10x Genomics (NASDAQ:TXG) Shares Up 6.6% - Here's Why

Key Points

• 10x Genomics shares rose 6.6% to approximately $76.16, outperforming the average analyst consensus target of $68.00. Barclays raised its target to $110 and rated the stock “overweight,” while the broader analyst consensus remains “Hold.”
• The company’s latest quarterly results exceeded expectations, with an adjusted loss of $0.14 per share versus the expected $0.24 loss and revenue of $151.04 million versus the $146.67 million estimate. However, revenue declined 12.7% year over year, and analysts expect a full-year loss.
• Insiders sold approximately $11.8 million of stock over the last quarter, while institutional investors own 84.68% of the company and several funds increased their positions.

10x Genomics (NASDAQ:TXG - Get Free Report) shot up 6.6% on Wednesday. The company traded as high as $76.16 and last traded at $76.1640. Approximately 909,022 shares were traded during mid-day trading, a decline of 70% from the average session volume of 2,990,099 shares. The stock had previously closed at $71.46.

Analysts Set New Price Targets

A number of brokerages recently weighed in on TXG. Barclays boosted their price target on shares of 10x Genomics from $52.00 to $110.00 and gave the stock an "overweight" rating in a report on Wednesday, October 7th. Stifel Nicolaus set a $70.00 price objective on 10x Genomics in a research note on Tuesday, October 13th. Royal Bank Of Canada began coverage on 10x Genomics in a research note on Tuesday, September 1st. They issued a "sector perform" rating and a $70.00 target price on the stock. Morgan Stanley upped their price objective on shares of 10x Genomics from $40.00 to $70.00 and gave the company an "equal weight" rating in a report on Monday, October 12th. Finally, TD Cowen raised their price objective on shares of 10x Genomics from $47.00 to $70.00 and gave the stock a "hold" rating in a report on Tuesday, October 13th. Six equities research analysts have rated the stock with a Buy rating, eleven have issued 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 a consensus price target of $68.00.

10x Genomics Stock Performance

The company's 50-day moving average price is $71.59 and its two-hundred day moving average price is $46.36. The stock has a market cap of $9.93 billion, a PE ratio of -129.40 and a beta of 1.99.

10x Genomics (NASDAQ:TXG - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share 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 return on equity of 9.33% and a negative net margin of 12.18%. 10x Genomics's quarterly revenue was down 12.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.28 EPS. Equities research analysts forecast that 10x Genomics will post -0.75 earnings per share for the current fiscal year.

Insider Transactions at 10x Genomics

In other news, Director Shehnaaz Suliman sold 5,723 shares of the stock in a transaction that occurred on 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. This represents a 19.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John R. Stuelpnagel sold 20,000 shares of the firm's stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $61.75, for a total transaction of $1,235,000.00. Following the sale, the director owned 328,436 shares in the company, valued at $20,280,923. The trade was a 5.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 179,333 shares of company stock worth $11,810,070 over the last quarter. Corporate insiders own 8.84% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Quantinno Capital Management LP raised its position in shares of 10x Genomics by 16.0% during the 1st quarter. Quantinno Capital Management LP now owns 5,411,761 shares of the company's stock worth $114,892,000 after purchasing an additional 744,558 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of 10x Genomics by 34.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,042,950 shares of the company's stock worth $43,357,000 after buying an additional 525,369 shares in the last quarter. Hsbc Holdings PLC acquired a new stake in shares of 10x Genomics in the first quarter valued at about $5,945,000. Quantedge Capital Pte Ltd boosted its position in 10x Genomics by 104.2% during the first quarter. Quantedge Capital Pte Ltd now owns 416,553 shares of the company's stock worth $8,843,000 after acquiring an additional 212,600 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC purchased a new stake in shares of 10x Genomics in the third quarter valued at approximately $11,364,000. Institutional investors own 84.68% of the company's stock.

10x Genomics Company Profile

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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