10x Genomics (NASDAQ:TXG) Shares Gap Down After Analyst Downgrade

Shares of 10x Genomics, Inc. (NASDAQ:TXG) gapped down before the market opened on Wednesday after Barclays lowered their price target on the stock from $55.00 to $45.00. The stock had previously closed at $37.37, but opened at $35.33. Barclays currently has an overweight rating on the stock. 10x Genomics shares last traded at $35.56, with a volume of 47,155 shares traded.

A number of other research firms also recently issued reports on TXG. Bank of America raised 10x Genomics from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $36.00 to $54.00 in a research report on Tuesday, December 12th. Stifel Nicolaus dropped their price objective on 10x Genomics from $68.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, February 16th. Guggenheim started coverage on shares of 10x Genomics in a research note on Thursday, December 14th. They issued a “buy” rating and a $60.00 target price for the company. Finally, Wolfe Research began coverage on shares of 10x Genomics in a research note on Wednesday, December 13th. They issued an “outperform” rating and a $55.00 price target for the company. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $60.88.

Insiders Place Their Bets

In other news, insider Benjamin J. Hindson sold 2,613 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $46.34, for a total value of $121,086.42. Following the completion of the transaction, the insider now directly owns 283,059 shares in the company, valued at approximately $13,116,954.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Serge Saxonov sold 1,000 shares of 10x Genomics stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $49.53, for a total transaction of $49,530.00. Following the sale, the chief executive officer now directly owns 855,381 shares of the company’s stock, valued at approximately $42,367,020.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benjamin J. Hindson sold 2,613 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $46.34, for a total transaction of $121,086.42. Following the completion of the transaction, the insider now directly owns 283,059 shares of the company’s stock, valued at approximately $13,116,954.06. The disclosure for this sale can be found here. Insiders have sold a total of 16,959 shares of company stock worth $773,766 in the last 90 days. Company insiders own 10.65% of the company’s stock.

Institutional Trading of 10x Genomics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in 10x Genomics by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 9,011,332 shares of the company’s stock worth $504,274,000 after purchasing an additional 107,815 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of 10x Genomics by 0.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 372,873 shares of the company’s stock worth $20,866,000 after purchasing an additional 1,815 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of 10x Genomics by 2.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 38,446 shares of the company’s stock valued at $2,151,000 after buying an additional 1,051 shares during the period. Employees Retirement System of Texas bought a new position in 10x Genomics in the 4th quarter valued at approximately $463,000. Finally, Legal & General Group Plc raised its holdings in 10x Genomics by 0.6% in the 4th quarter. Legal & General Group Plc now owns 84,355 shares of the company’s stock valued at $4,721,000 after buying an additional 501 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

10x Genomics Trading Up 2.9 %

The firm’s 50-day moving average is $41.61 and its 200 day moving average is $43.36.

10x Genomics (NASDAQ:TXG) last issued its quarterly earnings results on Thursday, February 15th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.05). 10x Genomics had a negative return on equity of 28.82% and a negative net margin of 41.17%. The business had revenue of $183.98 million for the quarter, compared to analyst estimates of $182.73 million. During the same quarter last year, the firm posted ($0.15) EPS. 10x Genomics’s revenue for the quarter was up 17.8% on a year-over-year basis. Analysts predict that 10x Genomics, Inc. will post -1.47 earnings per share for the current year.

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.