price objective on the stock. Canaccord Genuity Group raised their target price on 10x Genomics from $60.00 to $100.00 and gave the company a “buy” rating in a report on Monday, October 12th. Citigroup lifted their target price on 10x Genomics from $50.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday. Stephens lowered shares of 10x Genomics from an “overweight” rating to an “equal weight” rating in a research note on Friday, October 23rd. Finally, Leerink Partners boosted their price target on shares of 10x Genomics from $40.00 to $90.00 and gave the stock a “market perform” rating in a research note on Tuesday, September 29th. Five analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $68.40.

10x Genomics Stock Up 9.9%

NASDAQ TXG traded up $5.88 on Monday, reaching $65.16. The stock had a trading volume of 1,989,563 shares, compared to its average volume of 3,030,479. The stock has a fifty day moving average price of $73.95 and a two-hundred day moving average price of $41.59. 10x Genomics has a 12-month low of $15.12 and a 12-month high of $102.81. The firm has a market capitalization of $8.49 billion, a price-to-earnings ratio of -125.39 and a beta of 2.03.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings results on Thursday, November 5th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.12. 10x Genomics had a negative return on equity of 8.26% and a negative net margin of 10.84%. The business had revenue of $150.67 million during the quarter, compared to analyst estimates of $147.96 million. During the same period last year, the business posted ($0.22) earnings per share. The company’s quarterly revenue was up 1.1% on a year-over-year basis. Sell-side analysts forecast that 10x Genomics will post -0.77 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Benjamin Hindson sold 13,818 shares of 10x Genomics stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $63.02, for a total value of $870,810.36. Following the completion of the transaction, the insider owned 488,182 shares in the company, valued at approximately $30,765,229.64. This trade represents a 2.75% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 dated Tuesday, September 22nd. The stock was sold at an average price of $81.19, for a total value of $464,650.37. Following the transaction, the director directly owned 23,792 shares of the company’s stock, valued at approximately $1,931,672.48. This represents a 19.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 179,333 shares of company stock worth $11,810,070. Corporate insiders own 8.84% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

Large investors have recently modified their holdings of the company. Quantinno Capital Management LP lifted its position in shares of 10x Genomics by 16.0% during the 1st quarter. Quantinno Capital Management LP now owns 5,411,761 shares of the company’s stock worth $114,892,000 after purchasing an additional 744,558 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in 10x Genomics by 34.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,042,950 shares of the company’s stock valued at $43,357,000 after buying an additional 525,369 shares during the last quarter. Counterpoint Mutual Funds LLC purchased a new position in 10x Genomics in the third quarter valued at $11,364,000. Quantedge Capital Pte Ltd raised its stake in 10x Genomics by 104.2% in the first quarter. Quantedge Capital Pte Ltd now owns 416,553 shares of the company’s stock valued at $8,843,000 after buying an additional 212,600 shares in the last quarter. Finally, Fulcrum Asset Management LLP acquired a new stake in 10x Genomics in the third quarter valued at $8,793,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

About 10x Genomics

10x Genomics, Inc develops technology for studying biological systems at single-cell and spatial resolution. Its instruments, consumables and software help researchers analyze gene expression and other features of cells while preserving information about their location within tissue.

The company’s product platforms include Chromium for single-cell analysis, Visium for spatial gene-expression analysis and Xenium for in situ analysis of gene activity within tissue samples. Its tools are used in areas such as immunology, neuroscience, cancer research and drug discovery.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves research and clinical customers around the world, including academic institutions, biotechnology and pharmaceutical companies, and other research organizations.