10x Genomics (NASDAQ:TXG) CEO Serge Saxonov Sells 18,175 Shares

Key Points

• 10x Genomics CEO Serge Saxonov sold 18,175 shares on May 22 at an average price of $24.44, worth about $444,197. The company said the sale was to cover tax withholding obligations tied to vesting equity awards.
• Saxonov has made several other recent sales as well, including 10,718 shares on May 26 and additional sales in March and April, reducing his direct ownership to 1,149,098 shares.
• TXG shares have been strong recently, trading at $25.51 and near their 52-week high of $26.44. The company also beat quarterly EPS and revenue estimates, though analysts currently rate the stock a consensus Hold.

10x Genomics (NASDAQ:TXG - Get Free Report) CEO Serge Saxonov sold 18,175 shares of 10x Genomics stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $24.44, for a total value of $444,197.00. Following the transaction, the chief executive officer directly owned 1,149,098 shares of the company's stock, valued at $28,083,955.12. This trade represents a 1.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 Tuesday, May 26th, Serge Saxonov sold 10,718 shares of 10x Genomics stock. The stock was sold at an average price of $24.71, for a total value of $264,841.78.
• 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 transaction 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 transaction 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 transaction of $191,300.00.

10x Genomics Stock Performance

TXG stock traded up $0.89 during trading on Wednesday, hitting $25.51. The stock had a trading volume of 3,568,979 shares, compared to its average volume of 2,644,869. The company's 50 day moving average price is $21.85 and its two-hundred day moving average price is $19.80. 10x Genomics has a 1-year low of $8.41 and a 1-year 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.

10x Genomics (NASDAQ:TXG - Get Free Report) last announced 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. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.86%. The firm had revenue of $150.84 million during the quarter, compared to the consensus estimate of $146.41 million. During the same quarter in the previous year, the company posted ($0.28) EPS. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. As a group, sell-side analysts forecast that 10x Genomics will post -0.82 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Foundations Investment Advisors LLC purchased a new stake in shares of 10x Genomics during the 3rd quarter worth about $665,000. AlphaQuest LLC raised its holdings in 10x Genomics by 234.3% in the third quarter. AlphaQuest LLC now owns 133,419 shares of the company's stock valued at $1,560,000 after buying an additional 93,514 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in 10x Genomics in the third quarter valued at approximately $1,179,000. JPMorgan Chase & Co. lifted its position in 10x Genomics by 777.6% during the third quarter. JPMorgan Chase & Co. now owns 1,073,865 shares of the company's stock valued at $12,553,000 after buying an additional 951,495 shares in the last quarter. Finally, Principal Financial Group Inc. acquired a new position in 10x Genomics during the third quarter valued at approximately $1,896,000. Institutional investors and hedge funds own 84.68% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on TXG shares. Zacks Research downgraded shares of 10x Genomics from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 18th. 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 research note on Tuesday, May 12th. Bank of America upped their price objective on shares of 10x Genomics from $21.00 to $30.00 and gave the company a "neutral" rating in a research note on Monday, April 20th. Canaccord Genuity Group upped their price objective on shares of 10x Genomics from $22.00 to $32.00 and gave the company a "buy" rating in a research note on Monday, April 20th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 10x Genomics in a research note on Friday, March 27th. 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 stock. According to MarketBeat.com, 10x Genomics has an average rating of "Hold" and an average price target of $23.17.

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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