10x Genomics (NASDAQ:TXG) Announces Earnings Results

10x Genomics (NASDAQ:TXG) released its earnings results on Tuesday. The company reported ($0.30) EPS for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.04, Briefing.com reports. The company had revenue of $151.65 million during the quarter, compared to the consensus estimate of $158.84 million. 10x Genomics had a negative return on equity of 28.23% and a negative net margin of 37.90%. 10x Genomics’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.51) earnings per share. 10x Genomics updated its FY 2024 guidance to EPS.

10x Genomics Stock Performance

Shares of NASDAQ:TXG traded down $0.46 during trading on Thursday, reaching $16.03. 2,318,436 shares of the stock were exchanged, compared to its average volume of 1,704,195. 10x Genomics has a 12-month low of $14.02 and a 12-month high of $57.90. The firm has a market cap of $1.93 billion, a price-to-earnings ratio of -10.48 and a beta of 1.85. The firm’s 50-day moving average price is $19.99 and its 200 day moving average price is $21.45.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. UBS Group cut their price target on 10x Genomics from $25.00 to $20.00 and set a “neutral” rating for the company in a research note on Wednesday. Morgan Stanley cut their price target on 10x Genomics from $50.00 to $46.00 and set an “overweight” rating for the company in a research note on Tuesday, August 13th. Citigroup cut their price target on 10x Genomics from $35.00 to $23.00 and set a “buy” rating for the company in a research note on Wednesday. Stephens reaffirmed an “overweight” rating and set a $30.00 price target on shares of 10x Genomics in a research note on Thursday, October 10th. Finally, Jefferies Financial Group raised shares of 10x Genomics from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Monday, July 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, 10x Genomics presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.31.

Insider Transactions at 10x Genomics

In other news, CEO Serge Saxonov sold 6,749 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total transaction of $152,054.97. Following the completion of the sale, the chief executive officer now owns 882,467 shares in the company, valued at approximately $19,881,981.51. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other 10x Genomics news, CFO Justin J. Mcanear sold 2,961 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total value of $66,711.33. Following the completion of the transaction, the chief financial officer now owns 143,242 shares in the company, valued at $3,227,242.26. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Serge Saxonov sold 6,749 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total value of $152,054.97. Following the completion of the transaction, the chief executive officer now owns 882,467 shares of the company’s stock, valued at approximately $19,881,981.51. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,061 shares of company stock worth $316,794. 10.03% of the stock is currently owned by company insiders.

10x Genomics Company Profile

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.