10x Genomics (NASDAQ:TXG) Stock Price Up 8.9% - Here's What Happened

Key Points

• 10x Genomics shares jumped 8.9% on Thursday, trading as high as $34.42 after closing at $32.13 the prior day. Trading volume was far below normal, with about 279,455 shares changing hands versus a 2.7 million average.
• The move came amid a mix of analyst sentiment: Zacks Research downgraded the stock to hold, while William Blair upgraded it to outperform and several firms lifted their price targets. Overall, analysts still rate TXG as a Hold with a consensus target of $23.17.
• The company recently beat earnings expectations, reporting EPS of -$0.10 versus the expected -$0.29 and revenue of $150.84 million, up 9.4% year over year. Despite the better-than-expected quarter, 10x Genomics remains unprofitable and insiders recently sold shares tied to equity vesting and tax withholding.

10x Genomics (NASDAQ:TXG - Get Free Report)'s share price rose 8.9% on Thursday . The stock traded as high as $34.42 and last traded at $35.0040. Approximately 279,455 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 2,716,427 shares. The stock had previously closed at $32.13.

Analyst Upgrades and Downgrades

TXG has been the subject of several analyst reports. Zacks Research cut shares of 10x Genomics from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 18th. William Blair raised shares of 10x Genomics from a "market perform" rating to an "outperform" rating in a research note on Tuesday, March 31st. Canaccord Genuity Group increased their price target on shares of 10x Genomics from $22.00 to $32.00 and gave the company a "buy" rating in a research note on Monday, April 20th. 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 research note on Tuesday, April 7th. Finally, UBS Group increased their price target on shares of 10x Genomics from $14.00 to $20.00 and gave the company a "neutral" rating in a research note on Friday, February 20th. Four research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, 10x Genomics has an average rating of "Hold" and a consensus price target of $23.17.

10x Genomics Stock Performance

The stock has a market cap of $4.50 billion, a PE ratio of -208.24 and a beta of 2.12. The stock's 50-day moving average is $25.12 and its two-hundred day moving average is $21.29.

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

Insider Buying and Selling

In related news, insider Benjamin J. Hindson sold 11,595 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total transaction of $283,381.80. Following the completion of the transaction, the insider owned 502,000 shares of the company's stock, valued at approximately $12,268,880. This trade represents a 2.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Adam Taich sold 15,098 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $24.44, for a total transaction of $368,995.12. Following the transaction, the chief financial officer directly owned 379,898 shares of the company's stock, valued at $9,284,707.12. The trade was a 3.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 75,586 shares of company stock valued at $1,773,116. Company insiders own 8.84% of the company's stock.

Institutional Investors Weigh In On 10x Genomics

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in 10x Genomics by 6.7% during the 3rd quarter. Vanguard Group Inc. now owns 13,274,332 shares of the company's stock worth $155,177,000 after buying an additional 834,272 shares in the last quarter. ARK Investment Management LLC lifted its holdings in 10x Genomics by 6.6% during the 4th quarter. ARK Investment Management LLC now owns 12,667,369 shares of the company's stock worth $206,605,000 after buying an additional 779,973 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in 10x Genomics by 2.1% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,492,189 shares of the company's stock worth $89,578,000 after buying an additional 110,970 shares in the last quarter. Amova Asset Management Americas Inc. lifted its holdings in 10x Genomics by 2.0% during the 4th quarter. Amova Asset Management Americas Inc. now owns 5,486,153 shares of the company's stock worth $89,424,000 after buying an additional 109,270 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in 10x Genomics by 84.7% during the 3rd quarter. Millennium Management LLC now owns 5,437,969 shares of the company's stock worth $63,570,000 after buying an additional 2,494,142 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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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