Simplify Asset Management Inc. Purchases Shares of 485,977 10x Genomics $TXG

Key Points

• Simplify Asset Management bought 485,977 shares of 10x Genomics (NASDAQ:TXG) in the fourth quarter, worth about $7.93 million, making it the firm’s 27th-largest position.
• Institutional ownership remains high, with 84.68% of the stock held by institutions, while CEO Serge Saxonov sold 10,000 shares in a recent insider transaction.
• Analyst sentiment is mixed: the stock’s average rating is Hold with a consensus target price of $23.17, while the company recently beat quarterly EPS and revenue expectations despite ongoing losses.

Simplify Asset Management Inc. purchased a new stake in shares of 10x Genomics (NASDAQ:TXG - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 485,977 shares of the company's stock, valued at approximately $7,926,000. 10x Genomics comprises 0.1% of Simplify Asset Management Inc.'s portfolio, making the stock its 27th largest position. Simplify Asset Management Inc. owned about 0.38% of 10x Genomics at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Arizona State Retirement System grew its position in 10x Genomics by 3.0% during the third quarter. Arizona State Retirement System now owns 29,586 shares of the company's stock valued at $346,000 after acquiring an additional 872 shares during the last quarter. Certuity LLC grew its position in 10x Genomics by 4.7% during the fourth quarter. Certuity LLC now owns 20,204 shares of the company's stock valued at $330,000 after acquiring an additional 904 shares during the last quarter. Stratos Wealth Partners LTD. grew its position in 10x Genomics by 7.3% during the fourth quarter. Stratos Wealth Partners LTD. now owns 14,052 shares of the company's stock valued at $229,000 after acquiring an additional 950 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in 10x Genomics by 28.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,660 shares of the company's stock valued at $92,000 after acquiring an additional 1,237 shares during the last quarter. Finally, M&T Bank Corp grew its position in 10x Genomics by 6.3% during the fourth quarter. M&T Bank Corp now owns 21,699 shares of the company's stock valued at $354,000 after acquiring an additional 1,282 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Serge Saxonov sold 10,000 shares of the firm's stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $19.13, for a total value of $191,300.00. Following the completion of the sale, the chief executive officer owned 1,177,273 shares of the company's stock, valued at $22,521,232.49. This trade represents a 0.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 20,000 shares of company stock valued at $411,700 in the last quarter. 8.84% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on TXG. Deutsche Bank Aktiengesellschaft set a $17.00 price target on shares of 10x Genomics and gave the company a "hold" rating in a research report on Friday, February 13th. Stifel Nicolaus raised their target price on shares of 10x Genomics from $20.00 to $25.00 and gave the stock a "buy" rating in a report on Monday, March 2nd. Leerink Partners cut their target price on shares of 10x Genomics from $22.00 to $20.00 and set a "market perform" rating on the stock in a report on Tuesday, January 27th. Zacks Research cut shares of 10x Genomics from a "strong-buy" rating to a "hold" rating in a report on Monday, May 18th. Finally, Canaccord Genuity Group raised their target price on shares of 10x Genomics from $22.00 to $32.00 and gave the stock a "buy" rating in a report on Monday, April 20th. Four equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $23.17.

10x Genomics Stock Performance

Shares of 10x Genomics stock opened at $23.68 on Monday. 10x Genomics has a 52-week low of $8.06 and a 52-week high of $26.44. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of -139.29 and a beta of 2.05. The company's 50 day moving average price is $21.64 and its 200-day moving average price is $19.65.

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 analysts' expectations of $146.41 million. During the same quarter last year, the business earned ($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 -0.82 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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