10x Genomics (NASDAQ:TXG) Given New $20.00 Price Target at Leerink Partners

10x Genomics (NASDAQ:TXG) had its price target reduced by equities researchers at Leerink Partners from $22.00 to $20.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. Leerink Partners’ price objective would indicate a potential downside of 8.65% from the stock’s previous close.

Several other research firms also recently issued reports on TXG. Piper Sandler lifted their price target on shares of 10x Genomics from $15.00 to $19.00 and gave the company a “neutral” rating in a research report on Tuesday, November 11th. Zacks Research lowered shares of 10x Genomics from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. TD Cowen reissued a “hold” rating on shares of 10x Genomics in a research note on Wednesday, January 7th. Morgan Stanley reaffirmed an “equal weight” rating and set a $20.00 target price (up previously from $17.00) on shares of 10x Genomics in a research report on Monday, December 1st. Finally, Wall Street Zen downgraded 10x Genomics from a “buy” rating to a “hold” rating in a report on Saturday, November 15th. Four equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $16.83.

10x Genomics Stock Performance

Shares of 10x Genomics stock traded down $0.61 on Tuesday, hitting $21.90. The stock had a trading volume of 741,974 shares, compared to its average volume of 2,654,281. The stock has a 50 day moving average of $18.28 and a 200 day moving average of $15.00. The firm has a market capitalization of $2.77 billion, a P/E ratio of -35.43 and a beta of 2.18. 10x Genomics has a twelve month low of $6.78 and a twelve month high of $23.56.

10x Genomics (NASDAQ:TXG) last announced its earnings results on Thursday, November 6th. The company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.05. 10x Genomics had a negative return on equity of 11.50% and a negative net margin of 11.89%.The firm had revenue of $149.00 million for the quarter, compared to the consensus estimate of $142.50 million. During the same period in the previous year, the business earned ($0.30) EPS. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. Equities analysts expect that 10x Genomics will post -1.43 earnings per share for the current year.

Insider Activity

In related news, CEO Serge Saxonov sold 13,261 shares of the business’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $19.00, for a total transaction of $251,959.00. Following the sale, the chief executive officer directly owned 1,021,556 shares in the company, valued at approximately $19,409,564. The trade was a 1.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Adam Taich sold 11,888 shares of the stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $19.00, for a total transaction of $225,872.00. Following the completion of the sale, the chief financial officer directly owned 297,385 shares in the company, valued at approximately $5,650,315. The trade was a 3.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 33,432 shares of company stock valued at $635,208 in the last 90 days. Insiders own 10.03% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. TriaGen Wealth Management LLC purchased a new stake in shares of 10x Genomics during the fourth quarter valued at approximately $378,000. Mirae Asset Global Investments Co. Ltd. boosted its position in 10x Genomics by 28.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,660 shares of the company’s stock valued at $92,000 after buying an additional 1,237 shares during the period. Cornerstone Wealth Group LLC bought a new stake in 10x Genomics in the 4th quarter worth $223,000. Choreo LLC increased its position in shares of 10x Genomics by 17.4% in the fourth quarter. Choreo LLC now owns 27,055 shares of the company’s stock valued at $440,000 after acquiring an additional 4,010 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in shares of 10x Genomics by 2.1% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,492,189 shares of the company’s stock valued at $89,578,000 after acquiring an additional 110,970 shares during the period. 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.