10x Genomics (NASDAQ:TXG) Shares Gap Down to $37.37

10x Genomics, Inc. (NASDAQ:TXG) gapped down before the market opened on Wednesday . The stock had previously closed at $37.37, but opened at $35.33. 10x Genomics shares last traded at $35.56, with a volume of 47,155 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TXG. Bank of America raised 10x Genomics from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $36.00 to $54.00 in a research report on Tuesday, December 12th. Wolfe Research began coverage on 10x Genomics in a research report on Wednesday, December 13th. They set an “outperform” rating and a $55.00 target price on the stock. Guggenheim began coverage on 10x Genomics in a research report on Thursday, December 14th. They set a “buy” rating and a $60.00 target price on the stock. Barclays lifted their target price on 10x Genomics from $45.00 to $55.00 and gave the company an “overweight” rating in a research report on Thursday, January 25th. Finally, Stifel Nicolaus cut their target price on 10x Genomics from $68.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, February 16th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, 10x Genomics currently has an average rating of “Moderate Buy” and a consensus price target of $62.13.

10x Genomics Price Performance

The company has a 50-day simple moving average of $41.88 and a two-hundred day simple moving average of $43.46.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings data on Thursday, February 15th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.05). 10x Genomics had a negative return on equity of 28.82% and a negative net margin of 41.17%. The business had revenue of $183.98 million during the quarter, compared to analysts’ expectations of $182.73 million. During the same period in the prior year, the firm posted ($0.15) EPS. The firm’s revenue for the quarter was up 17.8% on a year-over-year basis. As a group, equities analysts expect that 10x Genomics, Inc. will post -1.47 EPS for the current year.

Insiders Place Their Bets

In other 10x Genomics news, insider Benjamin J. Hindson sold 2,613 shares of the business’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $46.34, for a total value of $121,086.42. Following the sale, the insider now directly owns 283,059 shares in the company, valued at $13,116,954.06. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other 10x Genomics news, CEO Serge Saxonov sold 1,000 shares of the business’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $49.53, for a total value of $49,530.00. Following the sale, the chief executive officer now directly owns 855,381 shares in the company, valued at $42,367,020.93. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Benjamin J. Hindson sold 2,613 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $46.34, for a total value of $121,086.42. Following the completion of the sale, the insider now owns 283,059 shares in the company, valued at $13,116,954.06. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,959 shares of company stock valued at $773,766. Insiders own 10.65% of the company’s stock.

Institutional Trading of 10x Genomics

Hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its stake in shares of 10x Genomics by 17.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,299 shares of the company’s stock valued at $73,000 after purchasing an additional 197 shares during the period. Atlas Capital Advisors LLC raised its stake in shares of 10x Genomics by 14.2% during the 4th quarter. Atlas Capital Advisors LLC now owns 1,934 shares of the company’s stock valued at $108,000 after purchasing an additional 240 shares during the period. UMB Bank n.a. raised its stake in shares of 10x Genomics by 51.6% during the 4th quarter. UMB Bank n.a. now owns 782 shares of the company’s stock valued at $44,000 after purchasing an additional 266 shares during the period. Comerica Bank raised its stake in shares of 10x Genomics by 22.0% during the 4th quarter. Comerica Bank now owns 1,887 shares of the company’s stock valued at $106,000 after purchasing an additional 340 shares during the period. Finally, Van ECK Associates Corp raised its stake in shares of 10x Genomics by 23.4% during the 4th quarter. Van ECK Associates Corp now owns 1,908 shares of the company’s stock valued at $107,000 after purchasing an additional 362 shares during the period. 84.68% of the stock is currently owned by institutional investors.

About 10x Genomics

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.