10x Genomics (NASDAQ:TXG) Given Average Recommendation of “Hold” by Analysts

Shares of 10x Genomics (NASDAQ:TXG) have been assigned an average rating of “Hold” from the sixteen ratings firms that are presently covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, nine have issued a hold recommendation and four have given a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $16.8333.

A number of brokerages have issued reports on TXG. Leerink Partners lowered their price objective on 10x Genomics from $22.00 to $20.00 and set a “market perform” rating for the company in a research note on Tuesday, January 27th. Barclays lifted their price target on 10x Genomics from $17.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday, December 15th. UBS Group increased their price objective on shares of 10x Genomics from $13.00 to $14.00 and gave the company a “neutral” rating in a research report on Friday, November 7th. Piper Sandler raised their price objective on shares of 10x Genomics from $15.00 to $19.00 and gave the company a “neutral” rating in a research note on Tuesday, November 11th. Finally, Wall Street Zen downgraded shares of 10x Genomics from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th.

10x Genomics Price Performance

Shares of NASDAQ TXG opened at $19.28 on Wednesday. 10x Genomics has a 1 year low of $6.78 and a 1 year high of $23.56. The firm has a 50-day moving average of $18.64 and a 200 day moving average of $15.34. The stock has a market cap of $2.44 billion, a P/E ratio of -31.10 and a beta of 2.24.

10x Genomics (NASDAQ:TXG) last announced its earnings results on Thursday, November 6th. The company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $149.00 million during the quarter, compared to the consensus estimate of $142.50 million. During the same quarter last year, the firm earned ($0.30) earnings per share. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. Research analysts expect that 10x Genomics will post -1.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 10x Genomics news, CEO Serge Saxonov sold 13,261 shares of the business’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $19.00, for a total value of $251,959.00. Following the completion of the transaction, the chief executive officer owned 1,021,556 shares of the company’s stock, valued at approximately $19,409,564. The trade was a 1.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Adam Taich sold 11,888 shares of the company’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $19.00, for a total transaction of $225,872.00. Following the transaction, the chief financial officer owned 297,385 shares in the company, valued at $5,650,315. This represents a 3.84% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 33,432 shares of company stock valued at $635,208. Corporate insiders own 10.03% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC grew its position in 10x Genomics by 241.3% in the 2nd quarter. AQR Capital Management LLC now owns 4,137,801 shares of the company’s stock worth $47,916,000 after purchasing an additional 2,925,372 shares during the period. Millennium Management LLC boosted its stake in shares of 10x Genomics by 84.7% in the 3rd quarter. Millennium Management LLC now owns 5,437,969 shares of the company’s stock worth $63,570,000 after buying an additional 2,494,142 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of 10x Genomics by 126.6% in the 3rd quarter. Wellington Management Group LLP now owns 4,285,628 shares of the company’s stock worth $50,099,000 after buying an additional 2,394,355 shares during the last quarter. Quantinno Capital Management LP grew its holdings in shares of 10x Genomics by 207.2% in the second quarter. Quantinno Capital Management LP now owns 2,233,526 shares of the company’s stock worth $25,864,000 after acquiring an additional 1,506,530 shares during the period. Finally, Blue Water Life Science Advisors LP purchased a new stake in 10x Genomics during the second quarter valued at $12,746,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

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.