10x Genomics (NASDAQ:TXG) Trading Down 8% – What’s Next?

Shares of 10x Genomics (NASDAQ:TXG) traded down 8% during mid-day trading on Wednesday . The company traded as low as $19.87 and last traded at $19.6550. 1,426,022 shares were traded during trading, a decline of 45% from the average session volume of 2,569,430 shares. The stock had previously closed at $21.37.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Bank of America boosted their target price on shares of 10x Genomics from $21.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, April 20th. TD Cowen boosted their price target on shares of 10x Genomics from $18.00 to $19.00 and gave the company a “hold” rating in a report on Friday, February 13th. Zacks Research raised shares of 10x Genomics from a “hold” rating to a “strong-buy” rating in a report on Friday, April 17th. Deutsche Bank Aktiengesellschaft set a $17.00 price target on shares of 10x Genomics and gave the company a “hold” rating in a report on Friday, February 13th. Finally, Canaccord Genuity Group boosted their price target on shares of 10x Genomics from $22.00 to $32.00 and gave the company a “buy” rating in a report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $20.82.

10x Genomics Trading Up 1.7%

The stock has a market cap of $2.87 billion, a P/E ratio of -64.09 and a beta of 2.17. The business’s fifty day simple moving average is $21.32 and its 200 day simple moving average is $18.64.

10x Genomics (NASDAQ:TXG) last released its earnings results 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. The company had revenue of $166.03 million for the quarter, compared to the consensus estimate of $160.35 million. 10x Genomics had a negative net margin of 6.77% and a negative return on equity of 6.89%. The company’s revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.40) EPS. On average, analysts predict that 10x Genomics will post -0.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Adam Taich sold 8,968 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $18.58, for a total transaction of $166,625.44. Following the completion of the transaction, the chief financial officer directly owned 288,417 shares of the company’s stock, valued at $5,358,787.86. This trade represents a 3.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Serge Saxonov sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 14th. The stock was sold at an average price of $24.56, for a total transaction of $122,800.00. Following the transaction, the chief executive officer directly owned 1,167,273 shares of the company’s stock, valued at $28,668,224.88. This represents a 0.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 46,426 shares of company stock valued at $902,695. 9.39% of the stock is owned by corporate insiders.

Institutional Trading of 10x Genomics

Institutional investors and hedge funds have recently bought and sold shares of the business. Geneos Wealth Management Inc. acquired a new stake in shares of 10x Genomics during the fourth quarter worth $38,000. Larson Financial Group LLC grew its stake in shares of 10x Genomics by 164.4% in the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock valued at $39,000 after acquiring an additional 1,470 shares in the last quarter. True Wealth Design LLC increased its position in 10x Genomics by 26.4% during the third quarter. True Wealth Design LLC now owns 4,534 shares of the company’s stock worth $53,000 after acquiring an additional 948 shares during the period. Abich Financial Wealth Management LLC acquired a new stake in 10x Genomics in the 3rd quarter worth about $56,000. Finally, Van ECK Associates Corp raised its stake in 10x Genomics by 85.9% in the 4th quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock worth $60,000 after purchasing an additional 1,695 shares in the last quarter. 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.