10x Genomics (NASDAQ:TXG) Sets New 1-Year High – Here’s Why

10x Genomics (NASDAQ:TXG)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $26.45 and last traded at $25.6050, with a volume of 2035278 shares changing hands. The stock had previously closed at $26.08.

Analysts Set New Price Targets

A number of brokerages have recently commented on TXG. TD Cowen raised their price objective on shares of 10x Genomics from $18.00 to $19.00 and gave the stock a “hold” rating in a research note on Friday, February 13th. Stifel Nicolaus raised their target price on shares of 10x Genomics from $20.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. William Blair upgraded shares of 10x Genomics from a “market perform” rating to an “outperform” rating in a report on Tuesday, March 31st. Barclays increased their price target on 10x Genomics from $22.00 to $30.00 and gave the stock an “overweight” rating in a report on Tuesday, April 14th. Finally, 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 research note on Tuesday, January 27th. Five research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $19.46.

10x Genomics Stock Down 3.4%

The stock has a market capitalization of $3.22 billion, a PE ratio of -72.24 and a beta of 2.17. The business’s 50-day moving average is $20.69 and its two-hundred day moving average is $18.09.

10x Genomics (NASDAQ:TXG) last issued its quarterly earnings data 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 return on equity of 6.89% and a negative net margin of 6.77%.The company had revenue of $166.03 million for the quarter, compared to analyst estimates of $160.35 million. During the same quarter last year, the company posted ($0.40) earnings per share. The business’s quarterly revenue was up .6% compared to the same quarter last year. As a group, analysts anticipate that 10x Genomics will post -1.43 EPS for the current year.

Insider Buying and Selling

In other 10x Genomics news, insider Benjamin J. Hindson sold 7,826 shares of 10x Genomics stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $18.58, for a total transaction of $145,407.08. Following the transaction, the insider owned 424,779 shares of the company’s stock, valued at $7,892,393.82. The trade was a 1.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Adam Taich sold 8,968 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $18.58, for a total value of $166,625.44. Following the completion of the sale, the chief financial officer owned 288,417 shares of the company’s stock, valued at approximately $5,358,787.86. This represents a 3.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 46,426 shares of company stock worth $902,695 in the last quarter. 10.03% of the stock is owned by insiders.

Institutional Trading of 10x Genomics

Several institutional investors and hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC boosted its stake in 10x Genomics by 241.3% during the 2nd quarter. AQR Capital Management LLC now owns 4,137,801 shares of the company’s stock worth $47,916,000 after purchasing an additional 2,925,372 shares during the period. Millennium Management LLC raised its holdings in shares of 10x Genomics by 84.7% in the third quarter. Millennium Management LLC now owns 5,437,969 shares of the company’s stock valued at $63,570,000 after buying an additional 2,494,142 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of 10x Genomics by 126.6% during the third quarter. Wellington Management Group LLP now owns 4,285,628 shares of the company’s stock worth $50,099,000 after buying an additional 2,394,355 shares during the period. Quantinno Capital Management LP grew its holdings in shares of 10x Genomics by 207.2% during the second quarter. Quantinno Capital Management LP now owns 2,233,526 shares of the company’s stock worth $25,864,000 after buying an additional 1,506,530 shares during the last quarter. Finally, Casdin Capital LLC purchased a new position in shares of 10x Genomics during the fourth quarter worth about $22,834,000. Hedge funds and other 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.