10x Genomics (NASDAQ:TXG) Shares Up 10.2% – Here’s Why

Shares of 10x Genomics (NASDAQ:TXG) traded up 10.2% during trading on Thursday . The stock traded as high as $41.99 and last traded at $41.2850. 243,128 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 2,795,960 shares. The stock had previously closed at $37.47.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on TXG shares. Morgan Stanley set a $37.00 price target on 10x Genomics in a report on Thursday. Citigroup increased their price target on 10x Genomics from $24.00 to $45.00 and gave the company a “neutral” rating in a research note on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of 10x Genomics in a report on Wednesday, June 24th. Canaccord Genuity Group boosted their target price on 10x Genomics from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Finally, JPMorgan Chase & Co. upped their price target on 10x Genomics from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Tuesday, May 12th. Four investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $28.92.

10x Genomics Stock Performance

The firm’s fifty day simple moving average is $29.06 and its 200 day simple moving average is $23.35. The stock has a market capitalization of $5.38 billion, a price-to-earnings ratio of -249.17 and a beta of 2.05.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.19. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.86%. The company had revenue of $150.84 million during the quarter, compared to analysts’ expectations of $146.41 million. During the same quarter in the prior year, the company earned ($0.28) earnings per share. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. Analysts forecast that 10x Genomics will post -0.79 earnings per share for the current year.

Insider Activity at 10x Genomics

In related news, CFO Adam Taich sold 15,098 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total value of $368,995.12. Following the completion of the transaction, the chief financial officer directly owned 379,898 shares of the company’s stock, valued at approximately $9,284,707.12. This represents a 3.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Serge Saxonov sold 30,000 shares of the stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $34.44, for a total value of $1,033,200.00. Following the transaction, the chief executive officer owned 1,108,380 shares of the company’s stock, valued at approximately $38,172,607.20. This trade represents a 2.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 96,309 shares of company stock valued at $2,704,157 in the last quarter. 8.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 10x Genomics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Royal Bank of Canada boosted its position in 10x Genomics by 806.4% during the 1st quarter. Royal Bank of Canada now owns 182,836 shares of the company’s stock worth $1,597,000 after acquiring an additional 162,665 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of 10x Genomics by 163.5% in the first quarter. Goldman Sachs Group Inc. now owns 645,366 shares of the company’s stock worth $5,634,000 after purchasing an additional 400,430 shares in the last quarter. Focus Partners Wealth bought a new stake in shares of 10x Genomics in the first quarter worth $92,000. Legal & General Group Plc boosted its holdings in 10x Genomics by 5.7% during the second quarter. Legal & General Group Plc now owns 110,864 shares of the company’s stock worth $1,284,000 after purchasing an additional 5,985 shares during the last quarter. Finally, American Century Companies Inc. acquired a new position in 10x Genomics during the second quarter worth $933,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

About 10x Genomics

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.