10x Genomics (NASDAQ:TXG) Price Target Raised to $50.00

10x Genomics (NASDAQ:TXG) had its target price boosted by Canaccord Genuity Group from $32.00 to $50.00 in a research report sent to investors on Tuesday, MarketBeat.com reports. The firm currently has a buy rating on the stock.

TXG has been the subject of a number of other reports. Piper Sandler raised their target price on shares of 10x Genomics from $20.00 to $42.00 and gave the stock a “neutral” rating in a report on Wednesday, July 1st. Zacks Research downgraded 10x Genomics from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th. Bank of America raised their price objective on 10x Genomics from $21.00 to $30.00 and gave the stock a “neutral” rating in a research note on Monday, April 20th. Weiss Ratings restated a “sell (d-)” rating on shares of 10x Genomics in a report on Wednesday, June 24th. Finally, JPMorgan Chase & Co. boosted their target price on 10x Genomics from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 12th. Four equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, 10x Genomics presently has a consensus rating of “Hold” and a consensus price target of $30.42.

10x Genomics Stock Performance

TXG opened at $44.48 on Tuesday. The company has a market capitalization of $5.65 billion, a PE ratio of -261.65 and a beta of 2.05. The stock’s fifty day moving average is $31.71 and its 200-day moving average is $24.51. 10x Genomics has a one year low of $11.16 and a one year high of $46.32.

10x Genomics (NASDAQ:TXG) last released its earnings results on Thursday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.19. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.The firm had revenue of $150.84 million for the quarter, compared to analyst estimates of $146.41 million. During the same period in the previous year, the company earned ($0.28) earnings per share. 10x Genomics’s revenue was up 9.4% compared to the same quarter last year. On average, equities research analysts forecast that 10x Genomics will post -0.79 EPS for the current fiscal year.

Insider Transactions at 10x Genomics

In other 10x Genomics news, Director Shehnaaz Suliman sold 5,723 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $32.63, for a total transaction of $186,741.49. Following the transaction, the director directly owned 31,722 shares of the company’s stock, valued at $1,035,088.86. This represents a 15.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Benjamin J. Hindson sold 11,595 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total value of $283,381.80. Following the completion of the transaction, the insider directly owned 502,000 shares in the company, valued at $12,268,880. The trade was a 2.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 91,309 shares of company stock worth $2,581,357. 8.84% of the stock is owned by company insiders.

Hedge Funds Weigh In On 10x Genomics

A number of institutional investors have recently modified their holdings of the company. Elevation Wealth Partners LLC boosted its holdings in shares of 10x Genomics by 332.3% during the 2nd quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company’s stock worth $57,000 after buying an additional 1,143 shares during the period. Geneos Wealth Management Inc. acquired a new stake in shares of 10x Genomics in the fourth quarter valued at about $38,000. Larson Financial Group LLC lifted its position in shares of 10x Genomics by 164.4% during 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. Fifth Third Bancorp acquired a new position in shares of 10x Genomics during the 1st quarter worth about $50,000. Finally, Van ECK Associates Corp boosted its stake 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 period. Institutional investors own 84.68% of the company’s stock.

10x Genomics Company Profile

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.