10x Genomics (NASDAQ:TXG) CEO Serge Saxonov Sells 18,545 Shares

Key Points

• CEO Serge Saxonov sold 18,545 10x Genomics shares at an average price of $63.02, generating approximately $1.17 million. The sale was made to cover tax withholding obligations tied to vested equity awards, leaving him with 1,085,835 shares.
• 10x Genomics shares traded at $64.26, near their 52-week high of $66.94, with a market capitalization of approximately $8.37 billion. The stock has risen substantially above its 50-day and 200-day moving averages.
• The company’s latest quarterly results exceeded expectations, reporting an adjusted loss of $0.14 per share and revenue of $151.04 million, although revenue declined 12.7% year over year. Analysts maintain a consensus “Hold” rating with a target price of $38.31.

10x Genomics (NASDAQ:TXG - Get Free Report) CEO Serge Saxonov sold 18,545 shares of the business's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $63.02, for a total transaction of $1,168,705.90. Following the completion of the sale, the chief executive officer owned 1,085,835 shares in the company, valued at $68,429,321.70. This represents a 1.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Serge Saxonov also recently made the following trade(s):

• On Monday, June 22nd, Serge Saxonov sold 30,000 shares of 10x Genomics stock. The shares were sold at an average price of $34.44, for a total transaction of $1,033,200.00.

10x Genomics Stock Performance

TXG stock traded down $0.46 during trading on Wednesday, hitting $64.26. 3,076,435 shares of the company's stock traded hands, compared to its average volume of 2,891,627. 10x Genomics has a 52 week low of $11.16 and a 52 week high of $66.94. The business has a fifty day simple moving average of $46.38 and a 200 day simple moving average of $30.97. The stock has a market capitalization of $8.37 billion, a price-to-earnings ratio of -108.91 and a beta of 2.03.

10x Genomics (NASDAQ:TXG - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, topping analysts' consensus estimates of ($0.24) by $0.10. The firm had revenue of $151.04 million for the quarter, compared to the consensus estimate of $146.67 million. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. The business's quarterly revenue was down 12.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.28 EPS. Research analysts forecast that 10x Genomics will post -0.75 earnings per share for the current fiscal year.

Analyst Ratings Changes

TXG has been the subject of a number of recent research reports. 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 report on Tuesday, May 12th. TD Cowen restated a "hold" rating on shares of 10x Genomics in a research report on Wednesday, July 15th. Leerink Partners lifted their price objective on shares of 10x Genomics from $23.00 to $40.00 and gave the stock a "market perform" rating in a research note on Friday, July 17th. Piper Sandler boosted their price objective on shares of 10x Genomics from $42.00 to $47.00 and gave the company a "neutral" rating in a research report on Monday, August 10th. Finally, Stifel Nicolaus set a $50.00 target price on shares of 10x Genomics in a research note on Friday, August 7th. Five investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $38.31.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TXG. Geneos Wealth Management Inc. purchased a new position in 10x Genomics during the 4th quarter worth $38,000. Larson Financial Group LLC lifted its holdings in shares of 10x Genomics by 164.4% in the 4th quarter. Larson Financial Group LLC now owns 2,364 shares of the company's stock worth $39,000 after buying an additional 1,470 shares during the period. Fifth Third Bancorp bought a new position in shares of 10x Genomics during the 1st quarter worth $50,000. Elevation Wealth Partners LLC grew its position in shares of 10x Genomics by 332.3% during the 2nd quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company's stock worth $57,000 after buying an additional 1,143 shares in the last quarter. Finally, Van ECK Associates Corp grew its position in shares of 10x Genomics by 85.9% during the 4th quarter. Van ECK Associates Corp now owns 3,668 shares of the company's stock worth $60,000 after buying an additional 1,695 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.

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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