10x Genomics (NASDAQ:TXG) Shares Gap Up Following Analyst Upgrade

Key Points

• Shares gapped up after William Blair upgraded 10x Genomics to an "outperform," opening at $21.00 vs. the prior close of $19.81 and trading up roughly 5.4% to about $20.97.
• The analyst picture is mixed — Barclays and Stifel raised price targets (to $22 and $25 respectively), but the stock's consensus rating is "Hold" with a consensus target of $18.46 (5 Buy, 9 Hold, 3 Sell).
• Insiders sold roughly 41,426 shares (~$780k) in the past 90 days while still owning 10.03%, and the company recently beat quarterly estimates (EPS -$0.13 vs. -$0.19; revenue $166.03M vs. $160.35M) though it remains unprofitable.

10x Genomics (NASDAQ:TXG - Get Free Report) shares gapped up prior to trading on Tuesday after William Blair upgraded the stock from a market perform rating to an outperform rating. The stock had previously closed at $19.81, but opened at $21.00. 10x Genomics shares last traded at $20.9670, with a volume of 150,356 shares traded.

A number of other analysts have also issued reports on the company. Barclays lifted their price objective on 10x Genomics from $17.00 to $22.00 and gave the company an "overweight" rating in a report on Monday, December 15th. Weiss Ratings reissued a "sell (d-)" rating on shares of 10x Genomics in a research report on Friday. Canaccord Genuity Group set a $22.00 price target on shares of 10x Genomics in a report on Friday, February 13th. Citigroup cut shares of 10x Genomics from a "buy" rating to a "cautious" rating in a research report on Thursday, December 11th. Finally, Stifel Nicolaus increased their price objective on shares of 10x Genomics from $20.00 to $25.00 and gave the company a "buy" rating in a research note on Monday, March 2nd. Five investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $18.46.

Insider Transactions at 10x Genomics

In other 10x Genomics news, insider Benjamin J. Hindson sold 7,826 shares of the firm's stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $18.58, for a total value of $145,407.08. Following the completion of the sale, the insider directly owned 424,779 shares in the company, valued at $7,892,393.82. This trade represents a 1.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Adam Taich sold 8,968 shares of the stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $18.58, for a total value of $166,625.44. Following the sale, the chief financial officer owned 288,417 shares of the company's stock, valued at approximately $5,358,787.86. This represents a 3.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 41,426 shares of company stock valued at $779,895 in the last 90 days. Insiders own 10.03% of the company's stock.

Hedge Funds Weigh In On 10x Genomics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Foundations Investment Advisors LLC purchased a new position in shares of 10x Genomics in the third quarter worth about $665,000. Jump Financial LLC boosted its position in 10x Genomics by 130.2% in the second quarter. Jump Financial LLC now owns 1,041,051 shares of the company's stock valued at $12,055,000 after buying an additional 588,769 shares during the last quarter. AlphaQuest LLC boosted its position in 10x Genomics by 234.3% in the third quarter. AlphaQuest LLC now owns 133,419 shares of the company's stock valued at $1,560,000 after buying an additional 93,514 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in 10x Genomics in the 3rd quarter worth approximately $1,179,000. Finally, Friedenthal Financial acquired a new position in 10x Genomics in the 3rd quarter worth approximately $924,000. Hedge funds and other institutional investors own 84.68% of the company's stock.

10x Genomics Trading Up 5.4%

The business's 50-day simple moving average is $19.99 and its 200-day simple moving average is $17.03. The company has a market capitalization of $2.67 billion, a PE ratio of -60.13 and a beta of 2.20.

10x Genomics (NASDAQ:TXG - Get Free Report) last released its quarterly earnings data on Thursday, February 12th. The company reported ($0.13) earnings per share for the quarter, beating analysts' consensus estimates of ($0.19) by $0.06. The business had revenue of $166.03 million during the quarter, compared to analyst estimates of $160.35 million. 10x Genomics had a negative return on equity of 6.89% and a negative net margin of 6.77%.The company's revenue was up .6% on a year-over-year basis. During the same quarter last year, the business posted ($0.40) EPS. Sell-side analysts forecast that 10x Genomics will post -1.43 EPS for the current fiscal year.

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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