10x Genomics (NASDAQ:TXG) Shares Climb 9.2% – Time to Buy?

10x Genomics (NASDAQ:TXG)’s share price was up 9.2% during trading on Friday. The company traded as high as $82.41 and last traded at $84.3810. 711,200 shares changed hands during trading, a decline of 76% from the average daily volume of 2,960,936 shares. The stock had previously closed at $77.28.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Barclays increased their price target on shares of 10x Genomics from $52.00 to $110.00 and gave the stock an “overweight” rating in a report on Wednesday. Morgan Stanley lifted their price objective on shares of 10x Genomics from $37.00 to $40.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. Citigroup upped their price objective on shares of 10x Genomics from $45.00 to $50.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Leerink Partners increased their price objective on shares of 10x Genomics from $40.00 to $90.00 and gave the stock a “market perform” rating in a research note on Tuesday, September 29th. Finally, Piper Sandler raised their target price on shares of 10x Genomics from $47.00 to $80.00 and gave the stock a “neutral” rating in a report on Monday, September 28th. Six investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $58.60.

10x Genomics Price Performance

The stock’s fifty day moving average is $67.99 and its 200-day moving average is $43.40. The stock has a market capitalization of $10.66 billion, a PE ratio of -138.30 and a beta of 1.99.

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

Insider Activity

In related news, CEO Serge Saxonov sold 25,000 shares of 10x Genomics stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $81.22, for a total value of $2,030,500.00. Following the completion of the transaction, the chief executive officer owned 1,050,249 shares in the company, valued at $85,301,223.78. The trade was a 2.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Shehnaaz Suliman sold 5,723 shares of the company’s stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $81.19, for a total value of $464,650.37. Following the completion of the transaction, the director directly owned 23,792 shares of the company’s stock, valued at $1,931,672.48. The trade was a 19.39% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 179,333 shares of company stock worth $11,810,070. 8.84% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. GAMMA Investing LLC boosted its stake in shares of 10x Genomics by 8.7% in the third quarter. GAMMA Investing LLC now owns 4,668 shares of the company’s stock worth $422,000 after acquiring an additional 374 shares during the last quarter. Farther Finance Advisors LLC raised its stake in 10x Genomics by 29.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 934 shares of the company’s stock valued at $84,000 after purchasing an additional 215 shares during the last quarter. CoreCap Advisors LLC lifted its holdings in 10x Genomics by 3,269.2% in the 3rd quarter. CoreCap Advisors LLC now owns 1,752 shares of the company’s stock valued at $158,000 after purchasing an additional 1,700 shares in the last quarter. Tidal Investments LLC purchased a new position in 10x Genomics in the 2nd quarter valued at $1,279,000. Finally, Integrated Wealth Concepts LLC grew its holdings in shares of 10x Genomics by 34.9% during the second quarter. Integrated Wealth Concepts LLC now owns 21,645 shares of the company’s stock worth $830,000 after buying an additional 5,595 shares in the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

About 10x Genomics

10x Genomics, Inc is a life sciences technology company that develops tools for analyzing biological systems at high resolution. Its platforms are used by academic and government research institutions, pharmaceutical and biotechnology companies, and other organizations studying genomics, cell biology, immunology, neuroscience, and disease mechanisms.

The company’s product portfolio includes the Chromium platform for single-cell and other multiomics analyses, the Visium platform for spatial analysis of tissue, and the Xenium platform for high-plex in situ analysis of gene expression.