10x Genomics (NASDAQ:TXG – Get Free Report)’s share price was up 8.3% during trading on Wednesday . The stock traded as high as $34.77 and last traded at $34.5080. Approximately 388,178 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 2,742,543 shares. The stock had previously closed at $31.87.
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on TXG shares. Canaccord Genuity Group raised their price objective on 10x Genomics from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Morgan Stanley increased their target price on shares of 10x Genomics from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 12th. Stifel Nicolaus lifted their price target on shares of 10x Genomics from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, March 2nd. Barclays boosted their price target on shares of 10x Genomics from $30.00 to $40.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 10x Genomics in a research report on Wednesday. Four analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $24.00.
View Our Latest Stock Analysis on 10x Genomics
10x Genomics Stock Performance
10x Genomics (NASDAQ:TXG – Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.19. The company had revenue of $150.84 million during the quarter, compared to analysts’ expectations of $146.41 million. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.86%. The firm’s revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.28) EPS. Research analysts anticipate that 10x Genomics will post -0.79 EPS for the current year.
Insiders Place Their Bets
In other news, Director Shehnaaz Suliman sold 5,723 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $32.63, for a total value of $186,741.49. Following the transaction, the director owned 31,722 shares in the company, valued at approximately $1,035,088.86. This represents a 15.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Benjamin J. Hindson sold 11,595 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $24.44, for a total value of $283,381.80. Following the sale, the insider directly owned 502,000 shares in the company, valued at $12,268,880. This trade represents a 2.26% decrease in their position. 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. In the last 90 days, insiders sold 96,309 shares of company stock valued at $2,704,157. 8.84% of the stock is owned by insiders.
Institutional Trading of 10x Genomics
Several institutional investors have recently modified their holdings of the stock. Edgestream Partners L.P. acquired a new position in shares of 10x Genomics in the 1st quarter valued at $1,233,000. Bull Harbor Capital LLC purchased a new stake in 10x Genomics in the first quarter valued at $248,000. EverSource Wealth Advisors LLC boosted its stake in 10x Genomics by 16.4% in the first quarter. EverSource Wealth Advisors LLC now owns 7,186 shares of the company’s stock valued at $153,000 after acquiring an additional 1,012 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in 10x Genomics by 3.5% in the first quarter. The Manufacturers Life Insurance Company now owns 49,048 shares of the company’s stock valued at $1,041,000 after acquiring an additional 1,661 shares in the last quarter. Finally, Quantinno Capital Management LP grew its holdings in shares of 10x Genomics by 16.0% during the first quarter. Quantinno Capital Management LP now owns 5,411,761 shares of the company’s stock worth $114,892,000 after purchasing an additional 744,558 shares during 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.
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