10x Genomics (NASDAQ:TXG) Stock Price Breaks Above Fifty Day Moving Average on Analyst Downgrade

10x Genomics (NASDAQ:TXG)’s stock price passed above its 50 day moving average during trading on Monday after TD Cowen raised their price target on the stock from $47.00 to $70.00. The stock has a 50 day moving average of $72.70 and traded as high as $74.45. TD Cowen currently has a hold rating on the stock. 10x Genomics shares last traded at $72.96, with a volume of 1,412,500 shares traded.

Several other equities research analysts have also weighed in on TXG. Stephens lifted their price target on 10x Genomics from $50.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, August 12th. Royal Bank Of Canada initiated coverage on 10x Genomics in a report on Tuesday, September 1st. They issued a “sector perform” rating and a $70.00 price objective for the company. UBS Group began coverage on 10x Genomics in a research report on Wednesday, September 9th. They set a “neutral” rating and a $68.00 price objective for the company. Citigroup boosted their target price on shares of 10x Genomics from $45.00 to $50.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Finally, Argus began coverage on shares of 10x Genomics in a research report on Monday, September 28th. They issued a “buy” rating and a $110.00 target price on the stock. Five investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $68.00.

Insider Activity at 10x Genomics

In other 10x Genomics news, Director Shehnaaz Suliman sold 5,723 shares of the business’s stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $81.19, for a total value of $464,650.37. Following the sale, the director directly owned 23,792 shares of the company’s stock, valued at approximately $1,931,672.48. The trade was a 19.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Adam Taich sold 46,388 shares of the business’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $64.57, for a total value of $2,995,273.16. Following the completion of the sale, the chief financial officer directly owned 316,344 shares in the company, valued at $20,426,332.08. This trade represents a 12.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 179,333 shares of company stock worth $11,810,070 over the last quarter. 8.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On 10x Genomics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Oppenheimer & Co. Inc. bought a new position in 10x Genomics in the 3rd quarter worth about $304,000. Maxi Investments CY Ltd increased its stake in 10x Genomics by 270.3% during the 3rd quarter. Maxi Investments CY Ltd now owns 61,100 shares of the company’s stock valued at $5,521,000 after purchasing an additional 44,600 shares in the last quarter. Revolve Wealth Partners LLC purchased a new position in 10x Genomics in the third quarter worth about $245,000. Carolina Wealth Advisors LLC purchased a new position in 10x Genomics in the third quarter worth about $46,000. Finally, Winthrop Advisory Group LLC purchased a new position in 10x Genomics in the third quarter worth about $316,000. 84.68% of the stock is currently owned by institutional investors.

10x Genomics Price Performance

The firm’s 50 day moving average price is $72.70 and its 200-day moving average price is $39.39. The stock has a market cap of $9.51 billion, a P/E ratio of -123.66 and a beta of 1.99.

10x Genomics (NASDAQ:TXG) last posted its earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.10. 10x Genomics had a negative return on equity of 9.33% and a negative net margin of 12.18%. The business had revenue of $151.04 million during the quarter, compared to analyst estimates of $146.67 million. During the same quarter last year, the company earned $0.28 EPS. The company’s quarterly revenue was down 12.7% compared to the same quarter last year. On average, analysts expect that 10x Genomics will post -0.77 earnings per share for the current year.

10x Genomics Company Profile

10x Genomics, Inc is a life sciences technology company that develops tools for analyzing biological systems at the single-cell and spatial levels. Its technologies are designed to help researchers study gene expression, cellular interactions, tissue organization and other biological processes in greater detail than conventional laboratory methods.

The company’s product portfolio includes the Chromium platform for single-cell analysis, the Visium platform for spatial transcriptomics, and the Xenium platform for high-resolution in situ analysis of tissue samples.