10x Genomics (NASDAQ:TXG) Sets New 12-Month High - What's Next?

Key Points

• 10x Genomics shares reached a new 52-week high, climbing as much as $46.50 and trading up about 7.8% on the day. The move came alongside strong recent momentum versus its 50-day and 200-day averages.
• Several analysts raised price targets on the stock, including Canaccord Genuity at $50 and Leerink Partners at $40, while William Blair upgraded the shares to outperform. Even so, the broader consensus rating remains Hold with an average target of $32.08.
• The company’s latest earnings beat expectations, posting a smaller-than-expected loss of $0.10 per share on $150.84 million in revenue, which rose 9.4% year over year. Insider selling has also been notable, with executives and directors reducing holdings in recent months.

Shares of 10x Genomics (NASDAQ:TXG - Get Free Report) hit a new 52-week high on Tuesday . The stock traded as high as $46.50 and last traded at $46.5490, with a volume of 820898 shares trading hands. The stock had previously closed at $43.22.

Analysts Set New Price Targets

Several brokerages recently weighed in on TXG. Morgan Stanley increased their price target on 10x Genomics from $22.00 to $37.00 and gave the stock an "equal weight" rating in a report on Thursday, July 9th. Bank of America upped their price objective on shares of 10x Genomics from $21.00 to $30.00 and gave the stock a "neutral" rating in a research report on Monday, April 20th. Leerink Partners lifted their target price on shares of 10x Genomics from $23.00 to $40.00 and gave the company a "market perform" rating in a report on Friday. William Blair upgraded shares of 10x Genomics from a "market perform" rating to an "outperform" rating in a research note on Tuesday, March 31st. Finally, Canaccord Genuity Group increased their price target on shares of 10x Genomics from $32.00 to $50.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. Four equities 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $32.08.

10x Genomics Trading Up 7.8%

The firm has a market capitalization of $5.91 billion, a price-to-earnings ratio of -274.07 and a beta of 2.05. The stock's 50 day moving average price is $32.61 and its two-hundred day moving average price is $24.90.

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

Insider Transactions at 10x Genomics

In other 10x Genomics news, Director Shehnaaz Suliman sold 5,723 shares of the business's stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $32.63, for a total transaction of $186,741.49. Following the sale, the director directly owned 31,722 shares in the company, valued at approximately $1,035,088.86. The trade was a 15.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benjamin J. Hindson sold 11,595 shares of the company's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total value of $283,381.80. Following the completion of the sale, the insider directly owned 502,000 shares in the company, valued at $12,268,880. This trade represents a 2.26% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 91,309 shares of company stock worth $2,581,357. 8.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On 10x Genomics

Institutional investors and hedge funds have recently made changes to their positions in the business. Elevation Wealth Partners LLC raised its position in 10x Genomics by 332.3% during the second quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company's stock worth $57,000 after acquiring an additional 1,143 shares during the last quarter. 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 increased its stake in shares of 10x Genomics by 164.4% during the 4th quarter. Larson Financial Group LLC now owns 2,364 shares of the company's stock worth $39,000 after purchasing an additional 1,470 shares in the last quarter. Fifth Third Bancorp acquired a new position in shares of 10x Genomics during the 1st quarter worth approximately $50,000. Finally, Van ECK Associates Corp lifted its stake in 10x Genomics by 85.9% in the 4th quarter. Van ECK Associates Corp now owns 3,668 shares of the company's stock valued at $60,000 after buying an additional 1,695 shares in the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

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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