10x Genomics (NASDAQ:TXG) Hits New 52-Week High Following Analyst Upgrade

10x Genomics (NASDAQ:TXG) hit a new 52-week high during trading on Wednesday after Citigroup raised their price target on the stock from $18.00 to $24.00. Citigroup currently has a neutral rating on the stock. 10x Genomics traded as high as $23.65 and last traded at $23.04, with a volume of 315446 shares. The stock had previously closed at $21.82.

Several other brokerages also recently commented on TXG. Leerink Partners cut their target price 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 raised their target price on 10x Genomics from $17.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, December 15th. Weiss Ratings restated a “sell (d-)” rating on shares of 10x Genomics in a research note on Friday, March 27th. TD Cowen raised their target price on 10x Genomics from $18.00 to $19.00 and gave the stock a “hold” rating in a research note on Friday, February 13th. Finally, Canaccord Genuity Group set a $22.00 target price on 10x Genomics in a research note on Friday, February 13th. Five equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $18.89.

Insider Transactions at 10x Genomics

In other news, CFO Adam Taich sold 8,968 shares of the business’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $18.58, for a total transaction of $166,625.44. Following the completion of the transaction, the chief financial officer owned 288,417 shares of the company’s stock, valued at approximately $5,358,787.86. The trade was a 3.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Serge Saxonov sold 10,000 shares of the business’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $19.13, for a total value of $191,300.00. Following the transaction, the chief executive officer directly owned 1,177,273 shares of the company’s stock, valued at $22,521,232.49. The trade was a 0.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 41,426 shares of company stock valued at $779,895. 9.39% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Rockefeller Capital Management L.P. grew its holdings in shares of 10x Genomics by 170.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 17,186 shares of the company’s stock worth $280,000 after purchasing an additional 10,830 shares in the last quarter. Corient Private Wealth LLC lifted its position in 10x Genomics by 129.9% in the 4th quarter. Corient Private Wealth LLC now owns 149,027 shares of the company’s stock worth $2,427,000 after buying an additional 84,197 shares during the last quarter. Invesco Ltd. lifted its position in 10x Genomics by 21.2% in the 4th quarter. Invesco Ltd. now owns 334,300 shares of the company’s stock worth $5,452,000 after buying an additional 58,537 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its position in 10x Genomics by 79.7% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 83,266 shares of the company’s stock worth $1,358,000 after buying an additional 36,938 shares during the last quarter. Finally, EP Wealth Advisors LLC bought a new stake in 10x Genomics in the 4th quarter worth approximately $188,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

10x Genomics Stock Performance

The stock has a 50-day moving average of $19.97 and a two-hundred day moving average of $17.44. The company has a market cap of $2.94 billion, a P/E ratio of -65.77 and a beta of 2.17.

10x Genomics (NASDAQ:TXG) last released its earnings results on Thursday, February 12th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.06. The company had revenue of $166.03 million during the quarter, compared to the consensus estimate of $160.35 million. 10x Genomics had a negative return on equity of 6.89% and a negative net margin of 6.77%.10x Genomics’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.40) EPS. As a group, sell-side analysts forecast 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.