10x Genomics (NASDAQ:TXG) Stock Price Target Lowered at JPMorgan Chase & Co.

Key Points

• JPMorgan cut its 10x Genomics price target from $70 to $65 and maintained a neutral rating; the new target implied about 0.24% downside from the prior close.
• Analyst views remain mixed, with a consensus Hold rating and average price target of $68.40.
• Shares rose 9.9% on Monday to $65.16. In its latest quarter, the company beat earnings and revenue estimates, while revenue grew 1.1% year over year.

10x Genomics (NASDAQ:TXG - Get Free Report) had its price target decreased by analysts at JPMorgan Chase & Co. from $70.00 to $65.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s target price points to a potential downside of 0.24% from the company's previous close.

Other research analysts have also issued reports about the stock. Argus started coverage on shares of 10x Genomics in a research note on Monday, September 28th. They issued a "buy" rating and a $110.00 price target on the stock. Canaccord Genuity Group boosted their price objective on 10x Genomics from $60.00 to $100.00 and gave the stock a "buy" rating in a research note on Monday, October 12th. Royal Bank Of Canada started coverage on 10x Genomics in a report on Tuesday, September 1st. They set a "sector perform" rating and a $70.00 target price for the company. Barclays reduced their target price on 10x Genomics from $110.00 to $70.00 and set an "overweight" rating for the company in a report on Monday. Finally, Morgan Stanley raised their target price on 10x Genomics from $40.00 to $70.00 and gave the company an "equal weight" rating in a research report on Monday, October 12th. Five equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, 10x Genomics currently has a consensus rating of "Hold" and a consensus target price of $68.40.

10x Genomics Trading Up 9.9%

TXG traded up $5.88 during trading on Monday, hitting $65.16. The company's stock had a trading volume of 1,989,563 shares, compared to its average volume of 3,030,479. 10x Genomics has a twelve month low of $15.12 and a twelve month high of $102.81. The business's fifty day simple moving average is $73.95 and its 200 day simple moving average is $41.59. The firm has a market capitalization of $8.49 billion, a price-to-earnings ratio of -125.39 and a beta of 2.03.

10x Genomics (NASDAQ:TXG - Get Free Report) last announced its earnings results on Thursday, November 5th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.12. 10x Genomics had a negative return on equity of 8.26% and a negative net margin of 10.84%. The business had revenue of $150.67 million during the quarter, compared to the consensus estimate of $147.96 million. During the same period in the prior year, the company posted ($0.22) EPS. The business's quarterly revenue was up 1.1% on a year-over-year basis. As a group, equities research analysts forecast that 10x Genomics will post -0.77 earnings per share for the current fiscal year.

Insider Transactions at 10x Genomics

In related news, Director John Stuelpnagel sold 20,000 shares of the business's stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $61.75, for a total transaction of $1,235,000.00. Following the transaction, the director directly owned 328,436 shares in the company, valued at approximately $20,280,923. The trade was a 5.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Serge Saxonov sold 25,000 shares of the company's stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $81.22, for a total transaction of $2,030,500.00. Following the sale, the chief executive officer directly owned 1,050,249 shares of the company's stock, valued at approximately $85,301,223.78. This represents a 2.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 179,333 shares of company stock valued at $11,810,070. Company insiders own 8.84% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TXG. Ground Swell Capital LLC purchased a new stake in 10x Genomics in the 3rd quarter valued at about $315,000. Werba Rubin Papier Wealth Management acquired a new position in 10x Genomics in the third quarter valued at about $347,000. Lido Advisors LLC purchased a new position in 10x Genomics during the third quarter worth about $256,000. AlphaCore Capital LLC purchased a new position in 10x Genomics during the third quarter worth about $200,000. Finally, Fulcrum Asset Management LLP purchased a new position in 10x Genomics during the third quarter worth about $8,793,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

About 10x Genomics

10x Genomics, Inc develops technology for studying biological systems at single-cell and spatial resolution. Its instruments, consumables and software help researchers analyze gene expression and other features of cells while preserving information about their location within tissue.

The company's product platforms include Chromium for single-cell analysis, Visium for spatial gene-expression analysis and Xenium for in situ analysis of gene activity within tissue samples. Its tools are used in areas such as immunology, neuroscience, cancer research and drug discovery.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves research and clinical customers around the world, including academic institutions, biotechnology and pharmaceutical companies, and other research organizations.

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