10x Genomics (NASDAQ:TXG) Trading Up 4.7% - Here's What Happened

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 share price shot up 4.7% during mid-day trading on Monday . The company traded as high as $14.77 and last traded at $14.77. 1,129,963 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 3,418,735 shares. The stock had previously closed at $14.11.

Analysts Set New Price Targets

A number of equities analysts have weighed in on TXG shares. Morgan Stanley decreased their target price on 10x Genomics from $26.00 to $18.00 and set an "overweight" rating for the company in a research report on Monday, May 19th. Barclays reissued an "overweight" rating and issued a $13.00 target price (up previously from $12.00) on shares of 10x Genomics in a research report on Tuesday, June 24th. Weiss Ratings reissued a "sell (e+)" rating on shares of 10x Genomics in a research report on Saturday, July 12th. Bank of America boosted their target price on 10x Genomics from $12.00 to $13.00 and gave the stock a "neutral" rating in a research report on Thursday, June 26th. Finally, Wall Street Zen lowered 10x Genomics from a "buy" rating to a "hold" rating in a research report on Saturday, June 28th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, 10x Genomics currently has a consensus rating of "Hold" and an average target price of $13.23.

10x Genomics Price Performance

The firm has a market capitalization of $1.80 billion, a P/E ratio of -11.26 and a beta of 2.03. The stock's fifty day simple moving average is $10.99 and its 200 day simple moving average is $10.87.

10x Genomics (NASDAQ:TXG - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.36) earnings per share for the quarter, topping analysts' consensus estimates 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 previous year, the firm earned ($0.50) earnings per share. The company's revenue was down 2.3% on a year-over-year basis. As a group, sell-side analysts forecast that 10x Genomics will post -1.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Benjamin J. Hindson sold 7,485 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $8.30, for a total transaction of $62,125.50. Following the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Adam Taich sold 4,044 shares of the stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $8.30, for a total transaction of $33,565.20. Following the sale, the chief financial officer directly owned 331,588 shares in the company, valued at approximately $2,752,180.40. The trade was a 1.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,872 shares of company stock worth $173,238. Corporate insiders own 10.03% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TXG. Raymond James Financial Inc. purchased a new position in shares of 10x Genomics during the 4th quarter worth $431,000. Commonwealth Equity Services LLC purchased a new position in shares of 10x Genomics during the 4th quarter worth $146,000. KLP Kapitalforvaltning AS purchased a new position in shares of 10x Genomics during the 4th quarter worth $277,000. LPL Financial LLC raised its holdings in shares of 10x Genomics by 26.2% during the 4th quarter. LPL Financial LLC now owns 33,771 shares of the company's stock worth $485,000 after acquiring an additional 7,014 shares during the period. Finally, Congress Wealth Management LLC DE purchased a new position in shares of 10x Genomics during the 4th quarter worth $340,000. 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.

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