Citigroup Issues Positive Forecast for 10x Genomics (NASDAQ:TXG) Stock Price

10x Genomics (NASDAQ:TXG) had its price objective raised by Citigroup from $18.00 to $24.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price objective suggests a potential upside of 10.92% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Barclays raised their target price on shares of 10x Genomics from $17.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, December 15th. Leerink Partners reduced their target price on shares of 10x Genomics from $22.00 to $20.00 and set a “market perform” rating for the company in a research note on Tuesday, January 27th. Weiss Ratings restated a “sell (d-)” rating on shares of 10x Genomics in a research note on Friday, March 27th. Stifel Nicolaus raised their target price on shares of 10x Genomics from $20.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. Finally, Bank of America set a $21.00 target price on shares of 10x Genomics in a research note on Monday, January 12th. Five research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, 10x Genomics currently has an average rating of “Hold” and an average target price of $18.89.

10x Genomics Trading Down 1.2%

Shares of NASDAQ TXG traded down $0.25 during midday trading on Tuesday, reaching $21.64. 1,065,044 shares of the company were exchanged, compared to its average volume of 2,571,372. 10x Genomics has a 1 year low of $6.94 and a 1 year high of $23.56. The stock has a market cap of $2.76 billion, a P/E ratio of -61.86 and a beta of 2.17. The stock has a fifty day simple moving average of $19.93 and a 200 day simple moving average of $17.34.

10x Genomics (NASDAQ:TXG) last released its earnings results on Thursday, February 12th. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.06. 10x Genomics had a negative net margin of 6.77% and a negative return on equity of 6.89%. The company had revenue of $166.03 million during the quarter, compared to analysts’ expectations of $160.35 million. During the same quarter last year, the business earned ($0.40) EPS. The business’s revenue was up .6% on a year-over-year basis. As a group, analysts forecast that 10x Genomics will post -1.43 earnings per share for the current year.

Insider Activity at 10x Genomics

In related news, CEO Serge Saxonov sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, March 24th. The shares were sold at an average price of $19.52, for a total value of $97,600.00. Following the completion of the sale, the chief executive officer owned 1,172,273 shares in the company, valued at $22,882,768.96. This trade represents a 0.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Benjamin J. Hindson sold 7,826 shares of the firm’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $18.58, for a total transaction of $145,407.08. Following the completion of the sale, the insider owned 424,779 shares of the company’s stock, valued at $7,892,393.82. This trade represents a 1.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 41,426 shares of company stock worth $779,895 over the last 90 days. Company insiders own 9.39% of the company’s stock.

Institutional Trading of 10x Genomics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in 10x Genomics by 6.7% during the 3rd quarter. Vanguard Group Inc. now owns 13,274,332 shares of the company’s stock valued at $155,177,000 after acquiring an additional 834,272 shares in the last quarter. ARK Investment Management LLC increased its holdings in 10x Genomics by 6.6% during the 4th quarter. ARK Investment Management LLC now owns 12,667,369 shares of the company’s stock valued at $206,605,000 after acquiring an additional 779,973 shares in the last quarter. Nikko Asset Management Americas Inc. increased its holdings in 10x Genomics by 12.1% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 6,009,653 shares of the company’s stock valued at $69,532,000 after acquiring an additional 646,997 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in 10x Genomics by 2.1% during the 4th 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 in the last quarter. Finally, Amova Asset Management Americas Inc. increased its holdings in 10x Genomics by 2.0% during the 4th quarter. Amova Asset Management Americas Inc. now owns 5,486,153 shares of the company’s stock valued at $89,424,000 after acquiring an additional 109,270 shares in the last quarter. 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.