10x Genomics (NASDAQ:TXG) Stock Price Down 7.1% – What’s Next?

Shares of 10x Genomics (NASDAQ:TXG) dropped 7.1% on Monday. The company traded as low as $75.63 and last traded at $74.9030. Approximately 847,170 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 2,967,076 shares. The stock had previously closed at $80.65.

Analysts Set New Price Targets

Several research firms have recently commented on TXG. Royal Bank Of Canada assumed coverage on shares of 10x Genomics in a research report on Tuesday, September 1st. They set a “sector perform” rating and a $70.00 price target for the company. Leerink Partners raised their price objective on shares of 10x Genomics from $40.00 to $90.00 and gave the stock a “market perform” rating in a report on Tuesday, September 29th. Canaccord Genuity Group boosted their target price on shares of 10x Genomics from $60.00 to $100.00 and gave the company a “buy” rating in a research report on Monday. Piper Sandler upped their target price on shares of 10x Genomics from $47.00 to $80.00 and gave the company a “neutral” rating in a report on Monday, September 28th. Finally, Stifel Nicolaus set a $70.00 price objective on shares of 10x Genomics in a research report on Tuesday. Six equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $68.00.

10x Genomics Price Performance

The business has a 50-day simple moving average of $69.70 and a 200-day simple moving average of $44.58. The firm has a market capitalization of $9.35 billion, a PE ratio of -121.68 and a beta of 1.99.

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

Insider Activity at 10x Genomics

In other news, CEO Serge Saxonov sold 25,000 shares of the business’s stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $81.22, for a total transaction of $2,030,500.00. Following the sale, the chief executive officer owned 1,050,249 shares in the company, valued at approximately $85,301,223.78. The trade was a 2.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Adam Taich sold 46,388 shares of 10x Genomics stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $64.57, for a total transaction of $2,995,273.16. Following the sale, the chief financial officer owned 316,344 shares of the company’s stock, valued at $20,426,332.08. The trade was a 12.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 179,333 shares of company stock valued at $11,810,070 over the last 90 days. Company insiders own 8.84% of the company’s stock.

Institutional Trading of 10x Genomics

Institutional investors have recently bought and sold shares of the business. Fifth Third Bancorp acquired a new position in 10x Genomics in the first quarter valued at approximately $50,000. Elevation Wealth Partners LLC grew its position in 10x Genomics by 332.3% in the second quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company’s stock worth $57,000 after acquiring an additional 1,143 shares during the period. Farther Finance Advisors LLC increased its stake in 10x Genomics by 29.9% during the third quarter. Farther Finance Advisors LLC now owns 934 shares of the company’s stock worth $84,000 after acquiring an additional 215 shares during the last quarter. Nykredit A S acquired a new stake in 10x Genomics during the second quarter worth $126,000. Finally, EverSource Wealth Advisors LLC increased its stake in 10x Genomics by 16.4% during the first quarter. EverSource Wealth Advisors LLC now owns 7,186 shares of the company’s stock worth $153,000 after acquiring an additional 1,012 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

10x Genomics Company Profile

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.