10x Genomics (NASDAQ:TXG) Reaches New 1-Year High - Still a Buy?

Key Points

• 10x Genomics (NASDAQ:TXG) hit a new 52-week high, trading as high as $37.09 and closing near that level, extending a strong recent run above its 50-day and 200-day moving averages.
• Analyst sentiment remains mixed: several firms recently raised targets or upgraded the stock, but the overall consensus is still “Hold” with an average target price of $24.00, below the current share price.
• The company posted better-than-expected first-quarter results, with EPS of -$0.10 versus expectations of -$0.29 and revenue of $150.84 million, while executives also made notable stock sales in recent weeks.

10x Genomics (NASDAQ:TXG - Get Free Report)'s share price hit a new 52-week high during trading on Monday . The stock traded as high as $37.09 and last traded at $36.8650, with a volume of 10041 shares trading hands. The stock had previously closed at $36.75.

Analysts Set New Price Targets

A number of research firms have weighed in on TXG. William Blair raised shares of 10x Genomics from a "market perform" rating to an "outperform" rating in a report on Tuesday, March 31st. Zacks Research downgraded shares of 10x Genomics from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 18th. Citigroup lifted their price target on shares of 10x Genomics from $18.00 to $24.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 7th. Canaccord Genuity Group lifted their price target on shares of 10x Genomics from $22.00 to $32.00 and gave the stock a "buy" rating in a research note on Monday, April 20th. Finally, Barclays boosted their price target on shares of 10x Genomics from $30.00 to $40.00 and gave the company an "overweight" rating in a research report on Wednesday, June 24th. Four research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $24.00.

10x Genomics Trading Up 0.3%

The company has a market capitalization of $4.68 billion, a PE ratio of -217.56 and a beta of 2.12. The firm has a 50 day simple moving average of $26.65 and a two-hundred day simple moving average of $22.11.

10x Genomics (NASDAQ:TXG - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.19. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.The business had revenue of $150.84 million during the quarter, compared to analysts' expectations of $146.41 million. During the same quarter in the prior year, the business earned ($0.28) earnings per share. The company's quarterly revenue was up 9.4% compared to the same quarter last year. Research analysts expect that 10x Genomics will post -0.79 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Serge Saxonov sold 30,000 shares of the business's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $34.44, for a total transaction of $1,033,200.00. Following the transaction, the chief executive officer directly owned 1,108,380 shares in the company, valued at $38,172,607.20. The trade was a 2.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Adam Taich sold 15,098 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $24.44, for a total transaction of $368,995.12. Following the transaction, the chief financial officer directly owned 379,898 shares of the company's stock, valued at $9,284,707.12. This represents a 3.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 96,309 shares of company stock worth $2,704,157 in the last 90 days. Corporate insiders own 8.84% of the company's stock.

Institutional Investors Weigh In On 10x Genomics

Institutional investors have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. purchased a new position in shares of 10x Genomics during the 4th quarter worth approximately $38,000. Larson Financial Group LLC boosted its stake in shares of 10x Genomics by 164.4% in the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company's stock valued at $39,000 after buying an additional 1,470 shares in the last quarter. Fifth Third Bancorp purchased a new stake in shares of 10x Genomics in the first quarter valued at approximately $50,000. Van ECK Associates Corp grew its holdings in 10x Genomics by 85.9% during the fourth quarter. Van ECK Associates Corp now owns 3,668 shares of the company's stock worth $60,000 after acquiring an additional 1,695 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in 10x Genomics by 203.9% during the second quarter. EverSource Wealth Advisors LLC now owns 7,490 shares of the company's stock worth $87,000 after acquiring an additional 5,025 shares during the period. Hedge funds and other institutional investors own 84.68% of the company's stock.

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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