10x Genomics (NASDAQ:TXG) Trading 7.3% Higher on Analyst Upgrade

10x Genomics (NASDAQ:TXG - Get Free Report) traded up 7.3% on Wednesday after Bank of America raised their price target on the stock from $12.00 to $13.00. Bank of America currently has a neutral rating on the stock. 10x Genomics traded as high as $12.03 and last traded at $11.69. 4,539,928 shares were traded during trading, an increase of 74% from the average session volume of 2,614,062 shares. The stock had previously closed at $10.89.

A number of other equities research analysts also recently commented on TXG. The Goldman Sachs Group reduced their target price on 10x Genomics from $7.50 to $6.50 and set a "sell" rating for the company in a report on Monday, May 12th. Morgan Stanley reduced their target price on 10x Genomics from $26.00 to $18.00 and set an "overweight" rating for the company in a report on Monday, May 19th. Canaccord Genuity Group reduced their target price on 10x Genomics from $18.00 to $15.00 and set a "buy" rating for the company in a report on Monday, May 12th. Citigroup reduced their target price on 10x Genomics from $20.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Finally, JPMorgan Chase & Co. reduced their target price on 10x Genomics from $12.00 to $9.00 and set a "neutral" rating for the company in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $14.96.

Insider Activity

In related news, CEO Serge Saxonov sold 9,343 shares of 10x Genomics stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $8.30, for a total transaction of $77,546.90. Following the completion of the sale, the chief executive officer now owns 1,083,625 shares in the company, valued at approximately $8,994,087.50. This trade represents a 0.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Benjamin J. Hindson sold 7,485 shares of 10x Genomics stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $8.30, for a total value of $62,125.50. Following the sale, the insider now owns 448,374 shares of the company's stock, valued at approximately $3,721,504.20. This represents a 1.64% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,872 shares of company stock worth $173,238 over the last 90 days. 9.39% of the stock is currently owned by corporate insiders.

Institutional Trading of 10x Genomics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Atria Wealth Solutions Inc. increased its position in 10x Genomics by 9.6% during the 4th quarter. Atria Wealth Solutions Inc. now owns 10,788 shares of the company's stock worth $155,000 after purchasing an additional 943 shares in the last quarter. Invesco Ltd. grew its holdings in 10x Genomics by 21.8% in the 4th quarter. Invesco Ltd. now owns 118,067 shares of the company's stock valued at $1,695,000 after buying an additional 21,134 shares during the period. Deutsche Bank AG grew its holdings in 10x Genomics by 35.3% in the 4th quarter. Deutsche Bank AG now owns 10,190 shares of the company's stock valued at $146,000 after buying an additional 2,657 shares during the period. Sanctuary Advisors LLC grew its holdings in 10x Genomics by 36.0% in the 4th quarter. Sanctuary Advisors LLC now owns 24,433 shares of the company's stock valued at $368,000 after buying an additional 6,474 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in 10x Genomics in the 4th quarter valued at about $431,000. Hedge funds and other institutional investors own 84.68% of the company's stock.

10x Genomics Stock Performance

The company has a market cap of $1.44 billion, a PE ratio of -9.02 and a beta of 1.99. The firm has a fifty day simple moving average of $9.37 and a 200 day simple moving average of $11.23.

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

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.