Hsbc Holdings PLC Makes New Investment in 10x Genomics $TXG

Key Points

• HSBC Holdings PLC opened a new position in 10x Genomics in Q1, buying 285,389 shares worth about $5.95 million, according to its latest 13F filing.
• Several other large institutional investors also increased their stakes, and institutions now own 84.68% of the company’s stock, highlighting strong professional ownership interest.
• Insiders were net sellers recently, with CFO Adam Taich and insider Benjamin J. Hindson both selling shares; meanwhile, analysts largely remain cautious, with a consensus Hold rating and average price target of $32.08.

Hsbc Holdings PLC bought a new position in 10x Genomics (NASDAQ:TXG - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 285,389 shares of the company's stock, valued at approximately $5,945,000. Hsbc Holdings PLC owned approximately 0.22% of 10x Genomics as of its most recent filing with the SEC.

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

Insider Buying and Selling at 10x Genomics

In other 10x Genomics news, CFO Adam Taich sold 15,098 shares of the 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 $368,995.12. Following the transaction, the chief financial officer directly owned 379,898 shares in the company, valued at approximately $9,284,707.12. This trade represents a 3.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Benjamin J. Hindson sold 11,595 shares of the firm's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $24.44, for a total value of $283,381.80. Following the completion of the transaction, the insider directly owned 502,000 shares in the company, valued at $12,268,880. This trade represents a 2.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 91,309 shares of company stock valued at $2,581,357. 8.84% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on TXG shares. Citigroup upped their price objective on shares of 10x Genomics from $24.00 to $45.00 and gave the stock a "neutral" rating in a report on Wednesday, July 8th. Piper Sandler lifted their target price on shares of 10x Genomics from $20.00 to $42.00 and gave the company a "neutral" rating in a report on Wednesday, July 1st. JPMorgan Chase & Co. boosted their price target on 10x Genomics from $17.00 to $20.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 12th. Leerink Partners upped their price target on 10x Genomics from $23.00 to $40.00 and gave the stock a "market perform" rating in a research note on Friday, July 17th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 10x Genomics in a research report on Wednesday, June 24th. Four research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, 10x Genomics has a consensus rating of "Hold" and a consensus price target of $32.08.

10x Genomics Stock Performance

Shares of 10x Genomics stock opened at $48.06 on Friday. The stock has a market capitalization of $6.10 billion, a PE ratio of -282.71 and a beta of 2.05. 10x Genomics has a 52-week low of $11.16 and a 52-week high of $49.50. The company has a 50-day simple moving average of $34.19 and a two-hundred day simple moving average of $25.55.

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

10x Genomics Profile

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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