10x Genomics (NASDAQ:TXG) Hits New 1-Year High - Time to Buy?

Key Points

• 10x Genomics shares reached a new 52-week high of $70.46, trading around $70.11 and up 2.2%. The stock’s recent momentum contrasts with its negative P/E ratio, ongoing losses and elevated volatility.
• Analyst sentiment remains cautious: the consensus rating is “Hold” with an average price target of $44, well below the current share price. Recent firms maintained neutral or hold ratings, although some raised their targets.
• The company beat quarterly expectations with an adjusted loss of $0.14 per share and revenue of $151.04 million, but revenue fell 12.7% year over year. Insiders have sold more than $10.3 million in shares over the past 90 days, while institutional investors own 84.68% of the stock.

10x Genomics (NASDAQ:TXG - Get Free Report) shares hit a new 52-week high on Tuesday . The stock traded as high as $70.46 and last traded at $70.11, with a volume of 3361501 shares changing hands. The stock had previously closed at $68.59.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TXG. Zacks Research lowered shares of 10x Genomics from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 18th. Weiss Ratings reiterated a "sell (d-)" rating on shares of 10x Genomics in a research note on Wednesday, June 24th. TD Cowen reissued a "hold" rating on shares of 10x Genomics in a report on Wednesday, July 15th. Leerink Partners boosted their price target on shares of 10x Genomics from $23.00 to $40.00 and gave the company a "market perform" rating in a research report on Friday, July 17th. Finally, Piper Sandler upped their price target on shares of 10x Genomics from $42.00 to $47.00 and gave the stock a "neutral" rating in a report on Monday, August 10th. Five investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, 10x Genomics presently has an average rating of "Hold" and an average target price of $44.00.

10x Genomics Trading Up 2.2%

The stock's fifty day moving average price is $54.28 and its 200 day moving average price is $35.47. The stock has a market cap of $9.13 billion, a P/E ratio of -118.83 and a beta of 2.08.

10x Genomics (NASDAQ:TXG - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.24) by $0.10. The company had revenue of $151.04 million during the quarter, compared to the consensus estimate of $146.67 million. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. The firm's revenue was down 12.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.28 EPS. On average, analysts anticipate that 10x Genomics will post -0.75 earnings per share for the current year.

Insider Activity

In related news, CEO Serge Saxonov sold 10,486 shares of the firm's stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $63.69, for a total transaction of $667,853.34. Following the transaction, the chief executive officer directly owned 1,075,349 shares of the company's stock, valued at approximately $68,488,977.81. This trade represents a 0.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John R. Stuelpnagel sold 20,000 shares of the business's stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $61.75, for a total value of $1,235,000.00. Following the completion of the sale, the director owned 328,436 shares of the company's stock, valued at $20,280,923. The trade was a 5.74% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 178,610 shares of company stock valued at $10,348,120. 8.84% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of TXG. California State Teachers Retirement System raised its stake 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 valued at $179,427,000 after acquiring an additional 4,556,753 shares during the last quarter. Quantinno Capital Management LP grew its stake in shares of 10x Genomics by 16.0% in the first quarter. Quantinno Capital Management LP now owns 5,411,761 shares of the company's stock worth $114,892,000 after purchasing an additional 744,558 shares during the last quarter. Amova Asset Management Americas Inc. grew its stake in shares of 10x Genomics by 2.0% in the fourth quarter. Amova Asset Management Americas Inc. now owns 5,486,153 shares of the company's stock worth $89,424,000 after purchasing an additional 109,270 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in 10x Genomics by 34.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,042,950 shares of the company's stock valued at $43,357,000 after purchasing an additional 525,369 shares during the period. Finally, Casdin Capital LLC purchased a new position in 10x Genomics during the 4th quarter valued at about $22,834,000. 84.68% of the stock is currently owned by institutional investors.

About 10x Genomics

10x Genomics, Inc develops life science technology for analyzing biological systems at the single-cell and spatial levels. Its platforms are designed to help researchers study gene expression, genetic variation, cell populations and tissue organization with greater detail than conventional laboratory methods.

The company's product portfolio includes the Chromium platform for single-cell analysis, Visium solutions for spatial transcriptomics and tissue profiling, and Xenium in situ platforms for high-resolution analysis of RNA and other biological features within tissue samples.

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