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

10x Genomics, Inc. (NASDAQ:TXG) shares gapped down before the market opened on Thursday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $60.00 to $55.00. The stock had previously closed at $29.16, but opened at $27.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. 10x Genomics shares last traded at $27.89, with a volume of 409,343 shares changing hands.

TXG has been the subject of a number of other research reports. Barclays lowered their price target on 10x Genomics from $55.00 to $45.00 and set an “overweight” rating for the company in a research report on Wednesday, April 10th. Stifel Nicolaus decreased their target price on 10x Genomics from $68.00 to $63.00 and set a “buy” rating for the company in a research report on Friday, February 16th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $60.22.

Insider Transactions at 10x Genomics

In related news, CEO Serge Saxonov sold 4,660 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $44.00, for a total transaction of $205,040.00. Following the completion of the transaction, the chief executive officer now owns 842,900 shares of the company’s stock, valued at approximately $37,087,600. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Serge Saxonov sold 4,660 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $44.00, for a total transaction of $205,040.00. Following the completion of the transaction, the chief executive officer now owns 842,900 shares of the company’s stock, valued at approximately $37,087,600. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Benjamin J. Hindson sold 2,613 shares of the firm’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 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. In the last quarter, insiders sold 12,959 shares of company stock valued at $592,806. Corporate insiders own 10.65% of the company’s stock.

Institutional Trading of 10x Genomics

Institutional investors have recently added to or reduced their stakes in the business. SVB Wealth LLC boosted its stake in 10x Genomics by 92.1% during the 4th quarter. SVB Wealth LLC now owns 1,446,552 shares of the company’s stock valued at $80,949,000 after purchasing an additional 693,422 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in 10x Genomics by 32.9% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,283,530 shares of the company’s stock valued at $127,786,000 after purchasing an additional 565,059 shares during the last quarter. ARK Investment Management LLC boosted its stake in 10x Genomics by 35.0% during the 4th quarter. ARK Investment Management LLC now owns 4,041,287 shares of the company’s stock valued at $226,150,000 after purchasing an additional 1,047,827 shares during the last quarter. Bleakley Financial Group LLC purchased a new stake in 10x Genomics during the 4th quarter valued at $234,000. Finally, Vanguard Group Inc. boosted its stake in 10x Genomics by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 8,903,517 shares of the company’s stock valued at $367,270,000 after purchasing an additional 354,921 shares during the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

10x Genomics Trading Down 0.7 %

The firm has a 50 day simple moving average of $40.19 and a 200 day simple moving average of $43.01. The firm has a market capitalization of $3.45 billion, a PE ratio of -13.34 and a beta of 1.90.

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

About 10x Genomics

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.