10x Genomics (NASDAQ:TXG) Reaches New 52-Week High - What's Next?

Key Points

• 10x Genomics shares reached a new 52-week high, trading as high as $61.25 and closing around $60.32, up 8.3% on the day.
• Recent quarterly results beat expectations, with adjusted EPS of negative $0.14 versus an estimated negative $0.24 and revenue of $151.04 million; however, revenue declined 12.7% year over year and the company remains unprofitable.
• Analyst sentiment remains mixed: the consensus rating is “Hold” with an average price target of $38.31, despite several firms recently raising their targets to between $47 and $65.

10x Genomics (NASDAQ:TXG - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $61.25 and last traded at $60.32, with a volume of 590332 shares traded. The stock had previously closed at $55.63.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TXG. Stephens boosted their target price on 10x Genomics from $50.00 to $65.00 and gave the stock an "overweight" rating in a report on Wednesday, August 12th. TD Cowen reiterated a "hold" rating on shares of 10x Genomics in a research note on Wednesday, July 15th. Stifel Nicolaus set a $50.00 price objective on shares of 10x Genomics in a research report on Friday, August 7th. Canaccord Genuity Group raised their target price on shares of 10x Genomics from $50.00 to $60.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Finally, Piper Sandler lifted their target price on shares of 10x Genomics from $42.00 to $47.00 and gave the company a "neutral" rating in a report on Monday, August 10th. Five equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, 10x Genomics presently has a consensus rating of "Hold" and an average price target of $38.31.

10x Genomics Trading Up 8.3%

The firm has a 50-day moving average of $43.00 and a 200 day moving average of $29.41. The stock has a market capitalization of $7.85 billion, a price-to-earnings ratio of -102.07 and a beta of 2.03.

10x Genomics (NASDAQ:TXG - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.10. The company had revenue of $151.04 million during the quarter, compared to the consensus estimate of $146.67 million. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. 10x Genomics's revenue for the quarter was down 12.7% on a year-over-year basis. During the same quarter last year, the company earned $0.28 earnings per share. As a group, research analysts forecast that 10x Genomics will post -0.79 EPS for the current year.

Insider Activity

In other 10x Genomics news, Director John R. Stuelpnagel sold 20,000 shares of the business's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $57.75, for a total value of $1,155,000.00. Following the transaction, the director owned 348,436 shares in the company, valued at $20,122,179. The trade was a 5.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Benjamin J. Hindson sold 11,595 shares of the company's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $24.44, for a total transaction of $283,381.80. Following the completion of the transaction, the insider directly owned 502,000 shares of the company's stock, valued at approximately $12,268,880. The trade was a 2.26% 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 111,309 shares of company stock worth $3,736,357 over the last three months. 8.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On 10x Genomics

Hedge funds have recently bought and sold shares of the business. Geneos Wealth Management Inc. acquired a new position in shares of 10x Genomics in the 4th quarter valued at approximately $38,000. Larson Financial Group LLC grew its position in shares of 10x Genomics by 164.4% during the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company's stock worth $39,000 after buying an additional 1,470 shares in the last quarter. Fifth Third Bancorp acquired a new stake in shares of 10x Genomics during the first quarter worth approximately $50,000. Elevation Wealth Partners LLC increased its stake in shares of 10x Genomics by 332.3% in the second quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company's stock worth $57,000 after buying an additional 1,143 shares during the last quarter. Finally, Van ECK Associates Corp increased its stake in shares of 10x Genomics by 85.9% in the fourth quarter. Van ECK Associates Corp now owns 3,668 shares of the company's stock worth $60,000 after buying an additional 1,695 shares during the last quarter. Institutional investors and hedge funds 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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