10x Genomics (NASDAQ:TXG) Shares Gap Up on Analyst Upgrade

Shares of 10x Genomics (NASDAQ:TXG) gapped up prior to trading on Tuesday after William Blair upgraded the stock from a market perform rating to an outperform rating. The stock had previously closed at $19.81, but opened at $21.00. 10x Genomics shares last traded at $20.9670, with a volume of 150,356 shares traded.

A number of other research analysts also recently weighed in on TXG. UBS Group upped their target price on 10x Genomics from $14.00 to $20.00 and gave the stock a “neutral” rating in a report on Friday, February 20th. Morgan Stanley restated an “equal weight” rating and issued a $20.00 target price (up from $17.00) on shares of 10x Genomics in a research note on Monday, December 1st. Weiss Ratings restated a “sell (d-)” rating on shares of 10x Genomics in a research report on Friday. Leerink Partners reduced their price target on 10x Genomics from $22.00 to $20.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 27th. Finally, Canaccord Genuity Group set a $22.00 price objective on 10x Genomics in a report on Friday, February 13th. Five investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, 10x Genomics presently has an average rating of “Hold” and a consensus price target of $18.46.

Insiders Place Their Bets

In other news, CEO Serge Saxonov sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 24th. The stock was sold at an average price of $19.52, for a total value of $97,600.00. Following the sale, the chief executive officer directly owned 1,172,273 shares of the company’s stock, valued at $22,882,768.96. The trade was a 0.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Benjamin J. Hindson sold 7,826 shares of the company’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $18.58, for a total value of $145,407.08. Following the completion of the sale, the insider owned 424,779 shares in the company, valued at $7,892,393.82. The trade was a 1.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 41,426 shares of company stock worth $779,895. 10.03% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. bought a new position in shares of 10x Genomics during the fourth quarter valued at $38,000. Larson Financial Group LLC raised its position in shares of 10x Genomics by 164.4% in the 4th quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock worth $39,000 after purchasing an additional 1,470 shares during the last quarter. True Wealth Design LLC boosted its stake in 10x Genomics by 26.4% in the 3rd quarter. True Wealth Design LLC now owns 4,534 shares of the company’s stock worth $53,000 after purchasing an additional 948 shares in the last quarter. Abich Financial Wealth Management LLC purchased a new stake in 10x Genomics during the 3rd quarter valued at about $56,000. Finally, Van ECK Associates Corp grew its position in 10x Genomics by 85.9% during the 4th quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock valued at $60,000 after purchasing an additional 1,695 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

10x Genomics Trading Up 7.2%

The firm has a market capitalization of $2.71 billion, a P/E ratio of -60.66 and a beta of 2.20. The business’s 50 day simple moving average is $19.97 and its two-hundred day simple moving average is $17.09.

10x Genomics (NASDAQ:TXG) last issued its earnings results on Thursday, February 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.06. 10x Genomics had a negative net margin of 6.77% and a negative return on equity of 6.89%. The business had revenue of $166.03 million during the quarter, compared to analysts’ expectations of $160.35 million. During the same period in the previous year, the company earned ($0.40) earnings per share. The business’s revenue for the quarter was up .6% compared to the same quarter last year. Analysts predict that 10x Genomics will post -1.43 EPS for the current fiscal year.

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.