10x Genomics (NASDAQ:TXG) Downgraded to Hold at TD Cowen

TD Cowen lowered shares of 10x Genomics (NASDAQ:TXG) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. TD Cowen currently has $32.00 price target on the stock, down from their prior price target of $57.00.

Several other research firms have also commented on TXG. Barclays decreased their target price on shares of 10x Genomics from $55.00 to $45.00 and set an overweight rating on the stock in a report on Wednesday, April 10th. Stifel Nicolaus decreased their price objective on shares of 10x Genomics from $68.00 to $63.00 and set a buy rating on the stock in a research note on Friday, February 16th. Canaccord Genuity Group cut their target price on 10x Genomics from $65.00 to $50.00 and set a buy rating for the company in a research note on Monday. Finally, 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, 10x Genomics presently has an average rating of Moderate Buy and an average price target of $48.50.

10x Genomics Trading Down 8.1 %

Shares of TXG stock opened at $26.92 on Wednesday. The stock has a market cap of $3.21 billion, a P/E ratio of -12.07 and a beta of 1.94. 10x Genomics has a 1 year low of $24.60 and a 1 year high of $63.57. The stock has a 50 day simple moving average of $36.94 and a 200 day simple moving average of $42.40.

10x Genomics (NASDAQ:TXG) last released its earnings results on Tuesday, April 30th. The company reported ($0.50) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.50). 10x Genomics had a negative return on equity of 30.43% and a negative net margin of 42.20%. The firm had revenue of $141.01 million during the quarter, compared to the consensus estimate of $142.24 million. During the same period in the prior year, the company posted ($0.44) EPS. The company’s revenue was up 5.0% compared to the same quarter last year. Analysts forecast that 10x Genomics will post -1.47 EPS for the current year.

Insider Activity at 10x Genomics

In other news, CEO Serge Saxonov sold 4,660 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $44.00, for a total transaction of $205,040.00. Following the sale, the chief executive officer now directly owns 842,900 shares in the company, valued at $37,087,600. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Justin J. Mcanear sold 1,865 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $46.34, for a total transaction of $86,424.10. Following the completion of the transaction, the chief financial officer now directly owns 95,240 shares of the company’s stock, valued at approximately $4,413,421.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Serge Saxonov sold 4,660 shares of 10x Genomics stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $44.00, for a total value of $205,040.00. Following the transaction, the chief executive officer now directly owns 842,900 shares in the company, valued at $37,087,600. The disclosure for this sale can be found here. Insiders have sold a total of 12,959 shares of company stock valued at $592,806 in the last 90 days. 10.65% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of TXG. Capstone Investment Advisors LLC raised its stake in 10x Genomics by 191.6% during the first quarter. Capstone Investment Advisors LLC now owns 16,115 shares of the company’s stock worth $605,000 after buying an additional 10,589 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in 10x Genomics by 264.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 319,287 shares of the company’s stock worth $11,983,000 after acquiring an additional 231,697 shares during the period. Perigon Wealth Management LLC raised its position in shares of 10x Genomics by 46.7% in the 1st quarter. Perigon Wealth Management LLC now owns 14,168 shares of the company’s stock worth $532,000 after acquiring an additional 4,512 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of 10x Genomics by 113.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock worth $26,000 after acquiring an additional 371 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in shares of 10x Genomics by 260.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 63,400 shares of the company’s stock valued at $2,379,000 after purchasing an additional 45,814 shares during the period. Institutional investors and hedge funds own 84.68% 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.