10x Genomics (NASDAQ:TXG) Sets New 12-Month High - Time to Buy?

Key Points

• 10x Genomics shares reached a new 52-week high of $66.53, up from a prior close of $63.80, despite the stock’s average analyst rating remaining “Hold.”
• The company beat quarterly expectations, reporting an adjusted loss of $0.14 per share versus the expected $0.24 loss and revenue of $151.04 million; however, revenue fell 12.7% year over year and the company remains unprofitable.
• Institutional ownership is high at 84.68%, with several major investors increasing their stakes, while insiders sold approximately $2.37 million worth of shares over the past three months.

Shares of 10x Genomics (NASDAQ:TXG - Get Free Report) hit a new 52-week high during trading on Tuesday . The company traded as high as $66.53 and last traded at $65.5250, with a volume of 522556 shares traded. The stock had previously closed at $63.80.

Analyst Ratings Changes

Several analysts have recently weighed in on TXG shares. Stifel Nicolaus set a $50.00 price target on shares of 10x Genomics in a research note on Friday, August 7th. Citigroup lifted their target price on 10x Genomics from $45.00 to $50.00 and gave the company a "neutral" rating in a research report on Friday, August 7th. Canaccord Genuity Group increased their price target on 10x Genomics from $50.00 to $60.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. TD Cowen restated a "hold" rating on shares of 10x Genomics in a research note on Wednesday, July 15th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of 10x Genomics in a report on Wednesday, June 24th. Five investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, 10x Genomics presently has an average rating of "Hold" and an average price target of $38.31.

10x Genomics Stock Up 4.1%

The stock's 50 day moving average price is $45.72 and its 200-day moving average price is $30.64. The stock has a market capitalization of $8.65 billion, a P/E ratio of -112.49 and a beta of 2.03.

10x Genomics (NASDAQ:TXG - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) 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%. 10x Genomics's revenue for the quarter was down 12.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.28 earnings per share. Analysts anticipate that 10x Genomics will post -0.75 earnings per share for the current year.

Insider Buying and Selling

In other 10x Genomics news, Director John R. Stuelpnagel sold 20,000 shares of the business's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $57.75, for a total value of $1,155,000.00. Following the completion of the transaction, the director directly owned 348,436 shares in the company, valued at approximately $20,122,179. The trade was a 5.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Serge Saxonov sold 30,000 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $34.44, for a total transaction of $1,033,200.00. Following the sale, the chief executive officer directly owned 1,108,380 shares of the company's stock, valued at approximately $38,172,607.20. The trade was a 2.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 55,723 shares of company stock worth $2,374,941 in the last three months. 8.84% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. California State Teachers Retirement System increased its holdings 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 in the last quarter. AQR Capital Management LLC lifted its position in 10x Genomics by 241.3% during the second quarter. AQR Capital Management LLC now owns 4,137,801 shares of the company's stock valued at $47,916,000 after purchasing an additional 2,925,372 shares during the period. Millennium Management LLC boosted its stake in shares of 10x Genomics by 84.7% in the third quarter. Millennium Management LLC now owns 5,437,969 shares of the company's stock worth $63,570,000 after buying an additional 2,494,142 shares during the last quarter. Wellington Management Group LLP boosted its position in 10x Genomics by 126.6% in the 3rd quarter. Wellington Management Group LLP now owns 4,285,628 shares of the company's stock worth $50,099,000 after purchasing an additional 2,394,355 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its stake in shares of 10x Genomics by 207.2% during the 2nd quarter. Quantinno Capital Management LP now owns 2,233,526 shares of the company's stock worth $25,864,000 after acquiring an additional 1,506,530 shares in 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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