10x Genomics (NASDAQ:TXG) Stock Price Down 6.1% - What's Next?

Shares of 10x Genomics (NASDAQ:TXG - Get Free Report) dropped 6.1% during trading on Monday . The stock traded as low as $12.19 and last traded at $12.22. Approximately 1,113,996 shares changed hands during trading, a decline of 59% from the average daily volume of 2,715,327 shares. The stock had previously closed at $13.01.

Analyst Upgrades and Downgrades

Several research firms have issued reports on TXG. Stephens restated an "overweight" rating and set a $14.00 target price on shares of 10x Genomics in a research note on Thursday, May 15th. JPMorgan Chase & Co. lowered their price target on shares of 10x Genomics from $12.00 to $9.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. UBS Group reduced their price objective on shares of 10x Genomics from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Bank of America boosted their price target on shares of 10x Genomics from $12.00 to $13.00 and gave the stock a "neutral" rating in a research report on Thursday, June 26th. Finally, Canaccord Genuity Group dropped their price objective on shares of 10x Genomics from $18.00 to $15.00 and set a "buy" rating for the company in a research note on Monday, May 12th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, 10x Genomics presently has an average rating of "Hold" and a consensus target price of $14.96.

10x Genomics Stock Up 4.3%

The stock has a 50-day moving average of $10.04 and a 200 day moving average of $11.11. The stock has a market cap of $1.55 billion, a PE ratio of -9.71 and a beta of 2.03.

10x Genomics (NASDAQ:TXG - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.09. 10x Genomics had a negative return on equity of 23.22% and a negative net margin of 25.14%. The business had revenue of $154.88 million for the quarter, compared to analyst estimates of $131.91 million. During the same quarter in the prior year, the firm posted ($0.50) EPS. The business's quarterly revenue was down 2.3% compared to the same quarter last year. On average, equities analysts anticipate that 10x Genomics will post -1.43 EPS for the current year.

Insider Activity at 10x Genomics

In other 10x Genomics news, CFO Adam Taich sold 4,044 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $8.30, for a total value of $33,565.20. Following the completion of the sale, the chief financial officer directly owned 331,588 shares of the company's stock, valued at $2,752,180.40. This trade represents a 1.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Serge Saxonov sold 9,343 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $8.30, for a total value of $77,546.90. Following the completion of the sale, the chief executive officer directly owned 1,083,625 shares of the company's stock, valued at $8,994,087.50. This trade represents a 0.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,872 shares of company stock valued at $173,238. 9.39% of the stock is owned by insiders.

Institutional Trading of 10x Genomics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Signaturefd LLC increased its stake in shares of 10x Genomics by 424.6% in the 4th quarter. Signaturefd LLC now owns 1,794 shares of the company's stock worth $26,000 after acquiring an additional 1,452 shares during the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of 10x Genomics during the 4th quarter worth about $32,000. GAMMA Investing LLC increased its position in shares of 10x Genomics by 81.8% during the 1st quarter. GAMMA Investing LLC now owns 3,586 shares of the company's stock worth $31,000 after purchasing an additional 1,614 shares during the last quarter. Whittier Trust Co. acquired a new stake in shares of 10x Genomics during the 1st quarter worth about $41,000. Finally, PNC Financial Services Group Inc. increased its position in shares of 10x Genomics by 153.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 5,150 shares of the company's stock worth $45,000 after purchasing an additional 3,119 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

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.