10x Genomics (NASDAQ:TXG) Reaches New 52-Week Low Following Analyst Downgrade

Shares of 10x Genomics, Inc. (NASDAQ:TXG - Get Free Report) reached a new 52-week low during mid-day trading on Wednesday after UBS Group lowered their price target on the stock from $52.00 to $30.00. UBS Group currently has a neutral rating on the stock. 10x Genomics traded as low as $24.60 and last traded at $26.77, with a volume of 802349 shares trading hands. The stock had previously closed at $29.28.

A number of other brokerages have also recently weighed in on TXG. Stifel Nicolaus cut their price objective on shares of 10x Genomics from $63.00 to $53.00 and set a "buy" rating on the stock in a research note on Wednesday. Barclays cut their price objective on shares of 10x Genomics from $55.00 to $45.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 10th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of 10x Genomics from $60.00 to $55.00 and set a "buy" rating on the stock in a research note on Thursday, April 18th. Canaccord Genuity Group cut their price objective on shares of 10x Genomics from $65.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday. Finally, Bank of America cut their price objective on shares of 10x Genomics from $45.00 to $36.00 and set a "neutral" rating on the stock in a research note on Wednesday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, 10x Genomics presently has an average rating of "Moderate Buy" and an average target price of $48.50.

Insiders Place Their Bets

In other 10x Genomics news, insider Benjamin J. Hindson sold 2,613 shares of the business's stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $46.34, for a total value of $121,086.42. Following the sale, the insider now directly owns 283,059 shares in the company, valued at $13,116,954.06. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Benjamin J. Hindson sold 2,613 shares of 10x Genomics stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $46.34, for a total value of $121,086.42. Following the transaction, the insider now owns 283,059 shares of the company's stock, valued at approximately $13,116,954.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Serge Saxonov sold 4,660 shares of 10x Genomics stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $44.00, for a total value of $205,040.00. Following the completion of the transaction, the chief executive officer now directly owns 842,900 shares in the company, valued at approximately $37,087,600. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,959 shares of company stock worth $592,806. 10.65% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On 10x Genomics

A number of institutional investors have recently bought and sold shares of TXG. Commonwealth Equity Services LLC increased its stake in 10x Genomics by 26.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 7,193 shares of the company's stock worth $297,000 after purchasing an additional 1,486 shares in the last quarter. Xponance Inc. grew its stake in 10x Genomics by 3.2% during the 3rd quarter. Xponance Inc. now owns 13,060 shares of the company's stock valued at $539,000 after acquiring an additional 400 shares in the last quarter. Bank of New York Mellon Corp grew its stake in 10x Genomics by 13.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,010,256 shares of the company's stock valued at $41,673,000 after acquiring an additional 122,981 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in 10x Genomics by 13.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,777 shares of the company's stock valued at $857,000 after acquiring an additional 2,419 shares in the last quarter. Finally, Strs Ohio grew its stake in 10x Genomics by 16.8% during the 3rd quarter. Strs Ohio now owns 13,789 shares of the company's stock valued at $568,000 after acquiring an additional 1,986 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

10x Genomics Stock Performance

The company has a 50 day simple moving average of $36.94 and a two-hundred day simple moving average of $42.40. The company has a market cap of $3.21 billion, a PE ratio of -12.41 and a beta of 1.90.

10x Genomics (NASDAQ:TXG - Get Free Report) last released its earnings results on Tuesday, April 30th. The company reported ($0.50) earnings per share for the quarter, meeting the consensus estimate of ($0.50). 10x Genomics had a negative return on equity of 28.82% and a negative net margin of 41.17%. The company had revenue of $141.01 million for the quarter, compared to analysts' expectations of $142.24 million. During the same quarter in the previous year, the business posted ($0.44) EPS. The business's revenue for the quarter was up 5.0% on a year-over-year basis. As a group, analysts expect that 10x Genomics, Inc. will post -1.47 earnings per share for the current fiscal year.

10x Genomics Company Profile

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.