10x Genomics (NASDAQ:TXG) Lowered to “Hold” Rating by Zacks Research

Zacks Research downgraded shares of 10x Genomics (NASDAQ:TXG) from a strong-buy rating to a hold rating in a report released on Monday,Zacks.com reports.

A number of other research analysts have also issued reports on TXG. Citigroup upped their target price on shares of 10x Genomics from $18.00 to $24.00 and gave the company a “neutral” rating in a report on Tuesday, April 7th. Leerink Partners cut their price objective on shares of 10x Genomics from $22.00 to $20.00 and set a “market perform” rating on the stock in a report on Tuesday, January 27th. Barclays raised their price target on shares of 10x Genomics from $22.00 to $30.00 and gave the company an “overweight” rating in a report on Tuesday, April 14th. Stifel Nicolaus lifted their price objective on shares of 10x Genomics from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, March 2nd. Finally, TD Cowen lifted their price objective on shares of 10x Genomics from $18.00 to $19.00 and gave the company a “hold” rating in a research note on Friday, February 13th. Four investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, 10x Genomics currently has a consensus rating of “Hold” and an average target price of $23.17.

10x Genomics Stock Performance

Shares of TXG opened at $22.29 on Monday. The stock has a market capitalization of $2.83 billion, a P/E ratio of -131.12 and a beta of 2.05. The company’s fifty day moving average is $21.43 and its two-hundred day moving average is $19.42. 10x Genomics has a 1 year low of $8.06 and a 1 year high of $26.44.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.10) earnings per share (EPS) 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 for the quarter, compared to analysts’ expectations of $146.41 million. During the same period in the previous year, the company posted ($0.28) EPS. 10x Genomics’s revenue was up 9.4% compared to the same quarter last year. Sell-side analysts predict that 10x Genomics will post -0.82 EPS for the current year.

Insiders Place Their Bets

In other 10x Genomics news, insider Benjamin J. Hindson sold 7,826 shares of the business’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $18.58, for a total value of $145,407.08. Following the sale, the insider directly owned 424,779 shares in the company, valued at approximately $7,892,393.82. The trade was a 1.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Adam Taich sold 8,968 shares of the company’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 $166,625.44. Following the sale, the chief financial officer directly owned 288,417 shares of the company’s stock, valued at $5,358,787.86. This represents a 3.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 46,426 shares of company stock worth $902,695. 8.84% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On 10x Genomics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Intech Investment Management LLC lifted its holdings in shares of 10x Genomics by 1.4% during the fourth quarter. Intech Investment Management LLC now owns 40,047 shares of the company’s stock worth $653,000 after buying an additional 567 shares during the last quarter. Arizona State Retirement System raised its stake in shares of 10x Genomics by 3.0% in the third quarter. Arizona State Retirement System now owns 29,586 shares of the company’s stock valued at $346,000 after purchasing an additional 872 shares in the last quarter. Certuity LLC grew its position in 10x Genomics by 4.7% in the fourth quarter. Certuity LLC now owns 20,204 shares of the company’s stock valued at $330,000 after acquiring an additional 904 shares during the period. Stratos Wealth Partners LTD. grew its position in 10x Genomics by 7.3% in the fourth quarter. Stratos Wealth Partners LTD. now owns 14,052 shares of the company’s stock valued at $229,000 after acquiring an additional 950 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in 10x Genomics by 16.4% in the first quarter. EverSource Wealth Advisors LLC now owns 7,186 shares of the company’s stock valued at $153,000 after acquiring an additional 1,012 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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.