10x Genomics (NASDAQ:TXG) Stock Price Down 6.5% - Here's What Happened

Key Points

• 10x Genomics shares fell 6.5% to about $65.56 in Monday trading, with volume roughly 70% below the average.
• Analyst sentiment remains mixed: five analysts rate the stock a Buy, 12 a Hold and one a Sell, resulting in a consensus Hold rating and an average price target of $68.
• The company exceeded quarterly earnings and revenue estimates, but revenue declined 12.7% year over year and profitability remained negative. Insiders sold approximately $11.8 million of stock over the past 90 days.

10x Genomics (NASDAQ:TXG - Get Free Report) traded down 6.5% on Monday. The company traded as low as $65.66 and last traded at $65.5610. Approximately 891,625 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 2,995,744 shares. The stock had previously closed at $70.11.

Analyst Ratings Changes

Several analysts have weighed in on the company. Leerink Partners boosted their price objective on 10x Genomics from $40.00 to $90.00 and gave the company a "market perform" rating in a research report on Tuesday, September 29th. Canaccord Genuity Group increased their price target on shares of 10x Genomics from $60.00 to $100.00 and gave the company a "buy" rating in a research report on Monday, October 12th. Barclays raised 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. Citigroup boosted their price objective on shares of 10x Genomics from $45.00 to $50.00 and gave the company a "neutral" rating in a research report on Friday, August 7th. Finally, Piper Sandler upped their price objective on shares of 10x Genomics from $47.00 to $80.00 and gave the company a "neutral" rating in a research note on Monday, September 28th. Five research 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. According to MarketBeat, 10x Genomics currently has a consensus rating of "Hold" and an average price target of $68.00.

10x Genomics Stock Down 9.7%

The firm's fifty day moving average is $74.17 and its two-hundred day moving average is $40.56. The firm has a market cap of $8.25 billion, a P/E ratio of -107.43 and a beta of 2.03.

10x Genomics (NASDAQ:TXG - Get Free Report) last announced its earnings results 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. 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 for the quarter, compared to analyst estimates of $146.67 million. During the same quarter in the previous year, the firm posted $0.28 EPS. The company's revenue for the quarter was down 12.7% compared to the same quarter last year. As a group, sell-side analysts forecast that 10x Genomics will post -0.77 EPS for the current year.

Insider Buying and Selling at 10x Genomics

In other news, Director Shehnaaz Suliman sold 5,723 shares of the firm's stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $81.19, for a total value of $464,650.37. Following the completion of the transaction, the director owned 23,792 shares in the company, valued at $1,931,672.48. This trade represents a 19.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available 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 shares were sold at an average price of $64.57, for a total value of $2,995,273.16. Following the completion of 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. In the last 90 days, insiders sold 179,333 shares of company stock worth $11,810,070. Insiders own 8.84% of the company's stock.

Hedge Funds Weigh In On 10x Genomics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. MBA Advisors LLC purchased a new stake in shares of 10x Genomics in the 3rd quarter worth about $277,000. Greenleaf Trust purchased a new position in 10x Genomics during the 3rd quarter valued at about $330,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in 10x Genomics during the 3rd quarter valued at about $4,491,000. Profund Advisors LLC bought a new position in shares of 10x Genomics during the third quarter valued at approximately $209,000. Finally, MGO One Seven LLC purchased a new position in shares of 10x Genomics during the third quarter valued at approximately $307,000. Hedge funds and other 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.

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.