Royal Bank Of Canada Upgrades 10x Genomics (NASDAQ:TXG) to "Hold"

Key Points

• Royal Bank of Canada upgraded 10x Genomics to “Hold”, while the broader analyst consensus remains “Hold” with a $40.57 target price. Ratings include five Buys, eleven Holds and one Sell.
• TXG shares were trading down 4.0% at about $59.98, near the upper end of their 12-month range of $11.16 to $66.94.
• 10x Genomics beat quarterly expectations, reporting an adjusted loss of $0.14 per share versus the projected $0.24 loss and revenue of $151.04 million, although revenue declined 12.7% year over year. Company insiders sold shares worth approximately $6.3 million over the past quarter.

10x Genomics (NASDAQ:TXG - Get Free Report) was upgraded by equities researchers at Royal Bank Of Canada to a "hold" rating in a research note issued on Tuesday, Zacks reports.

Several other brokerages have also commented on TXG. Weiss Ratings restated a "sell (d-)" rating on shares of 10x Genomics in a research report on Wednesday, June 24th. Morgan Stanley increased their price target on shares of 10x Genomics from $37.00 to $40.00 and gave the company an "equal weight" rating in a report on Friday, August 7th. Stephens raised their price objective on shares of 10x Genomics from $50.00 to $65.00 and gave the company an "overweight" rating in a research note on Wednesday, August 12th. Barclays boosted their price objective on shares of 10x Genomics from $30.00 to $40.00 and gave the stock an "overweight" rating in a report on Wednesday, June 24th. Finally, Zacks Research lowered shares of 10x Genomics from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 18th. Five analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $40.57.

10x Genomics Trading Down 4.0%

Shares of TXG stock opened at $59.98 on Tuesday. The company has a market cap of $7.81 billion, a price-to-earnings ratio of -101.66 and a beta of 2.08. The stock has a 50 day simple moving average of $49.31 and a 200-day simple moving average of $32.51. 10x Genomics has a 12-month low of $11.16 and a 12-month high of $66.94.

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

Insider Buying and Selling at 10x Genomics

In other 10x Genomics news, CFO Adam Taich sold 17,166 shares of the business's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $63.02, for a total value of $1,081,801.32. Following the completion of the transaction, the chief financial officer directly owned 362,732 shares in the company, valued at approximately $22,859,370.64. The trade was a 4.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Serge Saxonov sold 10,486 shares of the company's stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $63.69, for a total value of $667,853.34. Following the completion of the transaction, the chief executive officer owned 1,075,349 shares of the company's stock, valued at $68,488,977.81. The trade was a 0.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 117,945 shares of company stock valued at $6,304,588. Corporate insiders own 8.84% of the company's stock.

Hedge Funds Weigh In On 10x Genomics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Larson Financial Group LLC lifted its stake in 10x Genomics by 164.4% during the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company's stock worth $39,000 after purchasing an additional 1,470 shares during the last quarter. Fifth Third Bancorp acquired a new stake in 10x Genomics in the first quarter worth $50,000. Elevation Wealth Partners LLC lifted its position in 10x Genomics by 332.3% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company's stock valued at $57,000 after purchasing an additional 1,143 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of 10x Genomics by 85.9% in the fourth quarter. Van ECK Associates Corp now owns 3,668 shares of the company's stock worth $60,000 after purchasing an additional 1,695 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in 10x Genomics by 203.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 7,490 shares of the company's stock valued at $87,000 after buying an additional 5,025 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

10x Genomics Company Profile

10x Genomics, Inc is a biotechnology company specializing in advanced genomic analysis solutions that enable researchers to explore biology at unprecedented resolution. The company develops and manufactures integrated hardware, consumables and software products for single-cell sequencing and spatial genomics. Its flagship Chromium product line supports applications in single-cell RNA sequencing, immune profiling and genome assembly, while the Visium and Xenium platforms offer spatial transcriptomics and in situ analysis, respectively.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves a global customer base that includes academic institutions, pharmaceutical and biotechnology companies, and government research organizations.

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