10x Genomics (NASDAQ:TXG) Earns "Sell (E+)" Rating from 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 reaffirmed their sell (e+) rating on shares of 10x Genomics (NASDAQ:TXG - Free Report) in a research report report published on Tuesday,Weiss Ratings reports.

A number of other brokerages have also recently commented on TXG. The Goldman Sachs Group reduced 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. UBS Group decreased their price target on shares of 10x Genomics from $14.00 to $12.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Bank of America increased their price target 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. JPMorgan Chase & Co. lowered their price target on 10x Genomics from $12.00 to $9.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Finally, Canaccord Genuity Group reduced their price objective on shares of 10x Genomics from $18.00 to $15.00 and set a "buy" rating on the stock in a report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $13.23.

10x Genomics Stock Performance

Shares of TXG traded down $0.09 during mid-day trading on Tuesday, hitting $13.91. 2,610,408 shares of the company traded hands, compared to its average volume of 2,959,618. 10x Genomics has a 1 year low of $6.78 and a 1 year high of $24.76. The stock has a 50-day moving average price of $11.20 and a two-hundred day moving average price of $10.89. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of -10.70 and a beta of 2.03.

10x Genomics (NASDAQ:TXG - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.36) EPS for the quarter, topping analysts' consensus estimates of ($0.45) by $0.09. The company had revenue of $154.88 million for 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%. 10x Genomics's quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.50) earnings per share. On average, analysts forecast that 10x Genomics will post -1.43 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Adam Taich sold 4,044 shares of the firm's stock in a transaction that occurred 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 sale, the chief financial officer directly 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Serge Saxonov sold 9,343 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $8.30, for a total transaction of $77,546.90. Following the transaction, the chief executive officer owned 1,083,625 shares in the company, valued at $8,994,087.50. The trade was a 0.85% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,872 shares of company stock valued at $173,238. 9.39% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On 10x Genomics

Several hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC raised its holdings in 10x Genomics by 81.8% during the first quarter. GAMMA Investing LLC now owns 3,586 shares of the company's stock worth $31,000 after purchasing an additional 1,614 shares in the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of 10x Genomics during the 4th quarter worth approximately $32,000. Signaturefd LLC increased its stake in shares of 10x Genomics by 134.3% in the 1st quarter. Signaturefd LLC now owns 4,203 shares of the company's stock valued at $37,000 after purchasing an additional 2,409 shares during the last quarter. Whittier Trust Co. bought a new stake in 10x Genomics during the first quarter valued at $41,000. Finally, PNC Financial Services Group Inc. grew its position in 10x Genomics by 153.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,150 shares of the company's stock worth $45,000 after purchasing an additional 3,119 shares in the last quarter. 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.