Insider Selling: 10x Genomics (NASDAQ:TXG) Director Sells 20,000 Shares of Stock

Key Points

• 10x Genomics Director John Stuelpnagel sold 20,000 shares at an average price of $57.75, generating $1.155 million and reducing his stake by 5.43% to 348,436 shares.
• TXG shares rose 0.7% to $58.15, near their 52-week high of $60.69, after the company reported quarterly revenue of $151.04 million and an adjusted loss of $0.14 per share—both better than analyst expectations.
• Analysts maintain a consensus “Hold” rating with an average price target of $38.31, while institutional investors own 84.68% of the company.

10x Genomics (NASDAQ:TXG - Get Free Report) Director John Stuelpnagel sold 20,000 shares of the firm'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 completion of 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 position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

10x Genomics Trading Up 0.7%

TXG stock traded up $0.40 during trading on Thursday, hitting $58.15. The company had a trading volume of 2,865,458 shares, compared to its average volume of 2,881,481. The business has a 50 day moving average of $40.93 and a 200 day moving average of $28.43. The firm has a market capitalization of $7.38 billion, a price-to-earnings ratio of -98.56 and a beta of 2.03. 10x Genomics has a fifty-two week low of $11.16 and a fifty-two week high of $60.69.

10x Genomics (NASDAQ:TXG - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.10. 10x Genomics had a negative return on equity of 9.41% and a negative net margin of 12.18%.The firm had revenue of $151.04 million for the quarter, compared to analysts' expectations of $146.67 million. During the same quarter in the previous year, the company earned $0.28 earnings per share. The firm's quarterly revenue was down 12.7% compared to the same quarter last year. As a group, equities analysts predict that 10x Genomics will post -0.79 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TXG. Royal Bank of Canada lifted its position in shares of 10x Genomics by 806.4% during the 1st quarter. Royal Bank of Canada now owns 182,836 shares of the company's stock worth $1,597,000 after purchasing an additional 162,665 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in 10x Genomics by 163.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 645,366 shares of the company's stock valued at $5,634,000 after buying an additional 400,430 shares during the last quarter. Focus Partners Wealth bought a new position in 10x Genomics in the 1st quarter worth approximately $92,000. Legal & General Group Plc increased its position in 10x Genomics by 5.7% in the 2nd quarter. Legal & General Group Plc now owns 110,864 shares of the company's stock worth $1,284,000 after buying an additional 5,985 shares during the period. Finally, American Century Companies Inc. acquired a new position in shares of 10x Genomics during the second quarter worth approximately $933,000. Institutional investors and hedge funds own 84.68% of the company's stock.

Wall Street Analysts Forecast Growth

TXG has been the topic of several research analyst reports. Piper Sandler lifted their price objective on shares of 10x Genomics from $42.00 to $47.00 and gave the stock a "neutral" rating in a research report on Monday. Bank of America increased their target price on 10x Genomics from $21.00 to $30.00 and gave the company a "neutral" rating in a report on Monday, April 20th. Leerink Partners raised their target price on 10x Genomics from $23.00 to $40.00 and gave the stock a "market perform" rating in a research report on Friday, July 17th. Morgan Stanley lifted their price target on 10x Genomics from $37.00 to $40.00 and gave the company an "equal weight" rating in a report on Friday, August 7th. Finally, Zacks Research lowered 10x Genomics from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 18th. Five analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, 10x Genomics presently has a consensus rating of "Hold" and an average target price of $38.31.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source