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

10x Genomics, Inc. (NASDAQ:TXGGet Free Report)’s stock price gapped down prior to trading on Wednesday after Deutsche Bank Aktiengesellschaft downgraded the stock from a buy rating to a hold rating. The stock had previously closed at $18.25, but opened at $16.69. Deutsche Bank Aktiengesellschaft now has a $25.00 price target on the stock, down from their previous price target of $55.00. 10x Genomics shares last traded at $15.60, with a volume of 786,507 shares.

Other analysts have also recently issued reports about the stock. Stifel Nicolaus decreased their price objective on shares of 10x Genomics from $63.00 to $53.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. Bank of America decreased their price objective on shares of 10x Genomics from $45.00 to $36.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. Canaccord Genuity Group decreased their price objective on shares of 10x Genomics from $65.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, April 29th. Wolfe Research reaffirmed a “peer perform” rating on shares of 10x Genomics in a research note on Thursday, June 27th. Finally, Barclays decreased their price objective on shares of 10x Genomics from $36.00 to $24.00 and set an “overweight” rating on the stock in a research note on Friday, June 28th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $41.92.

Read Our Latest Stock Analysis on TXG

Insider Activity

In related news, CEO Serge Saxonov sold 4,877 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $24.30, for a total value of $118,511.10. Following the transaction, the chief executive officer now directly owns 889,641 shares in the company, valued at $21,618,276.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Serge Saxonov sold 4,877 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $24.30, for a total value of $118,511.10. Following the transaction, the chief executive officer now directly owns 889,641 shares in the company, valued at $21,618,276.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Justin J. Mcanear sold 2,936 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $24.30, for a total transaction of $71,344.80. Following the completion of the transaction, the chief financial officer now owns 146,203 shares in the company, valued at $3,552,732.90. The disclosure for this sale can be found here. Insiders have sold 11,900 shares of company stock valued at $289,170 over the last three months. 10.03% of the stock is owned by insiders.

Hedge Funds Weigh In On 10x Genomics

Several large investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC raised its holdings in 10x Genomics by 113.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock worth $26,000 after purchasing an additional 371 shares during the period. Covestor Ltd raised its holdings in 10x Genomics by 501.7% in the first quarter. Covestor Ltd now owns 1,047 shares of the company’s stock worth $39,000 after purchasing an additional 873 shares during the period. UMB Bank n.a. raised its holdings in 10x Genomics by 51.6% in the fourth quarter. UMB Bank n.a. now owns 782 shares of the company’s stock worth $44,000 after purchasing an additional 266 shares during the period. Harvest Fund Management Co. Ltd acquired a new stake in 10x Genomics in the fourth quarter worth $66,000. Finally, Headlands Technologies LLC acquired a new stake in 10x Genomics in the first quarter worth $71,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

10x Genomics Stock Down 13.9 %

The company’s fifty day simple moving average is $22.10 and its two-hundred day simple moving average is $34.90. The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of -7.04 and a beta of 1.84.

10x Genomics (NASDAQ:TXGGet Free Report) last posted its earnings results on Tuesday, April 30th. The company reported ($0.50) earnings per share for the quarter, hitting the consensus estimate of ($0.50). 10x Genomics had a negative net margin of 42.20% and a negative return on equity of 30.85%. The company had revenue of $141.01 million for the quarter, compared to analyst estimates of $142.24 million. During the same period last year, the business posted ($0.44) earnings per share. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. Equities research analysts expect that 10x Genomics, Inc. will post -1.53 earnings per share for the current year.

10x Genomics Company Profile

(Get Free Report)

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.

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