10x Genomics (NASDAQ:TXG) Stock Rating Lowered by TD Cowen

TD Cowen cut shares of 10x Genomics (NASDAQ:TXG - Free Report) from a buy rating to a hold rating in a report issued on Wednesday morning, Marketbeat Ratings reports. They currently have $32.00 price objective on the stock, down from their previous price objective of $57.00.

Several other brokerages have also weighed in on TXG. Stifel Nicolaus lowered their target price on shares of 10x Genomics from $68.00 to $63.00 and set a buy rating for the company in a research note on Friday, February 16th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of 10x Genomics from $60.00 to $55.00 and set a buy rating for the company in a research report on Thursday, April 18th. Canaccord Genuity Group cut their target price on 10x Genomics from $65.00 to $50.00 and set a buy rating on the stock in a research report on Monday. Finally, Barclays lowered their price target on 10x Genomics from $55.00 to $45.00 and set an overweight rating for the company in a research report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $48.50.

10x Genomics Trading Down 8.1 %

TXG stock traded down $2.36 during trading on Wednesday, reaching $26.92. 6,512,017 shares of the stock were exchanged, compared to its average volume of 1,546,238. The firm has a market capitalization of $3.21 billion, a price-to-earnings ratio of -12.41 and a beta of 1.90. The business has a 50 day moving average price of $36.94 and a 200-day moving average price of $42.40. 10x Genomics has a 1 year low of $24.60 and a 1 year high of $63.57.

10x Genomics (NASDAQ:TXG - Get Free Report) last announced its quarterly earnings results on Tuesday, April 30th. The company reported ($0.50) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.50). 10x Genomics had a negative net margin of 41.17% and a negative return on equity of 28.82%. The business had revenue of $141.01 million during the quarter, compared to the consensus estimate of $142.24 million. During the same quarter last year, the firm earned ($0.44) EPS. The business's revenue was up 5.0% compared to the same quarter last year. On average, research analysts anticipate that 10x Genomics will post -1.47 EPS for the current year.

Insiders Place Their Bets

In other 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 completion of the transaction, the insider now owns 283,059 shares in the company, valued at approximately $13,116,954.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other 10x Genomics news, insider Benjamin J. Hindson sold 2,613 shares of the stock in a transaction that occurred on 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 of the company's stock, valued at approximately $13,116,954.06. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Serge Saxonov sold 2,821 shares of 10x Genomics stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $46.34, for a total transaction of $130,725.14. Following the sale, the chief executive officer now directly owns 847,560 shares of the company's stock, valued at $39,275,930.40. The disclosure for this sale can be found here. Insiders have sold a total of 12,959 shares of company stock worth $592,806 in the last quarter. 10.65% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. SVB Wealth LLC boosted its holdings in shares of 10x Genomics by 92.1% in the 4th quarter. SVB Wealth LLC now owns 1,446,552 shares of the company's stock valued at $80,949,000 after buying an additional 693,422 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in 10x Genomics by 32.9% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,283,530 shares of the company's stock valued at $127,786,000 after purchasing an additional 565,059 shares during the last quarter. Bleakley Financial Group LLC acquired a new stake in shares of 10x Genomics in the 4th quarter worth $234,000. ARK Investment Management LLC boosted its holdings in shares of 10x Genomics by 35.0% in the fourth quarter. ARK Investment Management LLC now owns 4,041,287 shares of the company's stock valued at $226,150,000 after acquiring an additional 1,047,827 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of 10x Genomics by 4.2% during the third quarter. Vanguard Group Inc. now owns 8,903,517 shares of the company's stock worth $367,270,000 after acquiring an additional 354,921 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

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.