10x Genomics (NASDAQ:TXG) Price Target Raised to $20.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan raised its price target on 10x Genomics to $20 from $17 while keeping a neutral rating, implying a slight downside from the current price.
• The stock was up 2.1% to $20.93 in Tuesday trading, and the company recently reported better-than-expected Q1 earnings with revenue of $150.84 million, up 9.4% year over year.
• Analyst sentiment remains mixed overall: 10x Genomics has an average Hold rating and a consensus target price of $22.31, while insider selling and heavy institutional ownership were also noted.

10x Genomics (NASDAQ:TXG - Get Free Report) had its price objective raised by equities researchers at JPMorgan Chase & Co. from $17.00 to $20.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s target price would suggest a potential downside of 4.43% from the company's current price.

A number of other research analysts also recently commented on the company. Barclays upped their price objective on 10x Genomics from $22.00 to $30.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 14th. UBS Group boosted their price target on shares of 10x Genomics from $14.00 to $20.00 and gave the company a "neutral" rating in a report on Friday, February 20th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 10x Genomics in a report on Friday, March 27th. Deutsche Bank Aktiengesellschaft set a $17.00 price objective on shares of 10x Genomics and gave the company a "hold" rating in a research report on Friday, February 13th. Finally, Leerink Partners reduced their target price on shares of 10x Genomics from $22.00 to $20.00 and set a "market perform" rating for the company in a research note on Tuesday, January 27th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, 10x Genomics presently has an average rating of "Hold" and an average target price of $22.31.

10x Genomics Trading Up 2.1%

NASDAQ TXG traded up $0.43 during trading hours on Tuesday, reaching $20.93. The company's stock had a trading volume of 464,243 shares, compared to its average volume of 2,589,824. The business has a 50-day simple moving average of $21.53 and a 200 day simple moving average of $19.07. 10x Genomics has a 52 week low of $8.06 and a 52 week high of $26.44. The stock has a market cap of $2.67 billion, a PE ratio of -123.29 and a beta of 2.05.

10x Genomics (NASDAQ:TXG - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.19. The company had revenue of $150.84 million during the quarter, compared to analyst estimates of $146.41 million. 10x Genomics had a negative return on equity of 2.89% and a negative net margin of 3.55%.The business's revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.28) earnings per share. As a group, equities analysts predict that 10x Genomics will post -0.93 EPS for the current year.

Insider Activity

In other 10x Genomics news, CEO Serge Saxonov sold 10,000 shares of the firm's stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $19.13, for a total transaction of $191,300.00. Following the transaction, the chief executive officer owned 1,177,273 shares of the company's stock, valued at approximately $22,521,232.49. This trade represents a 0.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Adam Taich sold 8,968 shares of the business'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 sale, the chief financial officer owned 288,417 shares in the company, valued at $5,358,787.86. This trade represents a 3.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 46,426 shares of company stock valued at $902,695. Company insiders own 8.84% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its holdings in 10x Genomics by 34.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,042,950 shares of the company's stock worth $43,357,000 after purchasing an additional 525,369 shares in the last quarter. Swiss National Bank boosted its stake in 10x Genomics by 2.2% during the 1st quarter. Swiss National Bank now owns 207,400 shares of the company's stock valued at $4,403,000 after purchasing an additional 4,400 shares in the last quarter. Kera Capital Partners Inc. increased its position in shares of 10x Genomics by 2.3% during the 1st quarter. Kera Capital Partners Inc. now owns 48,937 shares of the company's stock valued at $1,039,000 after purchasing an additional 1,108 shares during the period. Geneos Wealth Management Inc. increased its position in shares of 10x Genomics by 219.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 7,500 shares of the company's stock valued at $159,000 after purchasing an additional 5,149 shares during the period. Finally, NFSG Corp bought a new stake in shares of 10x Genomics in the 1st quarter worth $444,000. Institutional investors and hedge funds own 84.68% of the company's stock.

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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