North Star Asset Management Inc. Invests $988,000 in 10x Genomics $TXG

Key Points

• North Star Asset Management acquired 25,780 shares of 10x Genomics worth approximately $988,000, while institutional investors collectively own 84.68% of the company.
• Analyst sentiment remains mixed, with five Buy, ten Hold and one Sell rating; the average price target is $38.31, below the stock’s reported $61.54 opening price.
• 10x Genomics exceeded quarterly EPS and revenue expectations, but revenue declined 12.7% year over year and the company remains unprofitable. Insiders have sold 117,945 shares worth about $6.3 million over the past 90 days.

North Star Asset Management Inc. purchased a new stake in shares of 10x Genomics (NASDAQ:TXG - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 25,780 shares of the company's stock, valued at approximately $988,000.

Several other institutional investors and hedge funds have also modified their holdings of TXG. Sei Investments Co. increased its holdings in 10x Genomics by 113.5% during the 1st quarter. Sei Investments Co. now owns 44,679 shares of the company's stock worth $949,000 after purchasing an additional 23,748 shares during the last quarter. Hsbc Holdings PLC purchased a new position in shares of 10x Genomics during the 1st quarter valued at approximately $5,945,000. Simplify Asset Management Inc. acquired a new stake in shares of 10x Genomics during the fourth quarter worth approximately $7,926,000. Clough Capital Partners L P bought a new stake in shares of 10x Genomics in the fourth quarter worth $9,955,000. Finally, Cookson Peirce & Co. Inc. bought a new stake in shares of 10x Genomics in the fourth quarter worth $571,000. Institutional investors and hedge funds own 84.68% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of 10x Genomics in a report on Wednesday, June 24th. Barclays increased their price target on shares of 10x Genomics from $30.00 to $40.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 24th. Piper Sandler boosted their price objective on 10x Genomics from $42.00 to $47.00 and gave the company a "neutral" rating in a report on Monday, August 10th. Stifel Nicolaus set a $50.00 price objective on 10x Genomics in a research note on Friday, August 7th. Finally, JPMorgan Chase & Co. lifted their target price on 10x Genomics from $17.00 to $20.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 12th. Five equities 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. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $38.31.

Insider Transactions at 10x Genomics

In other news, Director John R. Stuelpnagel sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $57.75, for a total transaction of $1,155,000.00. Following the sale, the director owned 348,436 shares in the company, valued at $20,122,179. The trade was a 5.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Shehnaaz Suliman sold 5,723 shares of the company's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $32.63, for a total transaction of $186,741.49. Following the completion of the sale, the director owned 31,722 shares of the company's stock, valued at approximately $1,035,088.86. This trade represents a 15.28% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 117,945 shares of company stock valued at $6,304,588 in the last 90 days. 8.84% of the stock is owned by corporate insiders.

10x Genomics Trading Down 5.1%

Shares of NASDAQ TXG opened at $61.54 on Friday. 10x Genomics has a 12-month low of $11.16 and a 12-month high of $66.94. The company has a market cap of $8.02 billion, a PE ratio of -104.30 and a beta of 2.03. The stock has a 50 day simple moving average of $48.16 and a 200-day simple moving average of $31.83.

10x Genomics (NASDAQ:TXG - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, topping 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 business had revenue of $151.04 million during the quarter, compared to the consensus estimate of $146.67 million. During the same quarter in the prior year, the company posted $0.28 earnings per share. The company's quarterly revenue was down 12.7% compared to the same quarter last year. Sell-side analysts forecast that 10x Genomics will post -0.75 earnings per share for the current fiscal year.

10x Genomics Company 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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