10x Genomics (NASDAQ:TXG) Stock Falls 6.2% - Here's Why

Key Points

• 10x Genomics shares fell 6.2% to about $91.69 in mid-day trading, despite trading at levels well above its 50-day and 200-day moving averages.
• Analyst sentiment remains mixed: the consensus rating is “Hold”, with an average price target of $53.93, substantially below the stock’s recent trading price.
• The company beat quarterly revenue and adjusted earnings expectations, but revenue declined 12.7% year over year and the business remains unprofitable; insiders also sold roughly $11.8 million of stock over the past 90 days.

10x Genomics (NASDAQ:TXG - Get Free Report)'s share price fell 6.2% on Tuesday. The stock traded as low as $97.06 and last traded at $91.6890. Approximately 620,926 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 2,880,605 shares. The stock had previously closed at $97.74.

Analyst Upgrades and Downgrades

TXG has been the subject of several recent research reports. Morgan Stanley increased their target price on shares of 10x Genomics from $37.00 to $40.00 and gave the stock an "equal weight" rating in a report on Friday, August 7th. Leerink Partners lifted their price target on 10x Genomics from $40.00 to $90.00 and gave the stock a "market perform" rating in a report on Tuesday, September 29th. Stephens upped their price objective on shares of 10x Genomics from $50.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 12th. Royal Bank Of Canada began coverage on shares of 10x Genomics in a report on Tuesday, September 1st. They set a "sector perform" rating and a $70.00 price target for the company. Finally, Piper Sandler increased their price target on 10x Genomics from $47.00 to $80.00 and gave the company a "neutral" rating in a research note on Monday, September 28th. Six analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $53.93.

10x Genomics Price Performance

The company has a market cap of $10.85 billion, a price-to-earnings ratio of -139.70 and a beta of 1.99. The business's fifty day moving average price is $66.17 and its 200 day moving average price is $42.13.

10x Genomics (NASDAQ:TXG - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates of ($0.24) by $0.10. The business 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% on a year-over-year basis. During the same period in the prior year, the business posted $0.28 earnings per share. As a group, equities research analysts anticipate that 10x Genomics will post -0.75 EPS for the current year.

Insider Activity at 10x Genomics

In other 10x Genomics 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 transaction of $464,650.37. Following the completion of the sale, the director owned 23,792 shares of the company's stock, valued at approximately $1,931,672.48. This represents a 19.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Adam Taich sold 46,388 shares of the firm's stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $64.57, for a total transaction of $2,995,273.16. Following the transaction, the chief financial officer owned 316,344 shares of the company's stock, valued at approximately $20,426,332.08. The trade was a 12.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 179,333 shares of company stock valued at $11,810,070 over the last ninety days. Insiders own 8.84% of the company's stock.

Institutional Investors Weigh In On 10x Genomics

Several large investors have recently modified their holdings of TXG. Fifth Third Bancorp acquired a new position in 10x Genomics in the first quarter valued at $50,000. Elevation Wealth Partners LLC lifted its stake in shares of 10x Genomics by 332.3% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company's stock valued at $57,000 after purchasing an additional 1,143 shares during the period. Nykredit A S bought a new stake in shares of 10x Genomics during the 2nd quarter valued at about $126,000. EverSource Wealth Advisors LLC boosted its position in shares of 10x Genomics by 16.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 7,186 shares of the company's stock valued at $153,000 after purchasing an additional 1,012 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its stake in 10x Genomics by 219.0% during the first quarter. Geneos Wealth Management Inc. now owns 7,500 shares of the company's stock worth $159,000 after purchasing an additional 5,149 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

About 10x Genomics

10x Genomics, Inc is a life sciences technology company that develops tools for analyzing biological systems at high resolution. Its platforms are used by academic and government research institutions, pharmaceutical and biotechnology companies, and other organizations studying genomics, cell biology, immunology, neuroscience, and disease mechanisms.

The company's product portfolio includes the Chromium platform for single-cell and other multiomics analyses, the Visium platform for spatial analysis of tissue, and the Xenium platform for high-plex in situ analysis of gene expression.

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