10x Genomics (NASDAQ:TXG) CEO Serge Saxonov Sells 10,718 Shares

Key Points

• 10x Genomics CEO Serge Saxonov sold 10,718 shares on May 26 at an average price of $24.71, worth about $264,842. The sale was disclosed in an SEC filing and was made to cover tax withholding obligations tied to vesting equity awards.
• Saxonov has been actively selling shares recently, including a larger sale of 18,175 shares on May 22 and additional sales in March and April. After the latest transaction, he still directly owned about 1.14 million shares.
• The stock has been volatile but recently near its 12-month high, trading at $25.51 with a 52-week range of $8.41 to $26.44. The company also beat quarterly earnings and revenue estimates, while Wall Street currently has an overall “Hold” rating on TXG.

10x Genomics (NASDAQ:TXG - Get Free Report) CEO Serge Saxonov sold 10,718 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $24.71, for a total value of $264,841.78. Following the completion of the sale, the chief executive officer directly owned 1,138,380 shares of the company's stock, valued at approximately $28,129,369.80. This represents a 0.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Serge Saxonov also recently made the following trade(s):

• On Friday, May 22nd, Serge Saxonov sold 18,175 shares of 10x Genomics stock. The shares were sold at an average price of $24.44, for a total value of $444,197.00.
• On Tuesday, April 14th, Serge Saxonov sold 5,000 shares of 10x Genomics stock. The shares were sold at an average price of $24.56, for a total value of $122,800.00.
• On Tuesday, March 24th, Serge Saxonov sold 5,000 shares of 10x Genomics stock. The shares were sold at an average price of $19.52, for a total value of $97,600.00.
• On Monday, March 23rd, Serge Saxonov sold 10,000 shares of 10x Genomics stock. The shares were sold at an average price of $19.13, for a total value of $191,300.00.

10x Genomics Price Performance

Shares of NASDAQ:TXG traded up $0.89 during midday trading on Wednesday, hitting $25.51. The company had a trading volume of 3,568,979 shares, compared to its average volume of 2,644,869. 10x Genomics has a twelve month low of $8.41 and a twelve month high of $26.44. The stock has a market cap of $3.24 billion, a price-to-earnings ratio of -150.06 and a beta of 2.05. The business's 50-day simple moving average is $21.85 and its 200-day simple moving average is $19.80.

10x Genomics (NASDAQ:TXG - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.19. The company had revenue of $150.84 million for the quarter, compared to analyst estimates of $146.41 million. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.86%. 10x Genomics's revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.28) EPS. As a group, sell-side analysts forecast that 10x Genomics will post -0.82 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on TXG shares. Bank of America boosted their target price on shares of 10x Genomics from $21.00 to $30.00 and gave the company a "neutral" rating in a report on Monday, April 20th. Morgan Stanley boosted their target price on shares of 10x Genomics from $20.00 to $22.00 and gave the company an "equal weight" rating in a report on Tuesday, May 12th. Stifel Nicolaus boosted their target price on shares of 10x Genomics from $20.00 to $25.00 and gave the company a "buy" rating in a report on Monday, March 2nd. Canaccord Genuity Group boosted their target price on shares of 10x Genomics from $22.00 to $32.00 and gave the company a "buy" rating in a report on Monday, April 20th. Finally, Zacks Research lowered shares of 10x Genomics from a "strong-buy" rating to a "hold" rating in a report on Monday, May 18th. Four equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $23.17.

Hedge Funds Weigh In On 10x Genomics

Several large investors have recently made changes to their positions in TXG. AQR Capital Management LLC lifted its holdings in shares of 10x Genomics by 241.3% in the 2nd quarter. AQR Capital Management LLC now owns 4,137,801 shares of the company's stock worth $47,916,000 after acquiring an additional 2,925,372 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of 10x Genomics by 84.7% in the 3rd quarter. Millennium Management LLC now owns 5,437,969 shares of the company's stock worth $63,570,000 after acquiring an additional 2,494,142 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of 10x Genomics by 126.6% in the 3rd quarter. Wellington Management Group LLP now owns 4,285,628 shares of the company's stock worth $50,099,000 after acquiring an additional 2,394,355 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in shares of 10x Genomics by 207.2% in the 2nd quarter. Quantinno Capital Management LP now owns 2,233,526 shares of the company's stock worth $25,864,000 after acquiring an additional 1,506,530 shares during the last quarter. Finally, Casdin Capital LLC acquired a new stake in 10x Genomics during the 4th quarter worth approximately $22,834,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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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