10x Genomics (NASDAQ:TXG) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

10x Genomics (NASDAQ:TXG) had its price target hoisted by research analysts at Canaccord Genuity Group from $19.00 to $20.00 in a research note issued on Monday, Marketbeat Ratings reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 21.21% from the company’s current price.

Several other equities research analysts have also recently weighed in on TXG. Zacks Research cut 10x Genomics from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. Citigroup lowered 10x Genomics from a “buy” rating to a “cautious” rating in a research report on Thursday, December 11th. Wall Street Zen downgraded shares of 10x Genomics from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. UBS Group increased their price target on shares of 10x Genomics from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Friday, November 7th. Finally, Barclays lifted their price target on shares of 10x Genomics from $17.00 to $22.00 and gave the company an “overweight” rating in a research report on Monday, December 15th. Four research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $15.81.

10x Genomics Price Performance

TXG stock opened at $16.50 on Monday. 10x Genomics has a 1 year low of $6.78 and a 1 year high of $20.34. The company has a market cap of $2.09 billion, a P/E ratio of -26.61 and a beta of 2.15. The firm has a 50-day moving average of $15.67 and a 200 day moving average of $13.66.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.05. 10x Genomics had a negative return on equity of 11.50% and a negative net margin of 11.89%.The business had revenue of $149.00 million for the quarter, compared to analysts’ expectations of $142.50 million. During the same period in the previous year, the firm posted ($0.30) EPS. The business’s revenue was down 1.7% on a year-over-year basis. On average, equities research analysts expect that 10x Genomics will post -1.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other 10x Genomics news, insider Benjamin J. Hindson sold 8,283 shares of the firm’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $19.00, for a total transaction of $157,377.00. Following the completion of the sale, the insider directly owned 432,605 shares in the company, valued at approximately $8,219,495. This trade represents a 1.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Serge Saxonov sold 13,261 shares of the firm’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $19.00, for a total transaction of $251,959.00. Following the sale, the chief executive officer owned 1,021,556 shares of the company’s stock, valued at approximately $19,409,564. This represents a 1.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 33,432 shares of company stock worth $635,208 in the last quarter. Corporate insiders own 10.03% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TXG. Teacher Retirement System of Texas boosted its stake in 10x Genomics by 6.1% during the 2nd quarter. Teacher Retirement System of Texas now owns 14,931 shares of the company’s stock valued at $173,000 after purchasing an additional 858 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of 10x Genomics by 3.0% during the third quarter. Arizona State Retirement System now owns 29,586 shares of the company’s stock valued at $346,000 after purchasing an additional 872 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of 10x Genomics by 3.3% during the third quarter. Versant Capital Management Inc now owns 29,364 shares of the company’s stock valued at $343,000 after buying an additional 945 shares during the last quarter. True Wealth Design LLC boosted its position in shares of 10x Genomics by 26.4% during the third quarter. True Wealth Design LLC now owns 4,534 shares of the company’s stock valued at $53,000 after buying an additional 948 shares during the last quarter. Finally, Kera Capital Partners Inc. increased its holdings in 10x Genomics by 4.0% in the 3rd quarter. Kera Capital Partners Inc. now owns 32,269 shares of the company’s stock worth $377,000 after buying an additional 1,251 shares in the last quarter. 84.68% of the stock is owned by institutional investors.

10x Genomics Company Profile

10x Genomics, Inc is a biotechnology company specializing in advanced genomic analysis solutions that enable researchers to explore biology at unprecedented resolution. The company develops and manufactures integrated hardware, consumables and software products for single-cell sequencing and spatial genomics. Its flagship Chromium product line supports applications in single-cell RNA sequencing, immune profiling and genome assembly, while the Visium and Xenium platforms offer spatial transcriptomics and in situ analysis, respectively.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves a global customer base that includes academic institutions, pharmaceutical and biotechnology companies, and government research organizations.