Canaccord Genuity Group Forecasts Strong Price Appreciation for 10x Genomics (NASDAQ:TXG) Stock

Key Points

• Canaccord Genuity Group raised its target on 10x Genomics to $32 and kept a "buy" rating—implying about 28.75% upside—even though the analyst consensus is a "Hold" with a consensus target of $20.82.
• Shares traded near $24.85 (50-day MA $20.69, 200-day MA $18.09) with a market cap of $3.18B; the company remains unprofitable (negative EPS and margins) despite beating the latest quarterly revenue and EPS estimates.
• Insiders sold roughly 46,426 shares in the past three months (including CFO and CEO sales) while institutional ownership is high at about 84.68%, with several large funds increasing their positions.

10x Genomics (NASDAQ:TXG - Get Free Report) had its target price raised by equities researchers at Canaccord Genuity Group from $22.00 to $32.00 in a research report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective points to a potential upside of 28.75% from the stock's current price.

A number of other research analysts have also issued reports on TXG. Weiss Ratings reissued a "sell (d-)" rating on shares of 10x Genomics in a research note on Friday, March 27th. Bank of America boosted their target price on shares of 10x Genomics from $21.00 to $30.00 and gave the company a "neutral" rating in a research note on Monday. Citigroup boosted their target price on shares of 10x Genomics from $18.00 to $24.00 and gave the company a "neutral" rating in a research note on Tuesday, April 7th. Barclays boosted their target price on shares of 10x Genomics from $22.00 to $30.00 and gave the company an "overweight" rating in a research note on Tuesday, April 14th. Finally, Leerink Partners reduced their target price on shares of 10x Genomics from $22.00 to $20.00 and set a "market perform" rating for the company in a research note on Tuesday, January 27th. Five analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $20.82.

10x Genomics Stock Performance

Shares of NASDAQ TXG traded down $1.23 during midday trading on Monday, hitting $24.85. The company's stock had a trading volume of 1,192,540 shares, compared to its average volume of 2,532,773. 10x Genomics has a 1-year low of $7.25 and a 1-year high of $26.44. The firm's fifty day moving average price is $20.69 and its 200-day moving average price is $18.09. The firm has a market cap of $3.18 billion, a P/E ratio of -71.63 and a beta of 2.17.

10x Genomics (NASDAQ:TXG - Get Free Report) last posted its quarterly earnings results on Thursday, February 12th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.06. The business had revenue of $166.03 million during the quarter, compared to analyst estimates of $160.35 million. 10x Genomics had a negative net margin of 6.77% and a negative return on equity of 6.89%. The company's quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.40) EPS. As a group, research analysts predict that 10x Genomics will post -1.43 earnings per share for the current fiscal year.

Insider Transactions at 10x Genomics

In other news, CFO Adam Taich sold 8,968 shares of the company's stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $18.58, for a total value of $166,625.44. Following the completion of the sale, the chief financial officer directly owned 288,417 shares of the company's stock, valued at approximately $5,358,787.86. This represents a 3.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Serge Saxonov sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, April 14th. The stock was sold at an average price of $24.56, for a total transaction of $122,800.00. Following the completion of the sale, the chief executive officer directly owned 1,167,273 shares of the company's stock, valued at approximately $28,668,224.88. This represents a 0.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 46,426 shares of company stock valued at $902,695. Company insiders own 10.03% of the company's stock.

Institutional Trading of 10x Genomics

A number of hedge funds and other institutional investors have recently made changes to their positions in TXG. AQR Capital Management LLC raised its holdings in shares of 10x Genomics by 241.3% in the 2nd quarter. AQR Capital Management LLC now owns 4,137,801 shares of the company's stock worth $47,916,000 after purchasing an additional 2,925,372 shares in the last quarter. Millennium Management LLC raised its holdings in shares of 10x Genomics by 84.7% in the 3rd quarter. Millennium Management LLC now owns 5,437,969 shares of the company's stock worth $63,570,000 after purchasing an additional 2,494,142 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of 10x Genomics by 126.6% in the 3rd quarter. Wellington Management Group LLP now owns 4,285,628 shares of the company's stock worth $50,099,000 after purchasing an additional 2,394,355 shares in the last quarter. Quantinno Capital Management LP raised its holdings in shares of 10x Genomics by 207.2% in the 2nd quarter. Quantinno Capital Management LP now owns 2,233,526 shares of the company's stock worth $25,864,000 after purchasing an additional 1,506,530 shares in the last quarter. Finally, Casdin Capital LLC bought a new stake in shares of 10x Genomics in the 4th quarter worth approximately $22,834,000. 84.68% of the stock is currently owned by institutional investors.

About 10x Genomics

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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