10x Genomics (NASDAQ:TXG) Shares Climb 8% - Here's What Happened

Key Points

• 10x Genomics shares rose about 8% in mid-day trading, reaching approximately $84.25, despite trading volume running 90% below its average.
• Analyst sentiment remains mixed: the stock has an overall “Hold” rating and an average price target of $68, although individual targets range from $50 to $110.
• The company’s latest quarterly results beat expectations, with an adjusted loss of $0.14 per share versus the expected $0.24 loss and revenue of $151.04 million, though revenue declined 12.7% year over year.

10x Genomics (NASDAQ:TXG - Get Free Report)'s stock price was up 8% during mid-day trading on Wednesday. The company traded as high as $82.91 and last traded at $84.2520. Approximately 283,127 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 2,977,598 shares. The stock had previously closed at $78.02.

Analysts Set New Price Targets

Several research firms recently commented on TXG. Citigroup upped their target price on 10x Genomics from $45.00 to $50.00 and gave the company a "neutral" rating in a research note on Friday, August 7th. TD Cowen lifted their price target on 10x Genomics from $47.00 to $70.00 and gave the company a "hold" rating in a research report on Tuesday, October 13th. Stephens cut 10x Genomics from an "overweight" rating to an "equal weight" rating in a research report on Friday, October 23rd. Royal Bank Of Canada began coverage on shares of 10x Genomics in a report on Tuesday, September 1st. They issued a "sector perform" rating and a $70.00 price objective on the stock. Finally, Argus started coverage on 10x Genomics in a report on Monday, September 28th. They issued a "buy" rating and a $110.00 price objective for the company. Five analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $68.00.

10x Genomics Trading Up 10.1%

The firm has a market cap of $11.19 billion, a P/E ratio of -144.86 and a beta of 1.99. The business has a 50-day moving average price of $73.10 and a 200-day moving average price of $39.68.

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, beating the consensus estimate 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. The business's revenue for the quarter was down 12.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.28 EPS. On average, equities analysts anticipate that 10x Genomics will post -0.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Serge Saxonov sold 25,000 shares of 10x Genomics stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $81.22, for a total transaction of $2,030,500.00. Following the completion of the sale, the chief executive officer owned 1,050,249 shares of the company's stock, valued at $85,301,223.78. The trade was a 2.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Benjamin Hindson sold 13,818 shares of 10x Genomics stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $63.02, for a total transaction of $870,810.36. Following the sale, the insider owned 488,182 shares of the company's stock, valued at approximately $30,765,229.64. The trade was a 2.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 179,333 shares of company stock worth $11,810,070 over the last three months. Corporate insiders own 8.84% of the company's stock.

Hedge Funds Weigh In On 10x Genomics

Institutional investors and hedge funds have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. increased its position in shares of 10x Genomics by 17.9% during the third quarter. China Universal Asset Management Co. Ltd. now owns 21,934 shares of the company's stock valued at $1,975,000 after acquiring an additional 3,333 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new position in 10x Genomics during the 3rd quarter worth $304,000. Maxi Investments CY Ltd raised its position in 10x Genomics by 270.3% in the 3rd quarter. Maxi Investments CY Ltd now owns 61,100 shares of the company's stock valued at $5,521,000 after purchasing an additional 44,600 shares in the last quarter. Revolve Wealth Partners LLC acquired a new stake in 10x Genomics in the 3rd quarter valued at about $245,000. Finally, Carolina Wealth Advisors LLC purchased a new position in shares of 10x Genomics in the 3rd quarter valued at about $46,000. Institutional investors and hedge funds own 84.68% of the company's stock.

About 10x Genomics

10x Genomics, Inc is a life sciences technology company that develops tools for analyzing biological systems at the single-cell and spatial levels. Its technologies are designed to help researchers study gene expression, cellular interactions, tissue organization and other biological processes in greater detail than conventional laboratory methods.

The company's product portfolio includes the Chromium platform for single-cell analysis, the Visium platform for spatial transcriptomics, and the Xenium platform for high-resolution in situ analysis of tissue samples.

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