10x Genomics (NASDAQ:TXG) Trading Up 5.4% - Should You Buy?

Key Points

• 10x Genomics shares rose 5.4% to about $79.71, significantly above their 50-day and 200-day moving averages, although trading volume was 91% below average.
• Analyst sentiment remains mixed: five analysts rate the stock a Buy, eleven Hold and one Sell, producing an overall “Hold” rating and a $44 consensus price target.
• The company exceeded quarterly expectations with a loss of $0.14 per share versus the expected $0.24 loss and revenue of $151.04 million, but revenue declined 12.7% year over year and the business remained unprofitable.

10x Genomics (NASDAQ:TXG - Get Free Report)'s stock price shot up 5.4% on Thursday . The company traded as high as $78.50 and last traded at $79.7120. 267,092 shares changed hands during trading, a decline of 91% from the average daily volume of 2,855,546 shares. The stock had previously closed at $75.62.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TXG. Canaccord Genuity Group boosted their price objective on 10x Genomics from $50.00 to $60.00 and gave the company a "buy" rating in a report on Monday, August 10th. Citigroup raised their target price on 10x Genomics from $45.00 to $50.00 and gave the company a "neutral" rating in a report on Friday, August 7th. Royal Bank Of Canada assumed coverage on 10x Genomics in a research report on Tuesday, September 1st. They issued a "sector perform" rating and a $70.00 target price for the company. Barclays boosted their price target on shares of 10x Genomics from $30.00 to $40.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 24th. Finally, Leerink Partners increased their price target on shares of 10x Genomics from $23.00 to $40.00 and gave the stock a "market perform" rating in a research report on Friday, July 17th. Five equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $44.00.

10x Genomics Stock Performance

The stock's 50-day simple moving average is $59.11 and its 200 day simple moving average is $38.16. The company has a market capitalization of $10.59 billion, a PE ratio of -137.77 and a beta of 2.08.

10x Genomics (NASDAQ:TXG - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.10. The business had revenue of $151.04 million during the quarter, compared to analysts' expectations of $146.67 million. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. The company's revenue for the quarter was down 12.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.28 EPS. On average, analysts expect that 10x Genomics will post -0.75 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Adam Taich sold 46,388 shares of the stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $64.57, for a total value of $2,995,273.16. Following the transaction, the chief financial officer owned 316,344 shares in the company, valued at approximately $20,426,332.08. This represents a 12.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Shehnaaz Suliman sold 2,207 shares of the firm's stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $63.65, for a total value of $140,475.55. Following the sale, the director directly owned 29,515 shares in the company, valued at $1,878,629.75. This trade represents a 6.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 148,610 shares of company stock valued at $9,314,920 over the last 90 days. 8.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On 10x Genomics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Larson Financial Group LLC raised its holdings in 10x Genomics by 164.4% during the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company's stock worth $39,000 after purchasing an additional 1,470 shares in the last quarter. Fifth Third Bancorp purchased a new position in shares of 10x Genomics in the 1st quarter valued at $50,000. Elevation Wealth Partners LLC grew its position 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 buying an additional 1,143 shares during the last quarter. Nykredit A S acquired a new stake in 10x Genomics during the 2nd quarter worth $126,000. Finally, EverSource Wealth Advisors LLC raised its stake in 10x Genomics by 16.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 7,186 shares of the company's stock worth $153,000 after acquiring an additional 1,012 shares in the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

10x Genomics Company Profile

10x Genomics, Inc develops life science technology for analyzing biological systems at the single-cell and spatial levels. Its platforms are designed to help researchers study gene expression, genetic variation, cell populations and tissue organization with greater detail than conventional laboratory methods.

The company's product portfolio includes the Chromium platform for single-cell analysis, Visium solutions for spatial transcriptomics and tissue profiling, and Xenium in situ platforms for high-resolution analysis of RNA and other biological features within tissue samples.

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