10x Genomics (NASDAQ:TXG) Shares Gap Down - Here's Why

Key Points

• 10x Genomics gapped down before trading, opening at $21.07 after a $22.42 close and trading as low as $20.29 (about a 9.7% decline) on heightened volume.
• The company beat quarterly estimates, reporting EPS of ($0.10) vs. ($0.29) expected and revenue of $150.8M vs. $146.4M, with revenue up 9.4% year‑over‑year.
• Analyst sentiment is mixed — MarketBeat shows a consensus rating of "Hold" with a $20.82 average price target, while individual price targets range roughly from $17 to $30.

10x Genomics (NASDAQ:TXG - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $22.42, but opened at $21.07. 10x Genomics shares last traded at $20.2910, with a volume of 503,804 shares traded.

Analyst Ratings Changes

TXG has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft set a $17.00 target price on shares of 10x Genomics and gave the stock a "hold" rating in a research report on Friday, February 13th. Weiss Ratings reissued a "sell (d-)" rating on shares of 10x Genomics in a research report on Friday, March 27th. William Blair raised shares of 10x Genomics from a "market perform" rating to an "outperform" rating in a research report on Tuesday, March 31st. Leerink Partners reduced their price objective on shares of 10x Genomics from $22.00 to $20.00 and set a "market perform" rating for the company in a research report on Tuesday, January 27th. Finally, Barclays increased their target price on shares of 10x Genomics from $22.00 to $30.00 and gave the company an "overweight" rating in a research report on Tuesday, April 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, 10x Genomics currently has a consensus rating of "Hold" and a consensus price target of $20.82.

10x Genomics Trading Down 9.7%

The company has a market capitalization of $2.59 billion, a PE ratio of -57.81 and a beta of 2.05. The firm has a fifty day moving average of $21.53 and a two-hundred day moving average of $18.96.

10x Genomics (NASDAQ:TXG - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.29) by $0.19. 10x Genomics had a negative net margin of 6.77% and a negative return on equity of 6.89%. The firm had revenue of $150.84 million for the quarter, compared to analysts' expectations of $146.41 million. During the same quarter in the previous year, the company earned ($0.28) earnings per share. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. On average, equities analysts expect that 10x Genomics will post -0.93 EPS for the current fiscal year.

Insider Buying and Selling at 10x Genomics

In other 10x Genomics news, insider Benjamin J. Hindson sold 7,826 shares of the business's stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $18.58, for a total value of $145,407.08. Following the transaction, the insider owned 424,779 shares in the company, valued at approximately $7,892,393.82. The trade was a 1.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Serge Saxonov sold 10,000 shares of the business'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 in the company, valued at $22,521,232.49. This represents a 0.84% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 46,426 shares of company stock worth $902,695. 8.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On 10x Genomics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Geneos Wealth Management Inc. purchased a new position in shares of 10x Genomics during the fourth quarter valued at about $38,000. Larson Financial Group LLC increased 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 valued at $39,000 after buying an additional 1,470 shares during the period. Fifth Third Bancorp purchased a new position in shares of 10x Genomics during the first quarter valued at about $50,000. Abich Financial Wealth Management LLC purchased a new position in shares of 10x Genomics during the third quarter valued at about $56,000. Finally, Van ECK Associates Corp increased its position in shares of 10x Genomics by 85.9% during the fourth 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 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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