10x Genomics (NASDAQ:TXG) Stock Price Up 6.9% – Time to Buy?

Shares of 10x Genomics (NASDAQ:TXG) traded up 6.9% during mid-day trading on Tuesday . The stock traded as high as $17.77 and last traded at $17.8490. 521,531 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 2,654,478 shares. The stock had previously closed at $16.69.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. UBS Group boosted their target price on shares of 10x Genomics from $14.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, February 20th. TD Cowen boosted their target price on 10x Genomics from $18.00 to $19.00 and gave the stock a “hold” rating in a research report on Friday, February 13th. Citigroup cut 10x Genomics from a “buy” rating to a “cautious” rating in a research note on Thursday, December 11th. Canaccord Genuity Group set a $22.00 price target on shares of 10x Genomics in a report on Friday, February 13th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of 10x Genomics in a research note on Monday, December 22nd. Four investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $18.46.

10x Genomics Price Performance

The business’s fifty day moving average price is $20.20 and its 200 day moving average price is $16.63. The stock has a market cap of $2.27 billion, a P/E ratio of -50.94 and a beta of 2.20.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings data on Thursday, February 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.06. 10x Genomics had a negative return on equity of 6.89% and a negative net margin of 6.77%.The company had revenue of $166.03 million for the quarter, compared to the consensus estimate of $160.35 million. During the same period in the previous year, the business earned ($0.40) EPS. The firm’s revenue was up .6% compared to the same quarter last year. On average, analysts predict that 10x Genomics will post -1.43 earnings per share for the current fiscal year.

Insider Activity

In other 10x Genomics news, CFO Adam Taich sold 8,968 shares of the company’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $18.58, for a total value of $166,625.44. Following the completion of the transaction, the chief financial officer directly owned 288,417 shares in the company, valued at $5,358,787.86. This represents a 3.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Serge Saxonov sold 9,632 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $18.58, for a total value of $178,962.56. Following the sale, the chief executive officer directly owned 1,061,924 shares in the company, valued at $19,730,547.92. The trade was a 0.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 26,426 shares of company stock valued at $490,995. Corporate insiders own 10.03% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

Institutional investors have recently modified their holdings of the stock. Foundations Investment Advisors LLC acquired a new stake in shares of 10x Genomics during the third quarter worth about $665,000. Jump Financial LLC raised its position in 10x Genomics by 130.2% in the 2nd quarter. Jump Financial LLC now owns 1,041,051 shares of the company’s stock valued at $12,055,000 after purchasing an additional 588,769 shares during the last quarter. AlphaQuest LLC lifted its position in 10x Genomics by 234.3% during the 3rd quarter. AlphaQuest LLC now owns 133,419 shares of the company’s stock worth $1,560,000 after acquiring an additional 93,514 shares during the period. Friedenthal Financial purchased a new stake in shares of 10x Genomics in the third quarter valued at about $924,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in 10x Genomics during the third quarter worth $1,179,000. Hedge funds and other institutional investors 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.