10x Genomics (NASDAQ:TXG) Trading 8.3% Higher - Still a Buy?

Key Points

• 10x Genomics shares jumped 8.3% on the day, trading as high as $34.77 after closing at $31.87 the prior session.
• Analysts remain mixed: several firms raised price targets, but the overall consensus rating is still “Hold” with an average target price of $24.00.
• The company recently beat quarterly expectations, reporting a smaller-than-expected loss and 9.4% revenue growth year over year, though it remains unprofitable.

10x Genomics (NASDAQ:TXG - Get Free Report) shot up 8.3% on Wednesday . The stock traded as high as $34.77 and last traded at $34.5080. 388,178 shares changed hands during trading, a decline of 86% from the average session volume of 2,742,543 shares. The stock had previously closed at $31.87.

Analyst Upgrades and Downgrades

Several analysts have commented on TXG shares. Stifel Nicolaus lifted their price target on 10x Genomics from $20.00 to $25.00 and gave the company a "buy" rating in a report on Monday, March 2nd. Citigroup increased their price objective on shares of 10x Genomics from $18.00 to $24.00 and gave the stock a "neutral" rating in a report on Tuesday, April 7th. William Blair raised shares of 10x Genomics from a "market perform" rating to an "outperform" rating in a research report on Tuesday, March 31st. Bank of America boosted their target price on shares of 10x Genomics from $21.00 to $30.00 and gave the company a "neutral" rating in a report on Monday, April 20th. Finally, Canaccord Genuity Group boosted their target price on shares of 10x Genomics from $22.00 to $32.00 and gave the company a "buy" rating in a report on Monday, April 20th. Four analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, 10x Genomics presently has a consensus rating of "Hold" and an average target price of $24.00.

10x Genomics Trading Up 9.2%

The stock's 50-day moving average is $25.98 and its 200-day moving average is $21.73. The stock has a market cap of $4.42 billion, a price-to-earnings ratio of -204.99 and a beta of 2.12.

10x Genomics (NASDAQ:TXG - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating analysts' consensus estimates of ($0.29) by $0.19. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.86%. The firm had revenue of $150.84 million for the quarter, compared to analysts' expectations of $146.41 million. During the same period in the previous year, the company posted ($0.28) earnings per share. 10x Genomics's revenue was up 9.4% compared to the same quarter last year. On average, equities analysts predict that 10x Genomics will post -0.79 earnings per share for the current fiscal year.

Insider Buying and Selling at 10x Genomics

In related news, CEO Serge Saxonov sold 18,175 shares of the company's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total transaction of $444,197.00. Following the completion of the sale, the chief executive officer directly owned 1,149,098 shares of the company's stock, valued at approximately $28,083,955.12. This represents a 1.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Benjamin J. Hindson sold 11,595 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total value of $283,381.80. Following the completion of the sale, the insider owned 502,000 shares of the company's stock, valued at approximately $12,268,880. This represents a 2.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 66,309 shares of company stock worth $1,670,957. 8.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On 10x Genomics

Institutional investors and hedge funds have recently modified their holdings of the stock. Geneos Wealth Management Inc. acquired a new stake in shares of 10x Genomics in the fourth quarter valued at about $38,000. Larson Financial Group LLC boosted its holdings in 10x Genomics by 164.4% in the 4th quarter. Larson Financial Group LLC now owns 2,364 shares of the company's stock worth $39,000 after acquiring an additional 1,470 shares during the period. Fifth Third Bancorp purchased a new position in 10x Genomics in the 1st quarter worth approximately $50,000. Van ECK Associates Corp grew its position in 10x Genomics by 85.9% in the fourth quarter. Van ECK Associates Corp now owns 3,668 shares of the company's stock valued at $60,000 after acquiring an additional 1,695 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in 10x Genomics by 203.9% in the second quarter. EverSource Wealth Advisors LLC now owns 7,490 shares of the company's stock valued at $87,000 after acquiring an additional 5,025 shares in the last quarter. 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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