Adam Taich Sells 17,166 Shares of 10x Genomics (NASDAQ:TXG) Stock

Key Points

• 10x Genomics CFO Adam Taich sold 17,166 shares for approximately $1.08 million, reducing his holdings by 4.52%; the sale covered tax obligations tied to vested equity awards.
• TXG shares fell 0.7% to $64.26, near their 52-week high of $66.94. The company beat quarterly EPS and revenue expectations, but revenue declined 12.7% year over year and it remains unprofitable.
• Institutional ownership stands at 84.68%, with several major investors increasing their positions. Despite five analyst buy ratings, the consensus rating is Hold, with an average price target of $38.31.

10x Genomics (NASDAQ:TXG - Get Free Report) CFO Adam Taich sold 17,166 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 value of $1,081,801.32. Following the sale, the chief financial officer owned 362,732 shares in the company, valued at $22,859,370.64. This represents a 4.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

10x Genomics Trading Down 0.7%

TXG traded down $0.46 on Wednesday, reaching $64.26. The stock had a trading volume of 3,076,435 shares, compared to its average volume of 2,891,627. 10x Genomics has a fifty-two week low of $11.16 and a fifty-two week high of $66.94. The firm has a 50-day moving average of $46.38 and a 200-day moving average of $30.97. The company 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) 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 firm had revenue of $151.04 million during the quarter, compared to the consensus estimate of $146.67 million. During the same period last year, the company earned $0.28 earnings per share. The business's quarterly revenue was down 12.7% on a year-over-year basis. Sell-side analysts anticipate that 10x Genomics will post -0.75 EPS for the current fiscal year.

Institutional Investors Weigh In On 10x Genomics

Several institutional investors and hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System raised its position in shares of 10x Genomics by 3,700.4% during the second quarter. California State Teachers Retirement System now owns 4,679,895 shares of the company's stock worth $179,427,000 after acquiring an additional 4,556,753 shares during the last quarter. AQR Capital Management LLC boosted its holdings in 10x Genomics by 241.3% in the second quarter. AQR Capital Management LLC now owns 4,137,801 shares of the company's stock valued at $47,916,000 after acquiring an additional 2,925,372 shares during the last quarter. Millennium Management LLC increased its position in 10x Genomics by 84.7% during the 3rd quarter. Millennium Management LLC now owns 5,437,969 shares of the company's stock valued at $63,570,000 after purchasing an additional 2,494,142 shares during the period. Wellington Management Group LLP increased 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 purchasing an additional 2,394,355 shares during the period. Finally, Quantinno Capital Management LP raised its holdings in 10x Genomics by 207.2% during the 2nd quarter. Quantinno Capital Management LP now owns 2,233,526 shares of the company's stock worth $25,864,000 after purchasing an additional 1,506,530 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their price objective on shares of 10x Genomics from $17.00 to $20.00 and gave the company a "neutral" rating in a report on Tuesday, May 12th. Stifel Nicolaus set a $50.00 target price on shares of 10x Genomics in a report on Friday, August 7th. Zacks Research cut shares of 10x Genomics from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 18th. Canaccord Genuity Group raised their price target on shares of 10x Genomics from $50.00 to $60.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Finally, Leerink Partners lifted their price target on shares of 10x Genomics from $23.00 to $40.00 and gave the stock a "market perform" rating in a report on Friday, July 17th. Five research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, 10x Genomics presently has a consensus rating of "Hold" and an average price target of $38.31.

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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