10x Genomics (NASDAQ:TXG) Given New $32.00 Price Target at Canaccord Genuity Group

10x Genomics (NASDAQ:TXG) had its target price increased by Canaccord Genuity Group from $22.00 to $32.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also recently weighed in on TXG. Deutsche Bank Aktiengesellschaft set a $17.00 target price on 10x Genomics and gave the stock a “hold” rating in a research note on Friday, February 13th. Citigroup increased their price target on shares of 10x Genomics from $18.00 to $24.00 and gave the company a “neutral” rating in a research note on Tuesday, April 7th. Barclays boosted their price objective on shares of 10x Genomics from $22.00 to $30.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 14th. Leerink Partners lowered their target price on shares of 10x Genomics from $22.00 to $20.00 and set a “market perform” rating for the company in a report on Tuesday, January 27th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 10x Genomics in a research report on Friday, March 27th. 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’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $20.82.

10x Genomics Price Performance

10x Genomics stock opened at $24.59 on Monday. 10x Genomics has a 1-year low of $7.25 and a 1-year high of $26.44. The stock has a market cap of $3.14 billion, a PE ratio of -70.26 and a beta of 2.17. The stock’s fifty day moving average is $20.81 and its two-hundred day moving average is $18.18.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings results on Thursday, February 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping 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 company had revenue of $166.03 million during the quarter, compared to the consensus estimate of $160.35 million. During the same period in the previous year, the business earned ($0.40) EPS. 10x Genomics’s revenue for the quarter was up .6% on a year-over-year basis. On average, research analysts expect that 10x Genomics will post -0.74 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Adam Taich sold 8,968 shares of the firm’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 transaction, the chief financial officer owned 288,417 shares of the company’s stock, valued at $5,358,787.86. This trade represents a 3.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Serge Saxonov sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $19.13, for a total value of $191,300.00. Following the sale, the chief executive officer directly owned 1,177,273 shares of the company’s stock, valued at approximately $22,521,232.49. This represents a 0.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 46,426 shares of company stock valued at $902,695 over the last quarter. 10.03% of the stock is currently owned by insiders.

Institutional Investors Weigh In On 10x Genomics

Several large investors have recently modified their holdings of TXG. Intech Investment Management LLC grew its position in 10x Genomics by 1.4% in the 4th quarter. Intech Investment Management LLC now owns 40,047 shares of the company’s stock valued at $653,000 after buying an additional 567 shares during the last quarter. Arizona State Retirement System increased its stake in 10x Genomics by 3.0% in the 3rd quarter. Arizona State Retirement System now owns 29,586 shares of the company’s stock valued at $346,000 after buying an additional 872 shares during the period. Certuity LLC raised its position in 10x Genomics by 4.7% during the 4th quarter. Certuity LLC now owns 20,204 shares of the company’s stock worth $330,000 after buying an additional 904 shares during the last quarter. Versant Capital Management Inc raised its position in 10x Genomics by 3.3% during the 3rd quarter. Versant Capital Management Inc now owns 29,364 shares of the company’s stock worth $343,000 after buying an additional 945 shares during the last quarter. Finally, True Wealth Design LLC lifted its stake in shares of 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 acquiring an additional 948 shares during the period. 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.