10x Genomics (NASDAQ:TXG) Stock Price Up 9.5% – What’s Next?

10x Genomics (NASDAQ:TXG)’s share price rose 9.5% during mid-day trading on Thursday . The stock traded as high as $34.93 and last traded at $35.2190. Approximately 852,668 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 2,650,484 shares. The stock had previously closed at $32.16.

Wall Street Analyst Weigh In

TXG has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 10x Genomics in a report on Friday, March 27th. Canaccord Genuity Group boosted their price objective on shares of 10x Genomics from $22.00 to $32.00 and gave the company a “buy” rating in a report on Monday, April 20th. William Blair raised shares of 10x Genomics from a “market perform” rating to an “outperform” rating in a report on Tuesday, March 31st. Stifel Nicolaus boosted their price objective on shares of 10x Genomics from $20.00 to $25.00 and gave the company a “buy” rating in a report on Monday, March 2nd. Finally, TD Cowen boosted their price objective on shares of 10x Genomics from $18.00 to $19.00 and gave the company a “hold” rating in a report on Friday, February 13th. Four research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $23.17.

10x Genomics Stock Down 7.3%

The firm has a market capitalization of $3.94 billion, a PE ratio of -182.59 and a beta of 2.12. The stock’s fifty day simple moving average is $23.65 and its 200 day simple moving average is $20.56.

10x Genomics (NASDAQ:TXG) last announced its earnings results on Thursday, May 7th. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.19. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.86%. The business had revenue of $150.84 million during the quarter, compared to analysts’ expectations of $146.41 million. During the same period in the prior year, the company earned ($0.28) earnings per share. The firm’s revenue was up 9.4% on a year-over-year basis. On average, analysts predict that 10x Genomics will post -0.79 EPS for the current year.

Insiders Place Their Bets

In other 10x Genomics news, CEO Serge Saxonov sold 18,175 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total value of $444,197.00. Following the completion of the transaction, the chief executive officer directly owned 1,149,098 shares in the company, valued at $28,083,955.12. This represents a 1.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Benjamin J. Hindson sold 11,595 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $24.44, for a total transaction of $283,381.80. Following the completion of the transaction, the insider owned 502,000 shares of the company’s stock, valued at approximately $12,268,880. The trade was a 2.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 75,586 shares of company stock worth $1,773,116 over the last three months. 8.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On 10x Genomics

Hedge funds have recently modified their holdings of the company. Geneos Wealth Management Inc. bought a new position in shares of 10x Genomics in the fourth quarter worth approximately $38,000. Larson Financial Group LLC boosted its position in shares of 10x Genomics by 164.4% in the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock worth $39,000 after purchasing an additional 1,470 shares during the period. Fifth Third Bancorp bought a new position in shares of 10x Genomics in the first quarter worth approximately $50,000. Abich Financial Wealth Management LLC bought a new position in shares of 10x Genomics in the third quarter worth approximately $56,000. Finally, Van ECK Associates Corp boosted its position in shares of 10x Genomics by 85.9% in the fourth quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock worth $60,000 after purchasing an additional 1,695 shares during the period. 84.68% of the stock is currently owned by institutional investors.

About 10x Genomics

10x Genomics, Inc is a biotechnology company specializing in advanced genomic analysis solutions that enable researchers to explore biology at unprecedented resolution. The company develops and manufactures integrated hardware, consumables and software products for single-cell sequencing and spatial genomics. Its flagship Chromium product line supports applications in single-cell RNA sequencing, immune profiling and genome assembly, while the Visium and Xenium platforms offer spatial transcriptomics and in situ analysis, respectively.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves a global customer base that includes academic institutions, pharmaceutical and biotechnology companies, and government research organizations.