10x Genomics (NASDAQ:TXG) Price Target Cut to $17.00 by Analysts at Morgan Stanley

Key Points

• Morgan Stanley has lowered its price target for 10x Genomics from $18.00 to $17.00, maintaining an "overweight" rating, which implies a potential upside of 38.10% based on the stock's current price.
• Goldman Sachs also decreased its price target for 10x Genomics to $6.50 with a "sell" rating, while other analysts have set varying target prices ranging from $6.50 to $14.00.
• The stock opened at $12.31 and has shown a positive quarterly performance with revenues increasing by 12.9% year-over-year, leading to an EPS of $0.28 that exceeded consensus estimates.

10x Genomics (NASDAQ:TXG - Get Free Report) had its price objective cut by analysts at Morgan Stanley from $18.00 to $17.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Morgan Stanley's price objective indicates a potential upside of 28.40% from the stock's current price.

A number of other analysts have also issued reports on TXG. UBS Group set a $13.00 price target on 10x Genomics and gave the company a "neutral" rating in a report on Friday, August 8th. Weiss Ratings reiterated a "sell (e+)" rating on shares of 10x Genomics in a report on Tuesday, July 29th. Barclays reiterated an "overweight" rating and issued a $15.00 price target (up previously from $13.00) on shares of 10x Genomics in a report on Friday, August 8th. Deutsche Bank Aktiengesellschaft set a $14.00 price target on shares of 10x Genomics and gave the company a "hold" rating in a report on Friday, August 8th. Finally, JPMorgan Chase & Co. reduced their price target on shares of 10x Genomics from $12.00 to $9.00 and set a "neutral" rating for the company in a report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, 10x Genomics presently has an average rating of "Hold" and a consensus price target of $13.54.

10x Genomics Price Performance

Shares of 10x Genomics stock traded down $0.33 during trading on Tuesday, hitting $13.24. The stock had a trading volume of 5,590,175 shares, compared to its average volume of 3,415,502. The firm's fifty day simple moving average is $12.21 and its 200-day simple moving average is $10.73. The stock has a market cap of $1.63 billion, a PE ratio of -18.91 and a beta of 2.03. 10x Genomics has a 12 month low of $6.78 and a 12 month high of $24.76.

10x Genomics (NASDAQ:TXG - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.35) by $0.63. The company had revenue of $172.91 million during the quarter, compared to analysts' expectations of $139.36 million. 10x Genomics had a negative net margin of 13.13% and a negative return on equity of 12.88%. The firm's quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.32) EPS. Analysts expect that 10x Genomics will post -1.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 10x Genomics news, CFO Adam Taich sold 4,044 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $8.30, for a total transaction of $33,565.20. Following the sale, the chief financial officer owned 331,588 shares of the company's stock, valued at approximately $2,752,180.40. The trade was a 1.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Benjamin J. Hindson sold 7,485 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $8.30, for a total transaction of $62,125.50. Following the sale, the insider directly owned 448,374 shares in the company, valued at approximately $3,721,504.20. This represents a 1.64% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,872 shares of company stock valued at $173,238. Insiders own 9.39% of the company's stock.

Institutional Trading of 10x Genomics

Several large investors have recently made changes to their positions in the business. Teacher Retirement System of Texas lifted its stake in shares of 10x Genomics by 6.1% in the 2nd quarter. Teacher Retirement System of Texas now owns 14,931 shares of the company's stock valued at $173,000 after purchasing an additional 858 shares during the period. Allworth Financial LP lifted its stake in shares of 10x Genomics by 150.4% in the 2nd quarter. Allworth Financial LP now owns 2,271 shares of the company's stock valued at $26,000 after purchasing an additional 1,364 shares during the period. Blue Trust Inc. lifted its stake in shares of 10x Genomics by 48.1% in the 2nd quarter. Blue Trust Inc. now owns 4,894 shares of the company's stock valued at $57,000 after purchasing an additional 1,590 shares during the period. GAMMA Investing LLC lifted its stake in shares of 10x Genomics by 81.8% in the 1st quarter. GAMMA Investing LLC now owns 3,586 shares of the company's stock valued at $31,000 after purchasing an additional 1,614 shares during the period. Finally, Xponance Inc. lifted its stake in shares of 10x Genomics by 17.4% in the 1st quarter. Xponance Inc. now owns 12,010 shares of the company's stock valued at $105,000 after purchasing an additional 1,778 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

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.