10x Genomics (NASDAQ:TXG) Shares Up 8% - Still a Buy?

10x Genomics, Inc. (NASDAQ:TXG - Get Free Report)'s share price was up 8% during mid-day trading on Monday . The stock traded as high as $10.12 and last traded at $10.18. Approximately 4,429,272 shares traded hands during trading, an increase of 35% from the average daily volume of 3,292,538 shares. The stock had previously closed at $9.42.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on TXG shares. Leerink Partnrs lowered shares of 10x Genomics from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 13th. JPMorgan Chase & Co. dropped their target price on shares of 10x Genomics from $12.00 to $9.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Morgan Stanley decreased their price target on shares of 10x Genomics from $26.00 to $18.00 and set an "overweight" rating for the company in a research note on Monday, May 19th. Citigroup decreased their price target on shares of 10x Genomics from $20.00 to $15.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. Finally, Stifel Nicolaus reduced their target price on shares of 10x Genomics from $21.00 to $18.00 and set a "buy" rating for the company in a research note on Thursday, February 13th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $15.81.

10x Genomics Price Performance

The firm has a market capitalization of $1.30 billion, a PE ratio of -6.96 and a beta of 1.99. The company's fifty day simple moving average is $8.68 and its 200 day simple moving average is $11.59.

10x Genomics (NASDAQ:TXG - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.45) by $0.09. 10x Genomics had a negative net margin of 29.90% and a negative return on equity of 25.40%. The firm had revenue of $154.88 million for the quarter, compared to the consensus estimate of $131.91 million. During the same period in the prior year, the firm posted ($0.50) earnings per share. The company's revenue for the quarter was down 2.3% on a year-over-year basis. On average, analysts anticipate that 10x Genomics, Inc. will post -1.43 earnings per share for the current fiscal year.

Insider Transactions at 10x Genomics

In other news, CFO Adam Taich sold 4,044 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $8.30, for a total transaction of $33,565.20. Following the completion of the sale, the chief financial officer now owns 331,588 shares of the company's stock, valued at approximately $2,752,180.40. This represents a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Serge Saxonov sold 9,343 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $8.30, for a total transaction of $77,546.90. Following the completion of the transaction, the chief executive officer now owns 1,083,625 shares in the company, valued at $8,994,087.50. This represents a 0.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,872 shares of company stock valued at $173,238 in the last quarter. Insiders own 9.39% of the company's stock.

Institutional Investors Weigh In On 10x Genomics

Institutional investors have recently added to or reduced their stakes in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of 10x Genomics by 235.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,103,768 shares of the company's stock valued at $62,016,000 after acquiring an additional 4,987,195 shares during the period. Millennium Management LLC grew its stake in shares of 10x Genomics by 434.5% in the first quarter. Millennium Management LLC now owns 5,377,492 shares of the company's stock worth $46,946,000 after purchasing an additional 4,371,327 shares during the last quarter. RA Capital Management L.P. purchased a new position in 10x Genomics during the 4th quarter valued at about $47,092,000. D. E. Shaw & Co. Inc. purchased a new position in 10x Genomics during the 4th quarter valued at about $17,499,000. Finally, ARK Investment Management LLC raised its position in 10x Genomics by 11.1% during the 4th quarter. ARK Investment Management LLC now owns 11,944,057 shares of the company's stock valued at $171,517,000 after purchasing an additional 1,193,712 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

About 10x Genomics

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.