10x Genomics (NASDAQ:TXG) Hits New 12-Month High Following Analyst Upgrade

10x Genomics (NASDAQ:TXG) shares hit a new 52-week high during mid-day trading on Wednesday after UBS Group raised their price target on the stock from $20.00 to $68.00. UBS Group currently has a neutral rating on the stock. 10x Genomics traded as high as $67.00 and last traded at $66.8170, with a volume of 829078 shares changing hands. The stock had previously closed at $65.60.

TXG has been the topic of several other research reports. TD Cowen reissued a “hold” rating on shares of 10x Genomics in a report on Wednesday, July 15th. Stephens upped their price objective on 10x Genomics from $50.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. JPMorgan Chase & Co. lifted their price objective on shares of 10x Genomics from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 12th. Barclays raised their price target on 10x Genomics from $30.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. Finally, Canaccord Genuity Group upped their target price on 10x Genomics from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $44.00.

Insider Buying and Selling at 10x Genomics

In related news, insider Benjamin J. Hindson sold 13,818 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $63.02, for a total value of $870,810.36. Following the transaction, the insider directly owned 488,182 shares in the company, valued at $30,765,229.64. This represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Adam Taich sold 17,166 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $63.02, for a total transaction of $1,081,801.32. Following the completion of the sale, the chief financial officer owned 362,732 shares in the company, valued at $22,859,370.64. This represents a 4.52% 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. Insiders have sold 137,945 shares of company stock worth $7,539,588 over the last quarter. Corporate insiders own 8.84% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TXG. Larson Financial Group LLC boosted its position in 10x Genomics by 164.4% during the 4th quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock worth $39,000 after acquiring an additional 1,470 shares during the last quarter. Fifth Third Bancorp bought a new stake in shares of 10x Genomics in the 1st quarter valued at about $50,000. Elevation Wealth Partners LLC lifted its position in shares of 10x Genomics by 332.3% in the second quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company’s stock valued at $57,000 after buying an additional 1,143 shares during the last quarter. Van ECK Associates Corp lifted its holdings in 10x Genomics by 85.9% during the 4th quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock valued at $60,000 after purchasing an additional 1,695 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of 10x Genomics by 203.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 7,490 shares of the company’s stock worth $87,000 after buying an additional 5,025 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

10x Genomics Price Performance

The company has a market cap of $8.65 billion, a price-to-earnings ratio of -112.51 and a beta of 2.08. The firm has a 50-day moving average price of $53.09 and a 200 day moving average price of $34.76.

10x Genomics (NASDAQ:TXG) last posted its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.10. 10x Genomics had a negative return on equity of 9.33% and a negative net margin of 12.18%.The company had revenue of $151.04 million during the quarter, compared to the consensus estimate of $146.67 million. During the same quarter last year, the firm earned $0.28 earnings per share. The company’s revenue was down 12.7% on a year-over-year basis. On average, equities analysts anticipate that 10x Genomics will post -0.75 EPS for the current fiscal year.

About 10x Genomics

10x Genomics, Inc develops life science technology for analyzing biological systems at the single-cell and spatial levels. Its platforms are designed to help researchers study gene expression, genetic variation, cell populations and tissue organization with greater detail than conventional laboratory methods.

The company’s product portfolio includes the Chromium platform for single-cell analysis, Visium solutions for spatial transcriptomics and tissue profiling, and Xenium in situ platforms for high-resolution analysis of RNA and other biological features within tissue samples.