10x Genomics (NASDAQ:TXG) Reaches New 52-Week High - Still a Buy?

Key Points

• 10x Genomics reached a new 52-week high of $67, with shares up 1.3% and significantly above their 50-day and 200-day moving averages.
• The company exceeded quarterly expectations, reporting an adjusted loss of $0.14 per share versus the $0.24 consensus loss and revenue of $151.04 million; however, revenue declined 12.7% year over year and profitability remained negative.
• Analyst sentiment remains cautious: the consensus rating is “Hold” with a $44 price target, well below the current share price. Insiders have also sold roughly $7.5 million of stock over the past three months.

10x Genomics (NASDAQ:TXG - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $67.00 and last traded at $66.8170, with a volume of 829078 shares. The stock had previously closed at $65.60.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. lifted their price objective on 10x Genomics from $17.00 to $20.00 and gave the company a "neutral" rating in a report on Tuesday, May 12th. Zacks Research lowered shares of 10x Genomics from a "strong-buy" rating to a "hold" rating in a report on Monday, May 18th. TD Cowen reiterated a "hold" rating on shares of 10x Genomics in a research report on Wednesday, July 15th. Stifel Nicolaus set a $50.00 price objective on shares of 10x Genomics in a research note on Friday, August 7th. Finally, Morgan Stanley boosted their price objective on shares of 10x Genomics from $37.00 to $40.00 and gave the company an "equal weight" rating in a research report on Friday, August 7th. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, 10x Genomics has an average rating of "Hold" and a consensus target price of $44.00.

10x Genomics Stock Up 1.3%

The stock has a market cap of $8.66 billion, a price-to-earnings ratio of -112.86 and a beta of 2.08. The company has a 50 day simple moving average of $51.97 and a 200 day simple moving average of $34.09.

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

Insider Transactions at 10x Genomics

In other 10x Genomics news, CFO Adam Taich sold 17,166 shares of the firm's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $63.02, for a total value of $1,081,801.32. Following the sale, the chief financial officer owned 362,732 shares in the company, valued at $22,859,370.64. This trade represents a 4.52% decrease in their ownership of the stock. 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, Director John Stuelpnagel sold 20,000 shares of the business's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $61.75, for a total transaction of $1,235,000.00. Following the sale, the director directly owned 328,436 shares in the company, valued at approximately $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 three months, insiders have sold 137,945 shares of company stock valued at $7,539,588. Corporate insiders own 8.84% of the company's stock.

Institutional Investors Weigh In On 10x Genomics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Arizona State Retirement System grew its holdings in shares of 10x Genomics by 1.5% during the second quarter. Arizona State Retirement System now owns 29,223 shares of the company's stock worth $1,120,000 after purchasing an additional 430 shares during the last quarter. Intech Investment Management LLC raised its holdings in 10x Genomics by 1.4% in the 4th quarter. Intech Investment Management LLC now owns 40,047 shares of the company's stock valued at $653,000 after buying an additional 567 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in 10x Genomics by 16.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 7,186 shares of the company's stock worth $153,000 after buying an additional 1,012 shares during the period. Kera Capital Partners Inc. boosted its position in 10x Genomics by 2.3% during the 1st quarter. Kera Capital Partners Inc. now owns 48,937 shares of the company's stock worth $1,039,000 after buying an additional 1,108 shares during the period. Finally, Elevation Wealth Partners LLC grew its holdings in 10x Genomics by 332.3% during the 2nd quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company's stock worth $57,000 after acquiring an additional 1,143 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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