10x Genomics $TXG Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies cut its 10x Genomics stake by 34.9% in the first quarter, selling 541,800 shares and retaining 1.01 million shares worth approximately $21.4 million. Institutional investors still own 84.68% of TXG.
• 10x Genomics reported better-than-expected quarterly results, with adjusted earnings of a $0.10 loss per share versus a projected $0.29 loss and revenue of $150.84 million, up 9.4% year over year.
• Analysts maintain a consensus “Hold” rating, with an average price target of $32.08, while TXG recently traded at $46.32 after a substantial rise from its 52-week low of $11.16.

Renaissance Technologies LLC lowered its holdings in 10x Genomics (NASDAQ:TXG - Free Report) by 34.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,008,739 shares of the company's stock after selling 541,800 shares during the period. Renaissance Technologies LLC owned about 0.79% of 10x Genomics worth $21,416,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in TXG. ARK Investment Management LLC boosted its holdings in 10x Genomics by 6.6% during the fourth quarter. ARK Investment Management LLC now owns 12,667,369 shares of the company's stock worth $206,605,000 after buying an additional 779,973 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of 10x Genomics by 2.1% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,492,189 shares of the company's stock valued at $89,578,000 after buying an additional 110,970 shares in the last quarter. Amova Asset Management Americas Inc. increased its holdings in shares of 10x Genomics by 2.0% in the fourth quarter. Amova Asset Management Americas Inc. now owns 5,486,153 shares of the company's stock valued at $89,424,000 after buying an additional 109,270 shares in the last quarter. Millennium Management LLC lifted its position in shares of 10x Genomics by 84.7% during the 3rd quarter. Millennium Management LLC now owns 5,437,969 shares of the company's stock valued at $63,570,000 after acquiring an additional 2,494,142 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of 10x Genomics by 126.6% during the 3rd quarter. Wellington Management Group LLP now owns 4,285,628 shares of the company's stock worth $50,099,000 after acquiring an additional 2,394,355 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.

10x Genomics Trading Down 1.6%

Shares of 10x Genomics stock opened at $46.32 on Thursday. 10x Genomics has a 1 year low of $11.16 and a 1 year high of $49.50. The company has a market cap of $5.88 billion, a P/E ratio of -272.47 and a beta of 2.05. The stock has a 50-day moving average price of $36.12 and a 200 day moving average price of $26.32.

10x Genomics (NASDAQ:TXG - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.19. The company had revenue of $150.84 million for the quarter, compared to analysts' expectations of $146.41 million. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.The business's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.28) EPS. On average, equities analysts forecast that 10x Genomics will post -0.78 earnings per share for the current fiscal year.

Insider Activity at 10x Genomics

In other 10x Genomics news, insider Benjamin J. Hindson sold 11,595 shares of the company's stock in a transaction that occurred 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 in the company, valued at approximately $12,268,880. This represents a 2.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Serge Saxonov sold 30,000 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $34.44, for a total transaction of $1,033,200.00. Following the completion of the sale, the chief executive officer owned 1,108,380 shares of the company's stock, valued at approximately $38,172,607.20. The trade was a 2.64% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 91,309 shares of company stock valued at $2,581,357. Company insiders own 8.84% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Zacks Research cut 10x Genomics from a "strong-buy" rating to a "hold" rating in a report on Monday, May 18th. Piper Sandler upped their target price on 10x Genomics from $20.00 to $42.00 and gave the company a "neutral" rating in a report on Wednesday, July 1st. Leerink Partners increased their price target on 10x Genomics from $23.00 to $40.00 and gave the company a "market perform" rating in a research report on Friday, July 17th. Morgan Stanley boosted their price objective on 10x Genomics from $22.00 to $37.00 and gave the stock an "equal weight" rating in a report on Thursday, July 9th. Finally, Citigroup upped their price objective on shares of 10x Genomics from $24.00 to $45.00 and gave the company a "neutral" rating in a research note on Wednesday, July 8th. Four equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, 10x Genomics presently has a consensus rating of "Hold" and a consensus target price of $32.08.

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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