10x Genomics (NASDAQ:TXG) Shares Gap Down on Disappointing Earnings

Shares of 10x Genomics, Inc. (NASDAQ:TXG) gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $12.00, but opened at $11.15. 10x Genomics shares last traded at $11.70, with a volume of 1,314,605 shares.

The company reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.08). 10x Genomics had a negative net margin of 28.93% and a negative return on equity of 25.07%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on TXG shares. UBS Group lowered their target price on shares of 10x Genomics from $20.00 to $14.00 and set a “neutral” rating for the company in a report on Thursday. Morgan Stanley decreased their price objective on shares of 10x Genomics from $30.00 to $28.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. JPMorgan Chase & Co. reduced their target price on 10x Genomics from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday. Barclays lowered their price target on 10x Genomics from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Monday. Finally, Leerink Partners lowered shares of 10x Genomics from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $25.00 to $12.00 in a report on Thursday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $20.71.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. purchased a new stake in 10x Genomics during the 4th quarter worth about $26,308,000. ARK Investment Management LLC increased its stake in 10x Genomics by 15.4% in the third quarter. ARK Investment Management LLC now owns 10,750,345 shares of the company’s stock valued at $242,743,000 after purchasing an additional 1,436,582 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in 10x Genomics during the third quarter worth approximately $27,778,000. SVB Wealth LLC purchased a new stake in shares of 10x Genomics during the 4th quarter worth approximately $7,505,000. Finally, Trexquant Investment LP boosted its holdings in shares of 10x Genomics by 196.2% in the 4th quarter. Trexquant Investment LP now owns 594,611 shares of the company’s stock valued at $8,539,000 after buying an additional 393,854 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

10x Genomics Stock Performance

The stock’s 50-day moving average is $14.75 and its 200 day moving average is $17.43. The stock has a market capitalization of $1.45 billion, a PE ratio of -7.80 and a beta of 1.85.

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.