10x Genomics (NASDAQ:TXG) Receives $23.17 Consensus Target Price from Analysts

Shares of 10x Genomics (NASDAQ:TXG) have received a consensus recommendation of “Hold” from the fifteen ratings firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $23.1667.

A number of research firms have recently commented on TXG. William Blair upgraded 10x Genomics from a “market perform” rating to an “outperform” rating in a report on Tuesday, March 31st. Bank of America upped their price objective on 10x Genomics from $21.00 to $30.00 and gave the stock a “neutral” rating in a report on Monday, April 20th. Barclays upped their price objective on 10x Genomics from $22.00 to $30.00 and gave the stock an “overweight” rating in a report on Tuesday, April 14th. Citigroup upped their price target on shares of 10x Genomics from $18.00 to $24.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 7th. Finally, Canaccord Genuity Group upped their price target on shares of 10x Genomics from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Monday, April 20th.

10x Genomics Stock Up 11.7%

TXG stock opened at $32.22 on Tuesday. The company has a market cap of $4.09 billion, a price-to-earnings ratio of -189.53 and a beta of 2.12. The business has a fifty day simple moving average of $24.73 and a 200-day simple moving average of $21.11. 10x Genomics has a 52 week low of $10.17 and a 52 week high of $35.65.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.19. The business had revenue of $150.84 million during the quarter, compared to the consensus estimate of $146.41 million. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.28) EPS. As a group, analysts expect that 10x Genomics will post -0.79 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Benjamin J. Hindson sold 11,595 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total transaction of $283,381.80. Following the completion of the sale, the insider directly owned 502,000 shares of the company’s stock, valued at approximately $12,268,880. This represents a 2.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Adam Taich sold 15,098 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $24.44, for a total transaction of $368,995.12. Following the sale, the chief financial officer directly owned 379,898 shares of the company’s stock, valued at approximately $9,284,707.12. This trade represents a 3.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 75,586 shares of company stock valued at $1,773,116. Company insiders own 8.84% of the company’s stock.

Institutional Trading of 10x Genomics

A number of institutional investors have recently added to or reduced their stakes in the business. Edgestream Partners L.P. purchased a new stake in 10x Genomics during the 1st quarter worth $1,233,000. Bull Harbor Capital LLC purchased a new position in 10x Genomics in the 1st quarter valued at about $248,000. EverSource Wealth Advisors LLC boosted its position in 10x Genomics by 16.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 7,186 shares of the company’s stock valued at $153,000 after buying an additional 1,012 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in 10x Genomics by 3.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 49,048 shares of the company’s stock valued at $1,041,000 after buying an additional 1,661 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its position in 10x Genomics by 16.0% in the 1st quarter. Quantinno Capital Management LP now owns 5,411,761 shares of the company’s stock valued at $114,892,000 after buying an additional 744,558 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

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.