10x Genomics (NASDAQ:TXG) Hits New 52-Week High on Analyst Upgrade

Key Points

• Shares hit a new 52-week high after Citigroup raised its price target from $18 to $24, with TXG trading as high as $23.65 on the move.
• Analyst sentiment is mixed — Stifel raised its target to $25 and William Blair upgraded to "outperform," but the consensus remains a Hold with an average price target of $18.89.
• 10x Genomics slightly beat the quarter's estimates (EPS -$0.13 vs. consensus -$0.19; revenue $166.03M vs. $160.35M) yet remains unprofitable with a negative net margin and a market cap of about $2.88 billion.

Shares of 10x Genomics (NASDAQ:TXG - Get Free Report) reached a new 52-week high on Wednesday after Citigroup raised their price target on the stock from $18.00 to $24.00. Citigroup currently has a neutral rating on the stock. 10x Genomics traded as high as $23.65 and last traded at $23.04, with a volume of 315446 shares trading hands. The stock had previously closed at $21.82.

TXG has been the subject of several other research reports. Canaccord Genuity Group set a $22.00 target price on shares of 10x Genomics in a research note on Friday, February 13th. 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 research note on Monday, March 2nd. Weiss Ratings reiterated a "sell (d-)" rating on shares of 10x Genomics in a research note on Friday, March 27th. Deutsche Bank Aktiengesellschaft set a $17.00 target price on shares of 10x Genomics and gave the company a "hold" rating in a research note on Friday, February 13th. Finally, William Blair upgraded shares of 10x Genomics from a "market perform" rating to an "outperform" rating in a research note on Tuesday, March 31st. Five investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $18.89.

Insider Buying and Selling

In related news, CEO Serge Saxonov sold 5,000 shares of the company's stock in a transaction dated Tuesday, March 24th. The shares were sold at an average price of $19.52, for a total value of $97,600.00. Following the completion of the sale, the chief executive officer owned 1,172,273 shares of the company's stock, valued at $22,882,768.96. This represents a 0.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Adam Taich sold 8,968 shares of the company's stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $18.58, for a total transaction of $166,625.44. Following the completion of the sale, the chief financial officer directly owned 288,417 shares of the company's stock, valued at $5,358,787.86. The trade was a 3.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 41,426 shares of company stock valued at $779,895 over the last 90 days. 9.39% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 10x Genomics

Several institutional investors have recently bought and sold shares of TXG. Rockefeller Capital Management L.P. lifted its holdings in 10x Genomics by 170.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 17,186 shares of the company's stock valued at $280,000 after acquiring an additional 10,830 shares during the last quarter. Corient Private Wealth LLC lifted its stake in 10x Genomics by 129.9% during the fourth quarter. Corient Private Wealth LLC now owns 149,027 shares of the company's stock valued at $2,427,000 after buying an additional 84,197 shares in the last quarter. Invesco Ltd. lifted its stake in 10x Genomics by 21.2% during the fourth quarter. Invesco Ltd. now owns 334,300 shares of the company's stock valued at $5,452,000 after buying an additional 58,537 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its stake in 10x Genomics by 79.7% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 83,266 shares of the company's stock valued at $1,358,000 after buying an additional 36,938 shares in the last quarter. Finally, EP Wealth Advisors LLC purchased a new stake in 10x Genomics during the fourth quarter valued at about $188,000. Institutional investors and hedge funds own 84.68% of the company's stock.

10x Genomics Stock Up 3.4%

The company has a market capitalization of $2.88 billion, a PE ratio of -64.59 and a beta of 2.17. The business's 50 day simple moving average is $19.93 and its 200 day simple moving average is $17.40.

10x Genomics (NASDAQ:TXG - Get Free Report) last posted its quarterly earnings results on Thursday, February 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.19) by $0.06. The business had revenue of $166.03 million during the quarter, compared to analyst estimates of $160.35 million. 10x Genomics had a negative net margin of 6.77% and a negative return on equity of 6.89%. The firm's revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.40) earnings per share. On average, analysts anticipate that 10x Genomics will post -1.43 earnings per share for the current fiscal year.

10x Genomics Company Profile

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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