10x Genomics (NASDAQ:TXG) Stock Price Up 5.9% - Here's What Happened

Key Points

• 10x Genomics shares jumped 5.9% on Monday to $23.37, but trading was thin at about 676,008 shares (down ~74% from average volume).
• The company slightly beat quarterly estimates—EPS of ($0.13) vs. ($0.19) expected and revenue of $166.03M vs. $160.35M—but remains unprofitable with negative margins and analysts forecasting roughly -0.82 EPS for the year.
• Analyst coverage is mixed with a consensus rating of Hold and a $20.82 target; firms have shuffled targets and ratings (e.g., Citigroup lifted its target to $24 while Leerink cut to $20), reflecting divergent views.

10x Genomics (NASDAQ:TXG - Get Free Report)'s share price rose 5.9% on Monday . The company traded as high as $23.40 and last traded at $23.3720. Approximately 676,008 shares changed hands during trading, a decline of 74% from the average daily volume of 2,561,802 shares. The stock had previously closed at $22.08.

Analyst Ratings Changes

TXG has been the subject of a number of research analyst reports. Leerink Partners cut their price objective on 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. Zacks Research upgraded 10x Genomics from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 17th. TD Cowen raised their price objective on 10x Genomics from $18.00 to $19.00 and gave the company a "hold" rating in a research report on Friday, February 13th. Citigroup increased their price target on shares of 10x Genomics from $18.00 to $24.00 and gave the company a "neutral" rating in a report on Tuesday, April 7th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 10x Genomics in a report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $20.82.

10x Genomics Stock Performance

The stock's fifty day moving average is $21.11 and its 200 day moving average is $18.46. The stock has a market cap of $2.86 billion, a P/E ratio of -63.87 and a beta of 2.17.

10x Genomics (NASDAQ:TXG - Get Free Report) last announced its quarterly earnings results on Thursday, February 12th. The company reported ($0.13) EPS for the quarter, beating analysts' consensus estimates of ($0.19) by $0.06. 10x Genomics had a negative net margin of 6.77% and a negative return on equity of 6.89%. The firm had revenue of $166.03 million during the quarter, compared to the consensus estimate of $160.35 million. During the same quarter last year, the firm earned ($0.40) EPS. The firm's revenue for the quarter was up .6% compared to the same quarter last year. Equities research analysts predict that 10x Genomics will post -0.82 EPS for the current year.

Insider Activity at 10x Genomics

In other 10x Genomics news, CEO Serge Saxonov sold 10,000 shares of the firm's stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $19.13, for a total value of $191,300.00. Following the completion of the sale, the chief executive officer owned 1,177,273 shares of the company's stock, valued at $22,521,232.49. This trade represents a 0.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Adam Taich sold 8,968 shares of the firm's stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $18.58, for a total transaction of $166,625.44. Following the completion of the sale, the chief financial officer directly owned 288,417 shares of the company's stock, valued at approximately $5,358,787.86. The trade was a 3.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 46,426 shares of company stock valued at $902,695. Insiders own 10.03% of the company's stock.

Institutional Trading of 10x Genomics

Institutional investors have recently added to or reduced their stakes in the company. Foundations Investment Advisors LLC bought a new stake in 10x Genomics in the third quarter worth about $665,000. AlphaQuest LLC lifted its stake in 10x Genomics by 234.3% in the third quarter. AlphaQuest LLC now owns 133,419 shares of the company's stock worth $1,560,000 after purchasing an additional 93,514 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in 10x Genomics in the third quarter worth about $1,179,000. JPMorgan Chase & Co. lifted its stake in 10x Genomics by 777.6% in the third quarter. JPMorgan Chase & Co. now owns 1,073,865 shares of the company's stock worth $12,553,000 after purchasing an additional 951,495 shares during the last quarter. Finally, Dynasty Wealth Management LLC bought a new stake in 10x Genomics in the third quarter worth about $280,000. Institutional investors own 84.68% of the company's stock.

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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