Engineers Gate Manager LP Sells 33,284 Shares of 10x Genomics $TXG

Key Points

• Engineers Gate Manager LP cut its 10x Genomics stake by 36% in the second quarter, selling 33,284 shares and retaining 59,229 shares valued at approximately $2.27 million.
• Institutional ownership remains high at 84.68%, with several large investors increasing their positions, including California State Teachers Retirement System, which boosted its holdings by more than 3,700%.
• 10x Genomics exceeded quarterly revenue and EPS expectations, but revenue declined 12.7% year over year. Analysts maintain a consensus “Hold” rating with a $44 target price, well below the reported share price of $70.11.

Engineers Gate Manager LP decreased its holdings in 10x Genomics (NASDAQ:TXG - Free Report) by 36.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 59,229 shares of the company's stock after selling 33,284 shares during the period. Engineers Gate Manager LP's holdings in 10x Genomics were worth $2,271,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. California State Teachers Retirement System boosted its position in 10x Genomics by 3,700.4% during the 2nd quarter. California State Teachers Retirement System now owns 4,679,895 shares of the company's stock valued at $179,427,000 after acquiring an additional 4,556,753 shares in the last quarter. Casdin Capital LLC bought a new position in shares of 10x Genomics in the 4th quarter worth $22,834,000. Quantinno Capital Management LP lifted its stake in shares of 10x Genomics by 16.0% during the 1st quarter. Quantinno Capital Management LP now owns 5,411,761 shares of the company's stock worth $114,892,000 after purchasing an additional 744,558 shares during the last quarter. Clough Capital Partners L P purchased a new stake in shares of 10x Genomics during the 4th quarter worth $9,955,000. Finally, Dimensional Fund Advisors LP boosted its position in 10x Genomics by 34.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,042,950 shares of the company's stock valued at $43,357,000 after purchasing an additional 525,369 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

10x Genomics Price Performance

Shares of TXG stock opened at $70.11 on Tuesday. 10x Genomics has a 1-year low of $11.16 and a 1-year high of $70.46. The stock's fifty day moving average price is $54.28 and its 200 day moving average price is $35.47. The company has a market cap of $9.13 billion, a price-to-earnings ratio of -118.83 and a beta of 2.08.

10x Genomics (NASDAQ:TXG - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $146.67 million. During the same period in the prior year, the company posted $0.28 EPS. The firm's quarterly revenue was down 12.7% compared to the same quarter last year. As a group, equities research analysts anticipate that 10x Genomics will post -0.75 earnings per share for the current year.

Insider Buying and Selling at 10x Genomics

In other news, CFO Adam Taich sold 46,388 shares of the company's stock in a transaction dated 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 transaction, the chief financial officer owned 316,344 shares in the company, valued at $20,426,332.08. This represents a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Benjamin Hindson sold 13,818 shares of the company's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $63.02, for a total transaction of $870,810.36. Following the transaction, the insider 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 SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 178,610 shares of company stock valued at $10,348,120. Insiders own 8.84% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on TXG shares. Morgan Stanley lifted their target price on 10x Genomics from $37.00 to $40.00 and gave the company an "equal weight" rating in a research note on Friday, August 7th. Leerink Partners raised their price target on shares of 10x Genomics from $23.00 to $40.00 and gave the company a "market perform" rating in a report on Friday, July 17th. Stifel Nicolaus set a $50.00 price objective on shares of 10x Genomics in a research report on Friday, August 7th. Citigroup lifted their price objective on shares of 10x Genomics from $45.00 to $50.00 and gave the stock a "neutral" rating in a research report on Friday, August 7th. Finally, Royal Bank Of Canada started coverage on shares of 10x Genomics in a research note on Tuesday, September 1st. They set a "sector perform" rating and a $70.00 price objective for the company. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, 10x Genomics currently has a consensus rating of "Hold" and a consensus target price of $44.00.

About 10x Genomics

10x Genomics, Inc develops life science technology for analyzing biological systems at the single-cell and spatial levels. Its platforms are designed to help researchers study gene expression, genetic variation, cell populations and tissue organization with greater detail than conventional laboratory methods.

The company's product portfolio includes the Chromium platform for single-cell analysis, Visium solutions for spatial transcriptomics and tissue profiling, and Xenium in situ platforms for high-resolution analysis of RNA and other biological features within tissue samples.

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