10x Genomics' (TXG) "Sell (E+)" Rating Reiterated at Weiss Ratings

Key Points

• 10x Genomics has had its "sell (e+)" rating reaffirmed by Weiss Ratings as recent market activity indicates challenges ahead for the company's stock.
• Several brokerages have adjusted their price targets on 10x Genomics shares, with the highest target set at $14.00 and the lowest at $6.50, reflecting mixed analyst sentiments.
• Insiders have sold significant shares of 10x Genomics recently, indicating potential concerns about the company's future performance.

Weiss Ratings restated their sell (e+) rating on shares of 10x Genomics (NASDAQ:TXG - Free Report) in a report published on Tuesday,Weiss Ratings reports.

Other equities research analysts also recently issued research reports about the stock. The Goldman Sachs Group dropped their target price on shares of 10x Genomics from $7.50 to $6.50 and set a "sell" rating for the company in a research report on Monday, May 12th. Morgan Stanley dropped their target price on shares of 10x Genomics from $26.00 to $18.00 and set an "overweight" rating for the company in a research report on Monday, May 19th. UBS Group lowered their price objective on shares of 10x Genomics from $14.00 to $12.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Stephens reaffirmed an "overweight" rating and set a $14.00 price objective on shares of 10x Genomics in a research report on Thursday, May 15th. Finally, Bank of America boosted their price objective on shares of 10x Genomics from $12.00 to $13.00 and gave the company a "neutral" rating in a research report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $13.23.

10x Genomics Price Performance

10x Genomics stock traded down $0.37 during midday trading on Tuesday, hitting $13.08. 2,650,226 shares of the stock were exchanged, compared to its average volume of 2,984,432. The company has a 50 day moving average price of $11.51 and a two-hundred day moving average price of $10.88. The firm has a market cap of $1.61 billion, a P/E ratio of -10.06 and a beta of 2.03. 10x Genomics has a 1 year low of $6.78 and a 1 year high of $24.76.

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

Insiders Place Their Bets

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

Institutional Trading of 10x Genomics

A number of institutional investors have recently made changes to their positions in the stock. Teacher Retirement System of Texas lifted its stake in shares of 10x Genomics by 6.1% in the 2nd quarter. Teacher Retirement System of Texas now owns 14,931 shares of the company's stock worth $173,000 after acquiring an additional 858 shares during the period. Blue Trust Inc. lifted its stake in shares of 10x Genomics by 48.1% in the 2nd quarter. Blue Trust Inc. now owns 4,894 shares of the company's stock worth $57,000 after acquiring an additional 1,590 shares during the period. GAMMA Investing LLC lifted its stake in shares of 10x Genomics by 81.8% in the 1st quarter. GAMMA Investing LLC now owns 3,586 shares of the company's stock worth $31,000 after acquiring an additional 1,614 shares during the period. Xponance Inc. lifted its stake in shares of 10x Genomics by 17.4% in the 1st quarter. Xponance Inc. now owns 12,010 shares of the company's stock worth $105,000 after acquiring an additional 1,778 shares during the period. Finally, GF Fund Management CO. LTD. acquired a new stake in shares of 10x Genomics in the 4th quarter worth approximately $32,000. 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.