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

Key Points

• 10x Genomics received a reaffirmed "sell (E+)" rating from Weiss Ratings, indicating a cautious outlook for the company.
• Recent price target adjustments from analysts include a cut from $18.00 to $17.00 by Morgan Stanley and a reduction by Goldman Sachs from $7.50 to $6.50.
• 10x Genomics reported a 12.9% year-over-year revenue increase with quarterly earnings of $0.28 per share, surpassing consensus estimates.

10x Genomics (NASDAQ:TXG - Get Free Report)'s stock had its "sell (e+)" rating reaffirmed by equities researchers at Weiss Ratings in a research note issued to investors on Thursday,Weiss Ratings reports.

A number of other research firms have also recently commented on TXG. Morgan Stanley cut their price target on shares of 10x Genomics from $18.00 to $17.00 and set an "overweight" rating for the company in a research note on Tuesday. Wall Street Zen raised shares of 10x Genomics from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Stephens reissued an "overweight" rating and issued a $14.00 target price on shares of 10x Genomics in a research note on Thursday, May 15th. Canaccord Genuity Group set a $16.00 price target on 10x Genomics in a research note on Monday. Finally, The Goldman Sachs Group cut their price objective on 10x Genomics from $7.50 to $6.50 and set a "sell" rating for the company in a report on Monday, May 12th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, 10x Genomics presently has a consensus rating of "Hold" and an average price target of $13.54.

10x Genomics Stock Down 2.4%

10x Genomics stock opened at $13.24 on Thursday. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of -18.91 and a beta of 2.03. The business has a 50-day simple moving average of $12.21 and a 200 day simple moving average of $10.73. 10x Genomics has a 52 week low of $6.78 and a 52 week high of $24.76.

10x Genomics (NASDAQ:TXG - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.35) by $0.63. 10x Genomics had a negative return on equity of 12.88% and a negative net margin of 13.13%. The firm had revenue of $172.91 million during the quarter, compared to the consensus estimate of $139.36 million. During the same quarter last year, the company posted ($0.32) EPS. The company's revenue for the quarter was up 12.9% on a year-over-year basis. On average, research analysts anticipate that 10x Genomics will post -1.43 earnings per share for the current year.

Insider Activity

In other news, insider Benjamin J. Hindson sold 7,485 shares of the 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 $62,125.50. Following the completion of the sale, the insider owned 448,374 shares of the company's stock, valued at approximately $3,721,504.20. This represents a 1.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction, the chief financial officer owned 331,588 shares in the company, valued at $2,752,180.40. This represents a 1.20% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,872 shares of company stock valued at $173,238. Insiders own 9.39% of the company's stock.

Institutional Investors Weigh In On 10x Genomics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TXG. Allworth Financial LP grew its holdings in 10x Genomics by 150.4% in the 2nd quarter. Allworth Financial LP now owns 2,271 shares of the company's stock worth $26,000 after acquiring an additional 1,364 shares during the last quarter. GAMMA Investing LLC boosted 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 worth $31,000 after purchasing an additional 1,614 shares during the period. GF Fund Management CO. LTD. bought a new stake in shares of 10x Genomics in the fourth quarter worth about $32,000. Signaturefd LLC increased its holdings in 10x Genomics by 134.3% during 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 period. Finally, Whittier Trust Co. bought a new position in 10x Genomics during the 1st quarter valued at approximately $41,000. 84.68% of the stock is currently owned by institutional investors.

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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