Canaccord Genuity Group Issues Positive Forecast for 10x Genomics (NASDAQ:TXG) Stock Price

10x Genomics (NASDAQ:TXG) had its price target raised by Canaccord Genuity Group from $19.00 to $20.00 in a report issued on Monday, Marketbeat reports. They currently have a buy rating on the stock.

Other equities analysts have also issued research reports about the company. JPMorgan Chase & Co. lifted their price target on 10x Genomics from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Friday, November 7th. Wall Street Zen cut 10x Genomics from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. Zacks Research downgraded 10x Genomics from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. UBS Group lifted their price target on shares of 10x Genomics from $13.00 to $14.00 and gave the company a “neutral” rating in a research note on Friday, November 7th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of 10x Genomics in a report on Monday, December 8th. Four equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $15.81.

10x Genomics Price Performance

Shares of NASDAQ TXG opened at $16.94 on Monday. The stock has a market capitalization of $2.14 billion, a price-to-earnings ratio of -27.32 and a beta of 2.14. The firm’s 50 day simple moving average is $15.57 and its 200-day simple moving average is $13.61. 10x Genomics has a 12 month low of $6.78 and a 12 month high of $20.34.

10x Genomics (NASDAQ:TXG) last posted its earnings results on Thursday, November 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.05. 10x Genomics had a negative net margin of 11.89% and a negative return on equity of 11.50%. The firm had revenue of $149.00 million during the quarter, compared to analysts’ expectations of $142.50 million. During the same period in the previous year, the business posted ($0.30) EPS. The business’s revenue was down 1.7% compared to the same quarter last year. Analysts anticipate that 10x Genomics will post -1.43 earnings per share for the current fiscal year.

Insider Transactions at 10x Genomics

In other 10x Genomics news, CFO Adam Taich sold 11,888 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $19.00, for a total value of $225,872.00. Following the transaction, the chief financial officer directly owned 297,385 shares of the company’s stock, valued at $5,650,315. This trade represents a 3.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Benjamin J. Hindson sold 8,283 shares of the business’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $19.00, for a total value of $157,377.00. Following the transaction, the insider owned 432,605 shares in the company, valued at approximately $8,219,495. This represents a 1.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 33,432 shares of company stock valued at $635,208. Corporate insiders own 10.03% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

A number of institutional investors have recently added to or reduced their stakes in the stock. Amundi increased its stake in 10x Genomics by 16,013.7% during the first quarter. Amundi now owns 320,340 shares of the company’s stock worth $2,553,000 after purchasing an additional 318,352 shares during the period. Jump Financial LLC increased its stake in 10x Genomics by 130.2% during the 2nd quarter. Jump Financial LLC now owns 1,041,051 shares of the company’s stock worth $12,055,000 after buying an additional 588,769 shares during the period. Goldman Sachs Group Inc. lifted its holdings in 10x Genomics by 163.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 645,366 shares of the company’s stock worth $5,634,000 after buying an additional 400,430 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in 10x Genomics by 235.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,103,768 shares of the company’s stock valued at $62,016,000 after buying an additional 4,987,195 shares during the period. Finally, Pallas Capital Advisors LLC grew its stake in shares of 10x Genomics by 138.8% in the second quarter. Pallas Capital Advisors LLC now owns 56,776 shares of the company’s stock worth $657,000 after acquiring an additional 32,996 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

About 10x Genomics

10x Genomics, Inc is a biotechnology company specializing in advanced genomic analysis solutions that enable researchers to explore biology at unprecedented resolution. The company develops and manufactures integrated hardware, consumables and software products for single-cell sequencing and spatial genomics. Its flagship Chromium product line supports applications in single-cell RNA sequencing, immune profiling and genome assembly, while the Visium and Xenium platforms offer spatial transcriptomics and in situ analysis, respectively.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves a global customer base that includes academic institutions, pharmaceutical and biotechnology companies, and government research organizations.