10x Genomics (NASDAQ:TXG) Stock Price Up 4.7% - Here's Why

Key Points

• 10x Genomics shares rose 4.7% to $14.77 during mid-day trading, despite a notable decline in trading volume, down 67% from the average.
• Equities analysts have set varying price targets, with Morgan Stanley reducing theirs from $26.00 to $18.00, while Barclays increased theirs from $12.00 to $13.00.
• In the latest earnings report, 10x Genomics revealed a revenue of $154.88 million, beating expectations, but reported a loss of ($0.36) per share.

10x Genomics (NASDAQ:TXG - Get Free Report)'s stock price rose 4.7% on Monday . The company traded as high as $14.77 and last traded at $14.77. Approximately 1,129,963 shares traded hands during trading, a decline of 67% from the average daily volume of 3,418,735 shares. The stock had previously closed at $14.11.

Analyst Ratings Changes

TXG has been the subject of a number of analyst reports. JPMorgan Chase & Co. dropped their price objective on 10x Genomics from $12.00 to $9.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Barclays reissued an "overweight" rating and set a $13.00 price objective (up previously from $12.00) on shares of 10x Genomics in a research note on Tuesday, June 24th. Canaccord Genuity Group dropped their price objective on 10x Genomics from $18.00 to $15.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Morgan Stanley dropped their price objective on 10x Genomics from $26.00 to $18.00 and set an "overweight" rating for the company in a research note on Monday, May 19th. Finally, The Goldman Sachs Group dropped their price objective on 10x Genomics from $7.50 to $6.50 and set a "sell" rating for the company in a research note on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $13.23.

10x Genomics Price Performance

The business has a 50 day moving average of $11.41 and a 200 day moving average of $10.89. The company has a market cap of $1.58 billion, a PE ratio of -9.92 and a beta of 2.03.

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

Insider Buying and Selling 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 transaction of $33,565.20. Following the completion of the transaction, the chief financial officer owned 331,588 shares of the company's stock, valued at approximately $2,752,180.40. This trade represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Benjamin J. Hindson sold 7,485 shares of the firm's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $8.30, for a total value of $62,125.50. Following the transaction, the insider directly owned 448,374 shares of the company's stock, valued at $3,721,504.20. This represents a 1.64% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,872 shares of company stock valued at $173,238. 9.39% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On 10x Genomics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in shares of 10x Genomics by 81.8% during the first quarter. GAMMA Investing LLC now owns 3,586 shares of the company's stock valued at $31,000 after acquiring an additional 1,614 shares in the last quarter. Invesco Ltd. increased its holdings in shares of 10x Genomics by 21.8% during the fourth quarter. Invesco Ltd. now owns 118,067 shares of the company's stock valued at $1,695,000 after acquiring an additional 21,134 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of 10x Genomics by 35.3% during the fourth quarter. Deutsche Bank AG now owns 10,190 shares of the company's stock valued at $146,000 after acquiring an additional 2,657 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of 10x Genomics during the fourth quarter valued at $431,000. Finally, Cetera Investment Advisers increased its holdings in 10x Genomics by 22.7% in the 4th quarter. Cetera Investment Advisers now owns 19,898 shares of the company's stock worth $286,000 after buying an additional 3,679 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, 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.