10x Genomics $TXG Holdings Trimmed by Versant Capital Management Inc

Key Points

• Versant Capital Management cut its 10x Genomics stake by 38.5% in the third quarter, selling 11,374 shares and retaining 18,185 shares valued at approximately $1.64 million. Institutional investors collectively own 84.68% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $53.93, despite several firms raising their targets and Canaccord Genuity assigning a “Buy” rating.
• 10x Genomics reported quarterly revenue of $151.04 million and an adjusted loss of $0.14 per share, beating estimates, but revenue declined 12.7% year over year and the company remains unprofitable.

Versant Capital Management Inc reduced its position in shares of 10x Genomics (NASDAQ:TXG - Free Report) by 38.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,185 shares of the company's stock after selling 11,374 shares during the quarter. Versant Capital Management Inc's holdings in 10x Genomics were worth $1,643,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Sei Investments Co. grew its holdings in shares of 10x Genomics by 113.5% during the first quarter. Sei Investments Co. now owns 44,679 shares of the company's stock valued at $949,000 after buying an additional 23,748 shares in the last quarter. Hsbc Holdings PLC purchased a new stake in 10x Genomics in the 1st quarter worth about $5,945,000. Squarepoint Ops LLC acquired a new stake in 10x Genomics during the 2nd quarter worth about $2,069,000. Proficio Capital Partners LLC acquired a new stake in 10x Genomics during the 2nd quarter worth about $781,000. Finally, Clough Capital Partners L P purchased a new position in 10x Genomics during the 4th quarter valued at about $9,955,000. Hedge funds and other institutional investors own 84.68% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. UBS Group began coverage on 10x Genomics in a report on Wednesday, September 9th. They issued a "neutral" rating and a $68.00 target price on the stock. Barclays boosted their price objective on shares of 10x Genomics from $30.00 to $40.00 and gave the company an "overweight" rating in a research report on Wednesday, June 24th. Citigroup upped their price objective on shares of 10x Genomics from $45.00 to $50.00 and gave the company a "neutral" rating in a research note on Friday, August 7th. TD Cowen reissued a "hold" rating on shares of 10x Genomics in a research note on Wednesday, July 15th. Finally, Canaccord Genuity Group increased their price objective on 10x Genomics from $50.00 to $60.00 and gave the stock a "buy" rating in a report on Monday, August 10th. Six research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $53.93.

10x Genomics Price Performance

Shares of NASDAQ TXG opened at $88.76 on Friday. 10x Genomics has a fifty-two week low of $11.16 and a fifty-two week high of $95.16. The firm has a market capitalization of $11.56 billion, a P/E ratio of -150.44 and a beta of 1.99. The company's 50 day simple moving average is $64.19 and its 200 day simple moving average is $41.03.

10x Genomics (NASDAQ:TXG - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.10. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. The company had revenue of $151.04 million during the quarter, compared to analysts' expectations of $146.67 million. During the same quarter in the previous year, the company posted $0.28 EPS. The business's revenue for the quarter was down 12.7% compared to the same quarter last year. Sell-side analysts expect that 10x Genomics will post -0.66 EPS for the current fiscal year.

Insider Buying and Selling at 10x Genomics

In other 10x Genomics news, insider Benjamin Hindson sold 13,818 shares of the firm's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $63.02, for a total transaction of $870,810.36. Following the sale, the insider directly owned 488,182 shares in the company, valued at approximately $30,765,229.64. This trade represents a 2.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Adam Taich sold 46,388 shares of 10x Genomics stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $64.57, for a total transaction of $2,995,273.16. Following the completion of the transaction, the chief financial officer directly owned 316,344 shares in the company, valued at approximately $20,426,332.08. The trade was a 12.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 179,333 shares of company stock worth $11,810,070 in the last quarter. Company insiders own 8.84% of the company's stock.

10x Genomics 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.

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