10x Genomics (NASDAQ:TXG) Receives $23.17 Consensus PT from Brokerages

Shares of 10x Genomics (NASDAQ:TXG) have been given an average recommendation of “Hold” by the fifteen research firms that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $23.1667.

TXG has been the subject of several analyst reports. 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. Leerink Partners lowered 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 research report on Tuesday, January 27th. Canaccord Genuity Group raised their price objective on shares of 10x Genomics from $22.00 to $32.00 and gave the company a “buy” rating in a research report on Monday, April 20th. William Blair upgraded shares of 10x Genomics from a “market perform” rating to an “outperform” rating in a research report on Tuesday, March 31st. Finally, Morgan Stanley raised their price objective on shares of 10x Genomics from $20.00 to $22.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 12th.

10x Genomics Price Performance

Shares of NASDAQ:TXG opened at $24.68 on Friday. The firm has a fifty day moving average price of $21.58 and a two-hundred day moving average price of $19.58. 10x Genomics has a one year low of $8.06 and a one year high of $26.44. The company has a market cap of $3.13 billion, a price-to-earnings ratio of -145.18 and a beta of 2.05.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.10) 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 firm had revenue of $150.84 million during the quarter, compared to the consensus estimate of $146.41 million. During the same period last year, the firm earned ($0.28) EPS. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. Equities research analysts expect that 10x Genomics will post -0.82 EPS for the current fiscal year.

Insider Activity

In other news, insider Benjamin J. Hindson sold 7,826 shares of the firm’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $18.58, for a total transaction of $145,407.08. Following the sale, the insider owned 424,779 shares in the company, valued at approximately $7,892,393.82. This trade represents a 1.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Adam Taich sold 8,968 shares of the firm’s stock in a transaction 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 sale, the chief financial officer owned 288,417 shares in the company, valued at approximately $5,358,787.86. This trade represents a 3.02% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 46,426 shares of company stock worth $902,695. 8.84% of the stock is currently owned by corporate insiders.

Institutional Trading of 10x Genomics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geneos Wealth Management Inc. purchased a new stake in shares of 10x Genomics during the 4th quarter valued at $38,000. Larson Financial Group LLC raised its position in 10x Genomics by 164.4% in the 4th quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock worth $39,000 after purchasing an additional 1,470 shares during the period. Fifth Third Bancorp purchased a new position in 10x Genomics in the 1st quarter worth $50,000. Abich Financial Wealth Management LLC purchased a new position in 10x Genomics in the 3rd quarter worth $56,000. Finally, Van ECK Associates Corp raised its position 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 during the period. Hedge funds and other institutional investors 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.