10x Genomics (NASDAQ:TXG) Reaches New 52-Week High - What's Next?

Key Points

• 10x Genomics reached a new 52-week high of $95.19, with the stock recently trading near $93.71. Its market capitalization is approximately $12.38 billion, while the shares remain unprofitable with a negative price-to-earnings ratio.
• Analyst sentiment is mixed: six analysts rate the stock Buy, eleven rate it Hold, and one rates it Sell. The average price target is $53.93, well below the current share price, despite several analysts recently raising their targets.
• The company’s latest quarter beat estimates, 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 sold about $11.8 million of stock over the past quarter.

10x Genomics (NASDAQ:TXG - Get Free Report) reached a new 52-week high on Monday. The company traded as high as $95.19 and last traded at $93.71, with a volume of 353755 shares changing hands. The stock had previously closed at $93.50.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on TXG shares. Canaccord Genuity Group raised their target price on shares of 10x Genomics from $50.00 to $60.00 and gave the stock a "buy" rating in a report on Monday, August 10th. Piper Sandler boosted their price objective on shares of 10x Genomics from $47.00 to $80.00 and gave the company a "neutral" rating in a research report on Monday, September 28th. UBS Group assumed coverage on shares of 10x Genomics in a research note on Wednesday, September 9th. They set a "neutral" rating and a $68.00 price objective for the company. Stephens raised their target price on 10x Genomics from $50.00 to $65.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 12th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 10x Genomics in a research note on Monday, September 21st. Six investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $53.93.

10x Genomics Stock Performance

The stock's 50-day moving average price is $65.13 and its two-hundred day moving average price is $41.57. The stock has a market capitalization of $12.38 billion, a PE ratio of -161.39 and a beta of 1.99.

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

Insider Activity at 10x Genomics

In related news, Director Shehnaaz Suliman sold 5,723 shares of the company's stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $81.19, for a total value of $464,650.37. Following the transaction, the director owned 23,792 shares in the company, valued at $1,931,672.48. The trade was a 19.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Adam Taich sold 46,388 shares of the stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $64.57, for a total transaction of $2,995,273.16. Following the sale, the chief financial officer owned 316,344 shares in the company, valued at approximately $20,426,332.08. The trade was a 12.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 179,333 shares of company stock worth $11,810,070 over the last quarter. 8.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 10x Genomics

Large investors have recently bought and sold shares of the business. Elevation Wealth Partners LLC grew its stake in shares of 10x Genomics by 332.3% in the second 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 period. Fifth Third Bancorp bought a new position in 10x Genomics in the first quarter worth approximately $50,000. Nykredit A S purchased a new position in 10x Genomics during the second quarter valued at $126,000. Three Seasons Wealth LLC bought a new position in shares of 10x Genomics in the second quarter worth about $208,000. Finally, Concurrent Investment Advisors LLC purchased a new position in shares of 10x Genomics during the 2nd quarter valued at about $213,000. 84.68% of the stock is currently owned by institutional investors.

About 10x Genomics

10x Genomics, Inc is a life sciences technology company that develops tools for analyzing biological systems at high resolution. Its platforms are used by academic and government research institutions, pharmaceutical and biotechnology companies, and other organizations studying genomics, cell biology, immunology, neuroscience, and disease mechanisms.

The company's product portfolio includes the Chromium platform for single-cell and other multiomics analyses, the Visium platform for spatial analysis of tissue, and the Xenium platform for high-plex in situ analysis of gene expression.

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