10x Genomics (NASDAQ:TXG) Price Target Raised to $32.00

10x Genomics (NASDAQ:TXG) had its target price boosted by Canaccord Genuity Group from $22.00 to $32.00 in a research report released on Monday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

TXG has been the subject of several other reports. TD Cowen raised their price objective on shares of 10x Genomics from $18.00 to $19.00 and gave the stock a “hold” rating in a research report on Friday, February 13th. Leerink Partners dropped their price target on shares of 10x Genomics from $22.00 to $20.00 and set a “market perform” rating for the company in a research report on Tuesday, January 27th. Deutsche Bank Aktiengesellschaft set a $17.00 price target on shares of 10x Genomics and gave the company a “hold” rating in a research report on Friday, February 13th. Citigroup lifted their price target on shares of 10x Genomics from $18.00 to $24.00 and gave the company a “neutral” rating in a research report on Tuesday, April 7th. Finally, Stifel Nicolaus lifted their price target on shares of 10x Genomics from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $20.82.

10x Genomics Trading Down 0.6%

10x Genomics stock opened at $22.83 on Monday. 10x Genomics has a 12-month low of $7.72 and a 12-month high of $26.44. The stock has a market cap of $2.92 billion, a P/E ratio of -65.23 and a beta of 2.17. The company has a 50-day moving average price of $20.96 and a 200 day moving average price of $18.28.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings data on Thursday, February 12th. The company reported ($0.13) earnings per share (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 firm had revenue of $166.03 million during the quarter, compared to analysts’ expectations of $160.35 million. During the same period last year, the business earned ($0.40) earnings per share. 10x Genomics’s revenue was up .6% compared to the same quarter last year. As a group, analysts forecast that 10x Genomics will post -0.82 EPS for the current year.

Insider Buying and Selling at 10x Genomics

In related news, CFO Adam Taich sold 8,968 shares of 10x Genomics stock in a transaction that occurred on Monday, February 23rd. The shares were 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 owned 288,417 shares in the company, valued at approximately $5,358,787.86. The trade was a 3.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Serge Saxonov sold 5,000 shares of 10x Genomics stock in a transaction that occurred on Tuesday, April 14th. The shares were sold at an average price of $24.56, for a total transaction of $122,800.00. Following the completion of the transaction, the chief executive officer owned 1,167,273 shares of the company’s stock, valued at $28,668,224.88. This trade represents a 0.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 46,426 shares of company stock worth $902,695 over the last three months. Insiders own 9.39% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TXG. Royal Bank of Canada grew its holdings in shares of 10x Genomics by 806.4% in the first quarter. Royal Bank of Canada now owns 182,836 shares of the company’s stock valued at $1,597,000 after purchasing an additional 162,665 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings 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 valued at $5,634,000 after purchasing an additional 400,430 shares in the last quarter. Focus Partners Wealth acquired a new position in shares of 10x Genomics in the first quarter valued at approximately $92,000. Legal & General Group Plc grew its holdings in shares of 10x Genomics by 5.7% in the second quarter. Legal & General Group Plc now owns 110,864 shares of the company’s stock valued at $1,284,000 after purchasing an additional 5,985 shares in the last quarter. Finally, American Century Companies Inc. acquired a new position in shares of 10x Genomics in the second quarter valued at approximately $933,000. Institutional investors and hedge funds 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.