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

Key Points

• Canaccord Genuity Group raised its price target on 10x Genomics from $32 to $50 and kept a buy rating, implying about 19.7% upside from the prior close.
• Other analysts have also been adjusting their views: Barclays and Citigroup lifted targets, while the overall consensus remains Hold with an average price target of $30.42.
• 10x Genomics recently beat earnings and revenue expectations, reporting -$0.10 EPS versus -$0.29 expected and $150.84 million in revenue, while shares traded near their 52-week high at $41.77.

10x Genomics (NASDAQ:TXG - Get Free Report) had its target price upped by equities research analysts at Canaccord Genuity Group from $32.00 to $50.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's target price would suggest a potential upside of 19.70% from the stock's previous close.

A number of other equities research analysts also recently commented on the stock. Barclays lifted their target price on shares of 10x Genomics from $30.00 to $40.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 24th. William Blair upgraded 10x Genomics from a "market perform" rating to an "outperform" rating in a research note on Tuesday, March 31st. Zacks Research lowered 10x Genomics from a "strong-buy" rating to a "hold" rating in a report on Monday, May 18th. Weiss Ratings reiterated a "sell (d-)" rating on shares of 10x Genomics in a research report on Wednesday, June 24th. Finally, Citigroup lifted their price objective on 10x Genomics from $24.00 to $45.00 and gave the company a "neutral" rating in a research report on Wednesday, July 8th. Four investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $30.42.

10x Genomics Price Performance

Shares of 10x Genomics stock opened at $41.77 on Tuesday. 10x Genomics has a 1 year low of $11.16 and a 1 year high of $43.98. The firm's 50-day moving average is $30.34 and its 200 day moving average is $23.90. The stock has a market cap of $5.30 billion, a price-to-earnings ratio of -245.71 and a beta of 2.05.

10x Genomics (NASDAQ:TXG - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping analysts' consensus estimates of ($0.29) by $0.19. The business had revenue of $150.84 million during the quarter, compared to analyst estimates of $146.41 million. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.10x Genomics's revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.28) EPS. On average, equities analysts expect that 10x Genomics will post -0.79 EPS for the current fiscal year.

Insider Activity at 10x Genomics

In other news, insider Benjamin J. Hindson sold 11,595 shares of the business's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total value of $283,381.80. Following the transaction, the insider owned 502,000 shares of the company's stock, valued at approximately $12,268,880. The trade was a 2.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Shehnaaz Suliman sold 5,723 shares of the firm's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $32.63, for a total transaction of $186,741.49. Following the transaction, the director directly owned 31,722 shares of the company's stock, valued at $1,035,088.86. The trade was a 15.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 91,309 shares of company stock worth $2,581,357. 8.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On 10x Genomics

Large investors have recently made changes to their positions in the company. Intech Investment Management LLC raised its holdings in shares of 10x Genomics by 1.4% during the 4th quarter. Intech Investment Management LLC now owns 40,047 shares of the company's stock worth $653,000 after acquiring an additional 567 shares in the last quarter. Certuity LLC increased its position in 10x Genomics by 4.7% in the fourth quarter. Certuity LLC now owns 20,204 shares of the company's stock worth $330,000 after purchasing an additional 904 shares during the last quarter. Stratos Wealth Partners LTD. increased its position in 10x Genomics by 7.3% in the fourth quarter. Stratos Wealth Partners LTD. now owns 14,052 shares of the company's stock worth $229,000 after purchasing an additional 950 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in 10x Genomics by 16.4% during the first quarter. EverSource Wealth Advisors LLC now owns 7,186 shares of the company's stock valued at $153,000 after purchasing an additional 1,012 shares in the last quarter. Finally, Kera Capital Partners Inc. lifted its position in 10x Genomics by 2.3% during the first quarter. Kera Capital Partners Inc. now owns 48,937 shares of the company's stock valued at $1,039,000 after purchasing an additional 1,108 shares during the last quarter. 84.68% of the stock is owned by 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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