10x Genomics (NASDAQ:TXG) Posts Quarterly Earnings Results, Meets Expectations

10x Genomics (NASDAQ:TXG) issued its quarterly earnings results on Tuesday. The company reported ($0.50) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.50), Yahoo Finance reports. The business had revenue of $141.01 million for the quarter, compared to the consensus estimate of $142.24 million. 10x Genomics had a negative return on equity of 28.82% and a negative net margin of 41.17%. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.44) earnings per share. 10x Genomics updated its FY 2024 guidance to EPS.

10x Genomics Stock Performance

Shares of 10x Genomics stock opened at $29.28 on Wednesday. 10x Genomics has a fifty-two week low of $26.30 and a fifty-two week high of $63.57. The company’s 50 day moving average price is $36.94 and its two-hundred day moving average price is $42.40.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft reduced their target price on 10x Genomics from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Thursday, April 18th. Canaccord Genuity Group reduced their price objective on shares of 10x Genomics from $65.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday. Stifel Nicolaus dropped their target price on shares of 10x Genomics from $68.00 to $63.00 and set a “buy” rating for the company in a research report on Friday, February 16th. Finally, Barclays reduced their price target on shares of 10x Genomics from $55.00 to $45.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 10th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, 10x Genomics presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.00.

Insider Transactions at 10x Genomics

In related 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 transaction of $49,530.00. Following the sale, the chief executive officer now owns 855,381 shares in the company, valued at approximately $42,367,020.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other 10x Genomics news, CEO Serge Saxonov sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $49.53, for a total transaction of $49,530.00. Following the sale, the chief executive officer now directly owns 855,381 shares of the company’s stock, valued at approximately $42,367,020.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benjamin J. Hindson sold 2,613 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $46.34, for a total transaction of $121,086.42. Following the completion of the transaction, the insider now owns 283,059 shares of the company’s stock, valued at $13,116,954.06. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,959 shares of company stock worth $592,806. Corporate insiders own 10.65% of the company’s stock.

10x Genomics Company Profile

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.