10x Genomics (NASDAQ:TXG) Price Target Cut to $70.00 by Analysts at Barclays

10x Genomics (NASDAQ:TXG) had its price objective lowered by Barclays from $110.00 to $70.00 in a report released on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target would indicate a potential upside of 11.05% from the stock’s previous close.

A number of other brokerages have also recently issued reports on TXG. Piper Sandler upped their target price on 10x Genomics from $47.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, September 28th. Argus initiated coverage on 10x Genomics in a research report on Monday, September 28th. They set a “buy” rating and a $110.00 price target on the stock. Canaccord Genuity Group boosted their price objective on 10x Genomics from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Monday, October 12th. Citigroup boosted their price objective on 10x Genomics from $50.00 to $60.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Stifel Nicolaus increased their price objective on 10x Genomics from $50.00 to $68.00 and gave the company a “buy” rating in a report on Friday. Five analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, 10x Genomics has a consensus rating of “Hold” and an average price target of $65.40.

10x Genomics Trading Up 6.3%

Shares of NASDAQ TXG traded up $3.75 during mid-day trading on Monday, reaching $63.03. The company had a trading volume of 414,078 shares, compared to its average volume of 3,022,642. The firm has a 50 day simple moving average of $73.95 and a two-hundred day simple moving average of $41.59. The stock has a market cap of $8.21 billion, a P/E ratio of -121.57 and a beta of 2.03. 10x Genomics has a 52-week low of $15.12 and a 52-week high of $102.81.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings results on Thursday, November 5th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.12. 10x Genomics had a negative net margin of 10.84% and a negative return on equity of 8.26%. The firm had revenue of $150.67 million for the quarter, compared to analyst estimates of $147.96 million. During the same period last year, the business earned ($0.22) EPS. 10x Genomics’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, equities analysts expect that 10x Genomics will post -0.77 EPS for the current year.

Insider Activity at 10x Genomics

In other 10x Genomics news, CEO Serge Saxonov sold 25,000 shares of 10x Genomics stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $81.22, for a total value of $2,030,500.00. Following the transaction, the chief executive officer directly owned 1,050,249 shares in the company, valued at approximately $85,301,223.78. This trade represents a 2.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Adam Taich sold 46,388 shares of 10x Genomics stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $64.57, for a total value of $2,995,273.16. Following the completion of the transaction, the chief financial officer 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 sold 179,333 shares of company stock worth $11,810,070 in the last ninety days. Company insiders own 8.84% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

A number of hedge funds and other institutional investors have recently bought and sold shares of TXG. Carolina Wealth Advisors LLC purchased a new stake in 10x Genomics during the third quarter worth about $46,000. Fifth Third Bancorp purchased a new position in 10x Genomics in the first quarter valued at about $50,000. Elevation Wealth Partners LLC lifted its position in shares of 10x Genomics by 332.3% during the 2nd quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company’s stock valued at $57,000 after acquiring an additional 1,143 shares during the period. V Square Quantitative Management LLC acquired a new stake in shares of 10x Genomics during the 3rd quarter valued at approximately $68,000. Finally, Farther Finance Advisors LLC lifted its position in shares of 10x Genomics by 29.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 934 shares of the company’s stock valued at $84,000 after acquiring an additional 215 shares during the period. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

10x Genomics Company Profile

10x Genomics, Inc develops technology for studying biological systems at single-cell and spatial resolution. Its instruments, consumables and software help researchers analyze gene expression and other features of cells while preserving information about their location within tissue.

The company’s product platforms include Chromium for single-cell analysis, Visium for spatial gene-expression analysis and Xenium for in situ analysis of gene activity within tissue samples. Its tools are used in areas such as immunology, neuroscience, cancer research and drug discovery.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves research and clinical customers around the world, including academic institutions, biotechnology and pharmaceutical companies, and other research organizations.