10x Genomics (NASDAQ:TXG) Shares Gap Up – Time to Buy?

10x Genomics, Inc. (NASDAQ:TXG) shares gapped up prior to trading on Monday . The stock had previously closed at $8.30, but opened at $8.48. 10x Genomics shares last traded at $8.48, with a volume of 221,658 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Canaccord Genuity Group cut their price target on shares of 10x Genomics from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Citigroup lowered their target price on 10x Genomics from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Morgan Stanley reduced their target price on 10x Genomics from $28.00 to $26.00 and set an “overweight” rating on the stock in a research note on Friday, February 14th. UBS Group dropped their price objective on 10x Genomics from $20.00 to $14.00 and set a “neutral” rating for the company in a research report on Thursday, February 13th. Finally, Leerink Partnrs lowered 10x Genomics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 13th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $19.79.

10x Genomics Trading Up 0.6 %

The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of -5.49 and a beta of 2.01. The firm’s 50 day simple moving average is $9.47 and its 200-day simple moving average is $13.04.

10x Genomics (NASDAQ:TXG) last issued its earnings results on Wednesday, February 12th. The company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.08). 10x Genomics had a negative return on equity of 25.40% and a negative net margin of 29.90%. As a group, equities research analysts predict that 10x Genomics, Inc. will post -1.43 earnings per share for the current year.

Insider Activity at 10x Genomics

In other 10x Genomics news, CEO Serge Saxonov sold 5,092 shares of the business’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $11.07, for a total transaction of $56,368.44. Following the sale, the chief executive officer now owns 879,482 shares of the company’s stock, valued at approximately $9,735,865.74. The trade was a 0.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Benjamin J. Hindson sold 4,573 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $11.07, for a total transaction of $50,623.11. Following the completion of the sale, the insider now directly owns 335,324 shares in the company, valued at approximately $3,712,036.68. This represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. 10.03% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. RA Capital Management L.P. acquired a new stake in 10x Genomics in the fourth quarter valued at approximately $47,092,000. Assenagon Asset Management S.A. acquired a new position in 10x Genomics during the fourth quarter worth $26,308,000. D. E. Shaw & Co. Inc. bought a new position in shares of 10x Genomics in the fourth quarter valued at $17,499,000. ARK Investment Management LLC grew its holdings in shares of 10x Genomics by 11.1% during the fourth quarter. ARK Investment Management LLC now owns 11,944,057 shares of the company’s stock valued at $171,517,000 after buying an additional 1,193,712 shares during the last quarter. Finally, Two Sigma Investments LP increased its position in shares of 10x Genomics by 291.2% during the fourth quarter. Two Sigma Investments LP now owns 1,319,487 shares of the company’s stock worth $18,948,000 after acquiring an additional 982,203 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

About 10x Genomics

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.