10x Genomics (NASDAQ:TXG) Stock Price Down 6.5% – Time to Sell?

Shares of 10x Genomics (NASDAQ:TXG) fell 6.5% on Monday. The company traded as low as $65.66 and last traded at $65.5610. Approximately 891,625 shares changed hands during trading, a decline of 70% from the average session volume of 2,995,744 shares. The stock had previously closed at $70.11.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TXG. Royal Bank Of Canada started coverage on 10x Genomics in a research note on Tuesday, September 1st. They set a “sector perform” rating and a $70.00 price objective for the company. Stifel Nicolaus set a $70.00 target price on 10x Genomics in a research note on Tuesday, October 13th. TD Cowen raised their price target on 10x Genomics from $47.00 to $70.00 and gave the company a “hold” rating in a report on Tuesday, October 13th. Canaccord Genuity Group lifted their price target on 10x Genomics from $60.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday, October 12th. Finally, Piper Sandler upped their price target on shares of 10x Genomics from $47.00 to $80.00 and gave the stock a “neutral” rating in a research note on Monday, September 28th. Five research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $68.00.

10x Genomics Trading Down 9.7%

The company has a market capitalization of $8.25 billion, a PE ratio of -107.43 and a beta of 2.03. The business’s fifty day moving average is $74.17 and its two-hundred day moving average is $40.56.

10x Genomics (NASDAQ:TXG) last issued its earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.10. The business had revenue of $151.04 million for the quarter, compared to the consensus estimate of $146.67 million. 10x Genomics had a negative return on equity of 9.33% and a negative net margin of 12.18%. The company’s revenue was down 12.7% compared to the same quarter last year. During the same period last year, the business posted $0.28 EPS. As a group, equities research analysts anticipate that 10x Genomics will post -0.77 EPS for the current year.

Insider Activity

In other news, CEO Serge Saxonov sold 25,000 shares of the company’s stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $81.22, for a total transaction of $2,030,500.00. Following the transaction, the chief executive officer directly owned 1,050,249 shares of the company’s stock, valued at $85,301,223.78. This represents a 2.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Shehnaaz Suliman sold 5,723 shares of the stock in a transaction on Tuesday, September 22nd. The shares were 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 in the company, valued at $1,931,672.48. This trade represents a 19.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 179,333 shares of company stock valued at $11,810,070. Corporate insiders own 8.84% of the company’s stock.

Institutional Trading of 10x Genomics

A number of institutional investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC raised its holdings in shares of 10x Genomics by 29.9% during the third quarter. Farther Finance Advisors LLC now owns 934 shares of the company’s stock valued at $84,000 after purchasing an additional 215 shares during the last quarter. GAMMA Investing LLC boosted its holdings in 10x Genomics by 8.7% in the third quarter. GAMMA Investing LLC now owns 4,668 shares of the company’s stock worth $422,000 after purchasing an additional 374 shares during the last quarter. Arizona State Retirement System grew its position in 10x Genomics by 1.5% in the 2nd quarter. Arizona State Retirement System now owns 29,223 shares of the company’s stock worth $1,120,000 after purchasing an additional 430 shares during the period. Carolina Wealth Advisors LLC bought a new stake in 10x Genomics in the 3rd quarter worth approximately $46,000. Finally, Nisa Investment Advisors LLC raised its stake in 10x Genomics by 11.7% during the 3rd quarter. Nisa Investment Advisors LLC now owns 6,239 shares of the company’s stock valued at $564,000 after buying an additional 653 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

About 10x Genomics

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.