Piper Sandler Raises 10x Genomics (NASDAQ:TXG) Price Target to $42.00

Key Points

• Piper Sandler raised its price target on 10x Genomics from $20 to $42 while keeping a neutral rating, implying about 11% upside from the stock’s current price.
• Other analysts have also turned more constructive, including recent target hikes from JPMorgan, Citigroup, Barclays, and Canaccord, though the overall consensus remains Hold with an average price target of $25.92.
• 10x Genomics reported better-than-expected quarterly results, beating EPS and revenue estimates and posting 9.4% year-over-year revenue growth, even as the company remains unprofitable.

10x Genomics (NASDAQ:TXG - Get Free Report) had its price target lifted by stock analysts at Piper Sandler from $20.00 to $42.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Piper Sandler's target price indicates a potential upside of 11.38% from the stock's current price.

A number of other analysts also recently weighed in on the stock. JPMorgan Chase & Co. increased their price target on shares of 10x Genomics from $17.00 to $20.00 and gave the company a "neutral" rating in a research report on Tuesday, May 12th. Citigroup boosted their price target on shares of 10x Genomics from $18.00 to $24.00 and gave the company a "neutral" rating in a report on Tuesday, April 7th. Barclays boosted their target price on 10x Genomics from $30.00 to $40.00 and gave the company an "overweight" rating in a research note on Wednesday, June 24th. Canaccord Genuity Group upped their target price on shares of 10x Genomics from $22.00 to $32.00 and gave the stock a "buy" rating in a research note on Monday, April 20th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 10x Genomics in a research report on Wednesday, June 24th. Four investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $25.92.

10x Genomics Stock Performance

NASDAQ TXG opened at $37.71 on Wednesday. 10x Genomics has a 52 week low of $11.16 and a 52 week high of $38.67. The stock has a market capitalization of $4.79 billion, a P/E ratio of -224.08 and a beta of 2.12. The stock has a fifty day moving average of $27.13 and a 200-day moving average of $22.39.

10x Genomics (NASDAQ:TXG - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.19. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.The firm had revenue of $150.84 million during the quarter, compared to analysts' expectations of $146.41 million. During the same period in the previous year, the business posted ($0.28) EPS. The company's quarterly revenue was up 9.4% compared to the same quarter last year. Equities research analysts forecast that 10x Genomics will post -0.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Adam Taich sold 15,098 shares of the firm's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $24.44, for a total value of $368,995.12. Following the completion of the sale, the chief financial officer directly owned 379,898 shares in the company, valued at $9,284,707.12. This trade represents a 3.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Benjamin J. Hindson sold 11,595 shares of the business's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $24.44, for a total value of $283,381.80. Following the transaction, the insider owned 502,000 shares of the company's stock, valued at approximately $12,268,880. The trade was a 2.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 96,309 shares of company stock valued at $2,704,157 over the last 90 days. 8.84% of the stock is owned by company insiders.

Hedge Funds Weigh In On 10x Genomics

Institutional investors and hedge funds have recently made changes to their positions in the business. Geneos Wealth Management Inc. bought a new position in shares of 10x Genomics during the fourth quarter valued at $38,000. Larson Financial Group LLC lifted its position in 10x Genomics by 164.4% in the 4th quarter. Larson Financial Group LLC now owns 2,364 shares of the company's stock valued at $39,000 after acquiring an additional 1,470 shares in the last quarter. Fifth Third Bancorp purchased a new position in shares of 10x Genomics in the first quarter worth $50,000. Van ECK Associates Corp lifted its holdings in shares of 10x Genomics by 85.9% during the fourth quarter. Van ECK Associates Corp now owns 3,668 shares of the company's stock valued at $60,000 after purchasing an additional 1,695 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of 10x Genomics by 28.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,660 shares of the company's stock valued at $92,000 after buying an additional 1,237 shares during the last quarter. Institutional investors own 84.68% of the company's stock.

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.

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