10x Genomics (NASDAQ:TXG) Price Target Raised to $24.00 at Citigroup

10x Genomics (NASDAQ:TXG) had its price objective raised by Citigroup from $18.00 to $24.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms also recently weighed in on TXG. Canaccord Genuity Group set a $22.00 price target on 10x Genomics in a research note on Friday, February 13th. Leerink Partners decreased their price objective on shares of 10x Genomics from $22.00 to $20.00 and set a “market perform” rating on the stock in a report on Tuesday, January 27th. TD Cowen boosted their price objective on shares of 10x Genomics from $18.00 to $19.00 and gave the stock a “hold” rating in a report on Friday, February 13th. Bank of America set a $21.00 price objective on shares of 10x Genomics in a report on Monday, January 12th. Finally, UBS Group boosted their price objective on shares of 10x Genomics from $14.00 to $20.00 and gave the stock a “neutral” rating in a report on Friday, February 20th. Five analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $18.89.

10x Genomics Stock Down 0.3%

Shares of NASDAQ:TXG opened at $21.82 on Tuesday. 10x Genomics has a fifty-two week low of $6.94 and a fifty-two week high of $23.56. The company has a market cap of $2.79 billion, a price-to-earnings ratio of -62.34 and a beta of 2.17. The firm’s 50-day simple moving average is $19.93 and its 200-day simple moving average is $17.40.

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

Insiders Place Their Bets

In other 10x Genomics news, CFO Adam Taich sold 8,968 shares of the business’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $18.58, for a total transaction of $166,625.44. Following the sale, the chief financial officer directly owned 288,417 shares in the company, valued at approximately $5,358,787.86. The trade was a 3.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benjamin J. Hindson sold 7,826 shares of the company’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $18.58, for a total transaction of $145,407.08. Following the completion of the sale, the insider directly owned 424,779 shares in the company, valued at $7,892,393.82. This trade represents a 1.81% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 41,426 shares of company stock worth $779,895. 9.39% of the stock is owned by corporate insiders.

Institutional Trading of 10x Genomics

Institutional investors and hedge funds have recently modified their holdings of the business. Geneos Wealth Management Inc. purchased a new stake in shares of 10x Genomics in the fourth quarter valued at $38,000. Larson Financial Group LLC lifted its position in shares of 10x Genomics by 164.4% in the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock valued at $39,000 after acquiring an additional 1,470 shares in the last quarter. True Wealth Design LLC lifted its position in shares of 10x Genomics by 26.4% in the third quarter. True Wealth Design LLC now owns 4,534 shares of the company’s stock valued at $53,000 after acquiring an additional 948 shares in the last quarter. Abich Financial Wealth Management LLC purchased a new stake in shares of 10x Genomics in the third quarter valued at $56,000. Finally, Van ECK Associates Corp lifted its position in shares of 10x Genomics by 85.9% in the fourth quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock valued at $60,000 after acquiring an additional 1,695 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.