10x Genomics (NASDAQ:TXG) Trading Down 8% - What's Next?

Key Points

• Shares fell about 8% intraday to roughly $19.66 on Wednesday, trading ~1.43M shares (down 45% versus average) after a prior close of $21.37.
• Analysts are mixed: the consensus rating is "Hold" with an average target of $20.82, although recent notes range from Strong Buy upgrades to Hold and Sell ratings and Citi raised its target to $24.
• 10x beat the quarter (EPS -$0.13 vs. -$0.19; revenue $166.0M vs. $160.4M) but remains unprofitable with negative margins and a projected FY EPS around -$0.82, while insiders have sold shares recently (≈46,426 shares over 90 days; insiders own ~10.03%).

10x Genomics (NASDAQ:TXG - Get Free Report) shares fell 8% during trading on Wednesday . The stock traded as low as $19.87 and last traded at $19.6550. 1,426,022 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 2,569,430 shares. The stock had previously closed at $21.37.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. William Blair upgraded 10x Genomics from a "market perform" rating to an "outperform" rating in a research note on Tuesday, March 31st. Deutsche Bank Aktiengesellschaft set a $17.00 target price on 10x Genomics and gave the stock a "hold" rating in a research note on Friday, February 13th. Leerink Partners lowered their price target on shares of 10x Genomics from $22.00 to $20.00 and set a "market perform" rating on the stock in a report on Tuesday, January 27th. Citigroup lifted their price objective on 10x Genomics from $18.00 to $24.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 7th. Finally, Zacks Research upgraded 10x Genomics from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $20.82.

10x Genomics Trading Down 5.9%

The firm has a market capitalization of $2.57 billion, a PE ratio of -57.41 and a beta of 2.17. The company has a fifty day moving average price of $21.25 and a two-hundred day moving average price of $18.61.

10x Genomics (NASDAQ:TXG - Get Free Report) last issued its quarterly earnings results on Thursday, February 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.19) by $0.06. The business had revenue of $166.03 million for the quarter, compared to analyst estimates of $160.35 million. 10x Genomics had a negative net margin of 6.77% and a negative return on equity of 6.89%. The business's revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.40) earnings per share. As a group, equities research analysts predict that 10x Genomics will post -0.82 earnings per share for the current year.

Insiders Place Their Bets

In other 10x Genomics news, CEO Serge Saxonov sold 5,000 shares of the firm's stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $24.56, for a total value of $122,800.00. Following the sale, the chief executive officer directly owned 1,167,273 shares in the company, valued at approximately $28,668,224.88. This trade represents a 0.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Benjamin J. Hindson sold 7,826 shares of the company'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 $145,407.08. Following the completion of the sale, the insider directly owned 424,779 shares of the company's stock, valued at $7,892,393.82. The trade was a 1.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 46,426 shares of company stock worth $902,695 over the last ninety days. 10.03% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Optas LLC lifted its position in shares of 10x Genomics by 8.2% in the first quarter. Optas LLC now owns 24,215 shares of the company's stock worth $514,000 after buying an additional 1,832 shares during the last quarter. Platform Technology Partners acquired a new stake in 10x Genomics in the 1st quarter worth approximately $265,000. Capricorn Fund Managers Ltd bought a new stake in 10x Genomics during the first quarter worth approximately $2,161,000. Impact Partnership Wealth LLC acquired a new position in 10x Genomics during the first quarter valued at approximately $221,000. Finally, Cornerstone Wealth Group LLC grew its holdings in 10x Genomics by 18.1% during the first quarter. Cornerstone Wealth Group LLC now owns 16,177 shares of the company's stock valued at $372,000 after purchasing an additional 2,481 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.