10x Genomics (NASDAQ:TXG) Sets New 1-Year High - What's Next?

Key Points

• 10x Genomics reached a new 52-week high, trading as high as $88.61 and closing well above its prior $85.71 level. Its market capitalization is approximately $11.13 billion.
• Analysts remain cautious despite the stock’s gains: the consensus rating is “Hold”, with an average price target of $50.60, far below the recent trading price.
• The company beat quarterly expectations with adjusted EPS of $(0.14) and revenue of $151.04 million, but revenue declined 12.7% year over year and insiders sold roughly $11.8 million of stock over the past quarter.

10x Genomics (NASDAQ:TXG - Get Free Report) hit a new 52-week high on Monday. The company traded as high as $88.61 and last traded at $88.0390, with a volume of 291969 shares. The stock had previously closed at $85.71.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on TXG. Citigroup increased their price target on 10x Genomics from $45.00 to $50.00 and gave the company a "neutral" rating in a research report on Friday, August 7th. TD Cowen restated a "hold" rating on shares of 10x Genomics in a research note on Wednesday, July 15th. Stifel Nicolaus set a $50.00 target price on 10x Genomics in a research report on Friday, August 7th. UBS Group assumed coverage on 10x Genomics in a research note on Wednesday, September 9th. They set a "neutral" rating and a $68.00 target price on the stock. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of 10x Genomics in a research note on Monday, September 21st. Six equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $50.60.

10x Genomics Stock Performance

The company has a market cap of $11.13 billion, a P/E ratio of -145.10 and a beta of 2.08. The firm has a 50 day moving average price of $60.74 and a two-hundred day moving average price of $39.06.

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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.24) by $0.10. The business had revenue of $151.04 million for the quarter, compared to analysts' expectations of $146.67 million. 10x Genomics had a negative return on equity of 9.33% and a negative net margin of 12.18%.The firm's quarterly revenue was down 12.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.28 EPS. On average, sell-side analysts predict that 10x Genomics will post -0.75 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Serge Saxonov sold 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $81.22, for a total value of $2,030,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,050,249 shares of the company's stock, valued at approximately $85,301,223.78. This trade represents a 2.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Adam Taich sold 46,388 shares of 10x Genomics 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 completion of the transaction, the chief financial officer owned 316,344 shares of the company's stock, valued at $20,426,332.08. This represents a 12.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 179,333 shares of company stock valued at $11,810,070. Corporate insiders own 8.84% of the company's stock.

Institutional Investors Weigh In On 10x Genomics

Several institutional investors have recently made changes to their positions in TXG. Tidal Investments LLC purchased a new position in shares of 10x Genomics in the second quarter valued at $1,279,000. Integrated Wealth Concepts LLC lifted its holdings in 10x Genomics by 34.9% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 21,645 shares of the company's stock worth $830,000 after purchasing an additional 5,595 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in 10x Genomics during the 2nd quarter worth about $2,069,000. Arizona State Retirement System boosted its stake in 10x Genomics by 1.5% in the 2nd 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 period. Finally, Nykredit A S bought a new position in 10x Genomics in the 2nd quarter worth about $126,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.