10x Genomics, Inc. (NASDAQ:TXG) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of 10x Genomics, Inc. (NASDAQ:TXG) have been assigned an average recommendation of “Moderate Buy” from the seventeen ratings firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $29.19.

Several brokerages have issued reports on TXG. Morgan Stanley lowered their target price on 10x Genomics from $50.00 to $46.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 13th. The Goldman Sachs Group dropped their price objective on shares of 10x Genomics from $16.00 to $14.00 and set a “sell” rating on the stock in a report on Wednesday, October 30th. Leerink Partners assumed coverage on shares of 10x Genomics in a research note on Tuesday, September 3rd. They issued an “outperform” rating and a $35.00 target price for the company. JPMorgan Chase & Co. cut their price objective on shares of 10x Genomics from $20.00 to $14.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. Finally, Citigroup lowered their target price on shares of 10x Genomics from $35.00 to $23.00 and set a “buy” rating on the stock in a report on Wednesday, October 30th.

Insider Activity

In other news, insider Benjamin J. Hindson sold 4,351 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $22.53, for a total transaction of $98,028.03. Following the sale, the insider now owns 345,704 shares in the company, valued at approximately $7,788,711.12. This trade represents a 1.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Serge Saxonov sold 6,749 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total transaction of $152,054.97. Following the completion of the transaction, the chief executive officer now owns 882,467 shares of the company’s stock, valued at $19,881,981.51. This trade represents a 0.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,061 shares of company stock worth $316,794. 10.03% of the stock is currently owned by insiders.

Hedge Funds Weigh In On 10x Genomics

A number of large investors have recently modified their holdings of TXG. Allspring Global Investments Holdings LLC grew its position in 10x Genomics by 113.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock valued at $26,000 after acquiring an additional 371 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of 10x Genomics by 451.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,545 shares of the company’s stock valued at $35,000 after purchasing an additional 1,265 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in 10x Genomics in the 3rd quarter worth $35,000. First Horizon Advisors Inc. lifted its stake in 10x Genomics by 74.1% in the second quarter. First Horizon Advisors Inc. now owns 1,898 shares of the company’s stock worth $37,000 after purchasing an additional 808 shares during the last quarter. Finally, Covestor Ltd boosted its position in 10x Genomics by 501.7% during the first quarter. Covestor Ltd now owns 1,047 shares of the company’s stock valued at $39,000 after buying an additional 873 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

10x Genomics Stock Performance

TXG opened at $13.34 on Monday. 10x Genomics has a fifty-two week low of $13.30 and a fifty-two week high of $57.90. The firm has a 50-day moving average of $18.42 and a 200 day moving average of $20.35. The firm has a market cap of $1.61 billion, a P/E ratio of -8.72 and a beta of 1.87.

10x Genomics (NASDAQ:TXG) last released its earnings results on Tuesday, October 29th. The company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.04. The firm had revenue of $151.65 million during the quarter, compared to the consensus estimate of $158.84 million. 10x Genomics had a negative net margin of 28.93% and a negative return on equity of 25.07%. The company’s revenue was down 1.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.51) EPS. Equities research analysts predict that 10x Genomics will post -1.4 earnings per share for the current fiscal year.

10x Genomics Company Profile

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.