Allianz Asset Management GmbH Has $555,000 Stock Position in 10x Genomics (NASDAQ:TXG)

Key Points

• Allianz Asset Management GmbH has significantly increased its stake in 10x Genomics, acquiring an additional 35,600 shares during the first quarter, raising its total holdings by 127.1% to approximately $555,000.
• Research analysts have mixed opinions on the stock, with UBS and JPMorgan lowering their price targets, while Bank of America raised its target, leaving a consensus target price of $13.23.
• Insiders have sold a total of 20,872 shares over the past 90 days, indicating potential concerns while insiders still hold 9.39% of the company's stock.

Allianz Asset Management GmbH increased its stake in 10x Genomics (NASDAQ:TXG - Free Report) by 127.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 63,600 shares of the company's stock after acquiring an additional 35,600 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.05% of 10x Genomics worth $555,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. GF Fund Management CO. LTD. purchased a new position in shares of 10x Genomics during the fourth quarter valued at $32,000. GAMMA Investing LLC grew its holdings in shares of 10x Genomics by 81.8% during the first quarter. GAMMA Investing LLC now owns 3,586 shares of the company's stock valued at $31,000 after buying an additional 1,614 shares in the last quarter. Signaturefd LLC grew its holdings in shares of 10x Genomics by 134.3% during the first quarter. Signaturefd LLC now owns 4,203 shares of the company's stock valued at $37,000 after buying an additional 2,409 shares in the last quarter. Whittier Trust Co. purchased a new position in shares of 10x Genomics during the first quarter valued at $41,000. Finally, Commonwealth Equity Services LLC purchased a new position in shares of 10x Genomics during the fourth quarter valued at $146,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

10x Genomics Stock Down 2.8%

Shares of NASDAQ:TXG traded down $0.37 on Friday, reaching $13.08. The company had a trading volume of 2,650,226 shares, compared to its average volume of 3,117,040. 10x Genomics has a twelve month low of $6.78 and a twelve month high of $24.76. The stock has a 50-day moving average price of $11.51 and a 200 day moving average price of $10.82. The stock has a market capitalization of $1.61 billion, a P/E ratio of -10.06 and a beta of 2.03.

10x Genomics (NASDAQ:TXG - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $154.88 million during the quarter, compared to analysts' expectations of $131.91 million. During the same quarter in the previous year, the firm earned ($0.50) EPS. The firm's revenue was down 2.3% compared to the same quarter last year. On average, sell-side analysts predict that 10x Genomics will post -1.43 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on TXG shares. Morgan Stanley lowered their price target on 10x Genomics from $26.00 to $18.00 and set an "overweight" rating on the stock in a report on Monday, May 19th. Weiss Ratings reissued a "sell (e+)" rating on shares of 10x Genomics in a research report on Tuesday, July 29th. Stephens reissued an "overweight" rating and set a $14.00 price objective on shares of 10x Genomics in a research report on Thursday, May 15th. Bank of America lifted their price objective on 10x Genomics from $12.00 to $13.00 and gave the company a "neutral" rating in a research report on Thursday, June 26th. Finally, Wall Street Zen cut 10x Genomics from a "buy" rating to a "hold" rating in a research report on Saturday, June 28th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, 10x Genomics has a consensus rating of "Hold" and an average price target of $13.23.

Insider Buying and Selling

In related news, CEO Serge Saxonov sold 9,343 shares of the business's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $8.30, for a total transaction of $77,546.90. Following the completion of the transaction, the chief executive officer owned 1,083,625 shares of the company's stock, valued at approximately $8,994,087.50. The trade was a 0.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Benjamin J. Hindson sold 7,485 shares of the business'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 $62,125.50. Following the transaction, the insider directly owned 448,374 shares of the company's stock, valued at $3,721,504.20. This represents a 1.64% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,872 shares of company stock valued at $173,238. Insiders own 10.03% of the company's stock.

10x Genomics Profile

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.