10x Genomics (NASDAQ:TXG) Stock Has Average Price Target of $58.60

Key Points

• Analyst consensus is “Hold” among 18 analysts, with 11 hold, six buy, and one sell ratings. The average 12-month price target is $58.60, below the stock’s reported price of $80.65.
• 10x Genomics reported quarterly revenue of $151.04 million, exceeding estimates of $146.67 million, while adjusted loss per share of $0.14 was better than the expected $0.24 loss. Revenue nevertheless declined 12.7% year over year.
• Insiders sold 179,333 shares worth approximately $11.81 million over the past three months, while institutional investors own a substantial 84.68% of the company.

Shares of 10x Genomics (NASDAQ:TXG - Get Free Report) have been assigned a consensus rating of "Hold" from the eighteen analysts that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, eleven have issued a hold recommendation and six have given a buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $58.60.

TXG has been the subject of a number of recent research reports. Argus assumed coverage on shares of 10x Genomics in a report on Monday, September 28th. They issued a "buy" rating and a $110.00 target price for the company. Barclays increased their price target on shares of 10x Genomics from $52.00 to $110.00 and gave the company an "overweight" rating in a research report on Wednesday. Citigroup raised their price target on shares of 10x Genomics from $45.00 to $50.00 and gave the company a "neutral" rating in a report on Friday, August 7th. Leerink Partners lifted their price objective on shares of 10x Genomics from $40.00 to $90.00 and gave the stock a "market perform" rating in a research report on Tuesday, September 29th. Finally, Stephens boosted their price objective on shares of 10x Genomics from $50.00 to $65.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 12th.

Insider Activity at 10x Genomics

In other 10x Genomics news, CEO Serge Saxonov sold 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $81.22, for a total value of $2,030,500.00. Following the completion of the sale, the chief executive officer directly owned 1,050,249 shares in the company, valued at $85,301,223.78. This trade represents a 2.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benjamin Hindson sold 13,818 shares of 10x Genomics stock in a transaction on Monday, August 24th. The stock was sold at an average price of $63.02, for a total transaction of $870,810.36. Following the completion of the transaction, the insider directly owned 488,182 shares in the company, valued at $30,765,229.64. This represents a 2.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 179,333 shares of company stock valued at $11,810,070 over the last three months. Company insiders own 8.84% of the company's stock.

Institutional Trading of 10x Genomics

Several hedge funds and other institutional investors have recently made changes to their positions in TXG. Quantinno Capital Management LP raised its position in shares of 10x Genomics by 16.0% in the 1st quarter. Quantinno Capital Management LP now owns 5,411,761 shares of the company's stock valued at $114,892,000 after purchasing an additional 744,558 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in 10x Genomics by 34.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,042,950 shares of the company's stock worth $43,357,000 after purchasing an additional 525,369 shares in the last quarter. Casdin Capital LLC purchased a new stake in 10x Genomics during the 4th quarter worth approximately $22,834,000. Clough Capital Partners L P purchased a new stake in 10x Genomics during the 4th quarter worth approximately $9,955,000. Finally, Quantedge Capital Pte Ltd grew its position in 10x Genomics by 104.2% during the 1st quarter. Quantedge Capital Pte Ltd now owns 416,553 shares of the company's stock worth $8,843,000 after purchasing an additional 212,600 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

10x Genomics Stock Performance

TXG opened at $80.65 on Monday. The firm has a market cap of $10.51 billion, a price-to-earnings ratio of -136.69 and a beta of 1.99. 10x Genomics has a 12 month low of $11.16 and a 12 month high of $102.81. The stock has a fifty day moving average price of $68.66 and a 200-day moving average price of $43.83.

10x Genomics (NASDAQ:TXG - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $151.04 million for the quarter, compared to the consensus estimate of $146.67 million. During the same quarter last year, the company earned $0.28 earnings per share. The firm's revenue for the quarter was down 12.7% compared to the same quarter last year. On average, equities research analysts forecast that 10x Genomics will post -0.75 EPS for the current year.

10x Genomics Company Profile

10x Genomics, Inc is a life sciences technology company that develops tools for analyzing biological systems at high resolution. Its platforms are used by academic and government research institutions, pharmaceutical and biotechnology companies, and other organizations studying genomics, cell biology, immunology, neuroscience, and disease mechanisms.

The company's product portfolio includes the Chromium platform for single-cell and other multiomics analyses, the Visium platform for spatial analysis of tissue, and the Xenium platform for high-plex in situ analysis of gene expression.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.