10x Genomics (NASDAQ:TXG) Stock Picked Up by Analysts at Argus

Key Points

• Argus initiated coverage of 10x Genomics with a “buy” rating and a $110 price target, implying 28.34% upside from the stock’s previous close.
• Analyst sentiment remains mixed: six analysts rate TXG a Buy, eleven a Hold and one a Sell, producing a consensus rating of “Hold” and an average target price of $48.40.
• The company exceeded quarterly EPS and revenue expectations, but revenue declined 12.7% year over year and 10x Genomics remains unprofitable. Shares opened at $85.71, near their one-year high of $86.16, while insiders have sold more than $11.8 million in stock over the past 90 days.

Equities researchers at Argus initiated coverage on shares of 10x Genomics (NASDAQ:TXG - Get Free Report) in a note issued to investors on Monday, Benzinga reports. The brokerage set a "buy" rating and a $110.00 price target on the stock. Argus' price objective points to a potential upside of 28.34% from the company's previous close.

Several other research analysts also recently commented on TXG. Citigroup raised their price objective on 10x Genomics from $45.00 to $50.00 and gave the stock a "neutral" rating in a report on Friday, August 7th. Stifel Nicolaus set a $50.00 target price on 10x Genomics in a report on Friday, August 7th. Royal Bank Of Canada assumed coverage on 10x Genomics in a research report on Tuesday, September 1st. They set a "sector perform" rating and a $70.00 price target on the stock. Canaccord Genuity Group raised their price target on 10x Genomics from $50.00 to $60.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Finally, Leerink Partners lifted their price objective on 10x Genomics from $23.00 to $40.00 and gave the company a "market perform" rating in a report on Friday, July 17th. Six investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $48.40.

10x Genomics Price Performance

10x Genomics stock opened at $85.71 on Monday. The stock has a market cap of $11.17 billion, a price-to-earnings ratio of -145.27 and a beta of 2.08. The firm has a 50-day moving average of $60.74 and a two-hundred day moving average of $39.06. 10x Genomics has a 1 year low of $11.16 and a 1 year high of $86.16.

10x Genomics (NASDAQ:TXG - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.24) by $0.10. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. The business had revenue of $151.04 million for the quarter, compared to analyst estimates of $146.67 million. During the same period last year, the company posted $0.28 earnings per share. The company's quarterly revenue was down 12.7% compared to the same quarter last year. Research analysts expect that 10x Genomics will post -0.75 earnings per share for the current year.

Insider Activity at 10x Genomics

In other news, Director John R. Stuelpnagel sold 20,000 shares of the business's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $61.75, for a total value of $1,235,000.00. Following the completion of the transaction, the director directly owned 328,436 shares of the company's stock, valued at approximately $20,280,923. The trade was a 5.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Adam Taich sold 46,388 shares of the company's stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $64.57, for a total value of $2,995,273.16. Following the sale, the chief financial officer owned 316,344 shares of the company's stock, valued at $20,426,332.08. This trade represents a 12.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 179,333 shares of company stock valued at $11,810,070 over the last 90 days. Insiders own 8.84% of the company's stock.

Hedge Funds Weigh In On 10x Genomics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tidal Investments LLC bought a new position in 10x Genomics in the second quarter worth about $1,279,000. Integrated Wealth Concepts LLC raised its stake in 10x Genomics by 34.9% in the second quarter. Integrated Wealth Concepts LLC now owns 21,645 shares of the company's stock valued at $830,000 after buying an additional 5,595 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in 10x Genomics in the second quarter worth about $2,069,000. Arizona State Retirement System boosted its holdings in 10x Genomics by 1.5% in the second quarter. Arizona State Retirement System now owns 29,223 shares of the company's stock worth $1,120,000 after acquiring an additional 430 shares in the last quarter. Finally, Nykredit A S purchased a new stake in shares of 10x Genomics during the second quarter worth about $126,000. Hedge funds and other institutional investors own 84.68% of the company's stock.

About 10x Genomics

10x Genomics, Inc develops life science technology for analyzing biological systems at the single-cell and spatial levels. Its platforms are designed to help researchers study gene expression, genetic variation, cell populations and tissue organization with greater detail than conventional laboratory methods.

The company's product portfolio includes the Chromium platform for single-cell analysis, Visium solutions for spatial transcriptomics and tissue profiling, and Xenium in situ platforms for high-resolution analysis of RNA and other biological features within tissue samples.

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