Bank of America Forecasts Strong Price Appreciation for 10x Genomics (NASDAQ:TXG) Stock

10x Genomics (NASDAQ:TXG - Get Free Report) had its price target hoisted by research analysts at Bank of America from $12.00 to $13.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Bank of America's price target points to a potential upside of 13.59% from the company's current price.

TXG has been the topic of a number of other research reports. Canaccord Genuity Group dropped their target price on shares of 10x Genomics from $18.00 to $15.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Citigroup lowered their target price on shares of 10x Genomics from $20.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. JPMorgan Chase & Co. cut their price objective on 10x Genomics from $12.00 to $9.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Weiss Ratings reiterated a "sell (e+)" rating on shares of 10x Genomics in a research note on Wednesday, June 11th. Finally, Stephens reissued an "overweight" rating and issued a $14.00 target price on shares of 10x Genomics in a research report on Thursday, May 15th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat, 10x Genomics currently has an average rating of "Hold" and a consensus price target of $14.96.

10x Genomics Stock Down 1.8%

Shares of TXG stock traded down $0.22 during mid-day trading on Thursday, reaching $11.45. 2,613,693 shares of the stock traded hands, compared to its average volume of 2,621,563. 10x Genomics has a 1-year low of $6.78 and a 1-year high of $24.76. The company has a market cap of $1.41 billion, a price-to-earnings ratio of -8.78 and a beta of 1.99. The stock's fifty day simple moving average is $9.20 and its two-hundred day simple moving average is $11.29.

10x Genomics (NASDAQ:TXG - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.45) by $0.09. 10x Genomics had a negative return on equity of 23.22% and a negative net margin of 25.14%. The company had revenue of $154.88 million for the quarter, compared to the consensus estimate of $131.91 million. During the same period in the previous year, the business earned ($0.50) EPS. The firm's revenue was down 2.3% compared to the same quarter last year. On average, equities research analysts anticipate that 10x Genomics will post -1.43 EPS for the current fiscal year.

Insider Transactions at 10x Genomics

In other 10x Genomics news, CFO Adam Taich sold 4,044 shares of the company's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $8.30, for a total value of $33,565.20. Following the completion of the sale, the chief financial officer now owns 331,588 shares in the company, valued at $2,752,180.40. This represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 now directly owns 448,374 shares of the company's stock, valued at $3,721,504.20. This represents a 1.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,872 shares of company stock worth $173,238 over the last three months. 9.39% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in 10x Genomics by 235.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,103,768 shares of the company's stock valued at $62,016,000 after buying an additional 4,987,195 shares during the period. Millennium Management LLC lifted its holdings in shares of 10x Genomics by 434.5% in the 1st quarter. Millennium Management LLC now owns 5,377,492 shares of the company's stock worth $46,946,000 after buying an additional 4,371,327 shares during the period. RA Capital Management L.P. purchased a new stake in 10x Genomics during the fourth quarter worth $47,092,000. D. E. Shaw & Co. Inc. purchased a new position in shares of 10x Genomics in the 4th quarter worth approximately $17,499,000. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of 10x Genomics by 3,619.6% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,166,723 shares of the company's stock valued at $10,185,000 after purchasing an additional 1,135,356 shares during the last quarter. Institutional investors own 84.68% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.