10x Genomics (NASDAQ:TXG) Shares Gap Down - Here's Why

Key Points

• 10x Genomics shares fell 14.9%, opening at $73.65 versus the prior close of $81.55, amid significant trading volume.
• Analyst sentiment remains mixed but leans toward caution: five analysts rate the stock Buy, 12 Hold and one Sell, with an average rating of Hold and a consensus price target of $68.
• The company beat quarterly EPS and revenue estimates, but revenue declined 12.7% year over year, profitability remained negative, and insiders sold approximately $11.8 million of stock over the past 90 days.

10x Genomics (NASDAQ:TXG - Get Free Report)'s stock price gapped down before the market opened on Friday. The stock had previously closed at $81.55, but opened at $73.65. 10x Genomics shares last traded at $73.0170, with a volume of 735,995 shares traded.

Analyst Ratings Changes

A number of research firms have recently commented on TXG. Piper Sandler upped their price target on shares of 10x Genomics from $47.00 to $80.00 and gave the stock a "neutral" rating in a report on Monday, September 28th. Stephens lowered shares of 10x Genomics from an "overweight" rating to an "equal weight" rating in a report on Friday, October 23rd. TD Cowen boosted their price objective on shares of 10x Genomics from $47.00 to $70.00 and gave the company a "hold" rating in a research report on Tuesday, October 13th. Morgan Stanley upped their target price on shares of 10x Genomics from $40.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Monday, October 12th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 10x Genomics in a research report on Monday, September 21st. Five research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, 10x Genomics has an average rating of "Hold" and a consensus target price of $68.00.

10x Genomics Stock Down 14.9%

The firm has a 50 day simple moving average of $74.05 and a 200-day simple moving average of $40.31. The company has a market cap of $9.04 billion, a PE ratio of -117.93 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 firm had revenue of $151.04 million during the quarter, compared to analyst estimates of $146.67 million. During the same quarter in the previous year, the business posted $0.28 EPS. 10x Genomics's revenue was down 12.7% on a year-over-year basis. As a group, equities analysts anticipate that 10x Genomics will post -0.77 EPS for the current year.

Insider Buying and Selling at 10x Genomics

In other news, Director John R. Stuelpnagel sold 20,000 shares of the firm's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $61.75, for a total value of $1,235,000.00. Following the completion of the sale, the director owned 328,436 shares of the company's stock, valued at $20,280,923. This trade represents a 5.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Benjamin J. Hindson sold 13,818 shares of the business's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $63.02, for a total value of $870,810.36. Following the transaction, the insider owned 488,182 shares in the company, valued at approximately $30,765,229.64. This trade represents a 2.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders 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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC lifted its position in 10x Genomics by 29.9% during the third quarter. Farther Finance Advisors LLC now owns 934 shares of the company's stock valued at $84,000 after purchasing an additional 215 shares during the period. GAMMA Investing LLC grew its position in 10x Genomics by 8.7% during the 3rd quarter. GAMMA Investing LLC now owns 4,668 shares of the company's stock worth $422,000 after purchasing an additional 374 shares during the period. Arizona State Retirement System grew its position in 10x Genomics by 1.5% during 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. Carolina Wealth Advisors LLC purchased a new position in shares of 10x Genomics during the 3rd quarter valued at about $46,000. Finally, Nisa Investment Advisors LLC raised its stake in shares of 10x Genomics by 11.7% during the 3rd quarter. Nisa Investment Advisors LLC now owns 6,239 shares of the company's stock valued at $564,000 after buying an additional 653 shares during the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

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.

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.