10x Genomics (NASDAQ:TXG) Hits New 52-Week High - Here's What Happened

Key Points

• 10x Genomics shares reached a new 52-week high, trading as high as $80.11 and closing activity near $79.07, well above its 50-day and 200-day moving averages.
• Analyst sentiment remains mixed: five analysts rate the stock a Buy, eleven recommend Hold, and one rates it Sell. The average price target is $44, substantially below the recent share price.
• The company beat quarterly earnings and revenue expectations, reporting an adjusted loss of $0.14 per share versus the expected $0.24 loss and revenue of $151.04 million. However, revenue declined 12.7% year over year, and insiders have sold about $9.3 million of stock over the past 90 days.

10x Genomics (NASDAQ:TXG - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $80.11 and last traded at $79.07, with a volume of 437709 shares. The stock had previously closed at $76.60.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Barclays upped their price target on shares of 10x Genomics from $30.00 to $40.00 and gave the company an "overweight" rating in a report on Wednesday, June 24th. Canaccord Genuity Group boosted their target price on 10x Genomics from $50.00 to $60.00 and gave the company a "buy" rating in a research report on Monday, August 10th. Weiss Ratings restated a "sell (d-)" rating on shares of 10x Genomics in a research report on Wednesday, June 24th. Stifel Nicolaus set a $50.00 target price on 10x Genomics in a research note on Friday, August 7th. Finally, Citigroup increased their price target on 10x Genomics from $45.00 to $50.00 and gave the stock a "neutral" rating in a report on Friday, August 7th. Five 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 data from MarketBeat, the company has an average rating of "Hold" and an average target price of $44.00.

10x Genomics Price Performance

The stock's fifty day moving average price is $57.07 and its 200 day moving average price is $36.97. The stock has a market capitalization of $10.34 billion, a P/E ratio of -134.38 and a beta of 2.08.

10x Genomics (NASDAQ:TXG - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates of ($0.24) by $0.10. The company had revenue of $151.04 million during the quarter, compared to analyst estimates 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 for the quarter was down 12.7% on a year-over-year basis. During the same quarter last year, the business posted $0.28 EPS. On average, sell-side analysts expect that 10x Genomics will post -0.75 earnings per share for the current year.

Insider Activity

In other 10x Genomics news, CEO Serge Saxonov sold 10,486 shares of the firm's stock in a transaction on 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 in the company, valued at $68,488,977.81. This trade represents a 0.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Benjamin J. Hindson sold 13,818 shares of the firm's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $63.02, for a total value of $870,810.36. Following the transaction, the insider owned 488,182 shares in the company, valued at $30,765,229.64. The trade was a 2.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 148,610 shares of company stock valued at $9,314,920. Insiders own 8.84% of the company's stock.

Hedge Funds Weigh In On 10x Genomics

Several institutional investors have recently made changes to their positions in TXG. Amova Asset Management Americas Inc. lifted its stake in 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 acquiring an additional 109,270 shares during the period. Quantinno Capital Management LP increased its position in 10x Genomics by 16.0% during the 1st quarter. Quantinno Capital Management LP now owns 5,411,761 shares of the company's stock valued at $114,892,000 after purchasing an additional 744,558 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of 10x Genomics by 34.6% in 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 in the last quarter. Casdin Capital LLC bought a new stake in shares of 10x Genomics in the 4th quarter valued at about $22,834,000. Finally, Clough Capital Partners L P bought a new stake in shares of 10x Genomics in the 4th quarter valued at about $9,955,000. Hedge funds and other institutional investors own 84.68% of the company's stock.

10x Genomics Company Profile

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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