10x Genomics (NASDAQ:TXG) Stock Price Expected to Rise, TD Cowen Analyst Says

10x Genomics (NASDAQ:TXG) had its target price upped by equities research analysts at TD Cowen from $15.00 to $18.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the stock. TD Cowen’s price objective would indicate a potential downside of 6.69% from the company’s current price.

A number of other research analysts have also recently commented on the company. Citigroup cut 10x Genomics from a “buy” rating to a “cautious” rating in a report on Thursday, December 11th. JPMorgan Chase & Co. increased their price target on 10x Genomics from $13.00 to $15.00 and gave the stock a “neutral” rating in a report on Friday, November 7th. Wall Street Zen downgraded 10x Genomics from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of 10x Genomics in a research report on Monday, December 22nd. Finally, UBS Group lifted their price target on shares of 10x Genomics from $13.00 to $14.00 and gave the company a “neutral” rating in a research report on Friday, November 7th. Four equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $15.96.

10x Genomics Trading Down 3.5%

Shares of TXG stock opened at $19.29 on Wednesday. The company’s 50-day moving average price is $16.76 and its 200-day moving average price is $14.18. The stock has a market cap of $2.44 billion, a price-to-earnings ratio of -31.11 and a beta of 2.18. 10x Genomics has a twelve month low of $6.78 and a twelve month high of $20.34.

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

Insider Activity at 10x Genomics

In other 10x Genomics news, CFO Adam Taich sold 11,888 shares of the stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $19.00, for a total transaction of $225,872.00. Following the sale, the chief financial officer directly owned 297,385 shares in the company, valued at $5,650,315. This represents a 3.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Benjamin J. Hindson sold 8,283 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider directly owned 432,605 shares of the company’s stock, valued at $8,219,495. This represents a 1.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 33,432 shares of company stock worth $635,208. Corporate insiders own 9.39% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

A number of hedge funds have recently bought and sold shares of the stock. ARK Investment Management LLC grew its position in shares of 10x Genomics by 8.1% during the second quarter. ARK Investment Management LLC now owns 13,892,103 shares of the company’s stock worth $160,871,000 after buying an additional 1,046,390 shares in the last quarter. Vanguard Group Inc. grew its holdings in 10x Genomics by 6.7% during the 3rd quarter. Vanguard Group Inc. now owns 13,274,332 shares of the company’s stock worth $155,177,000 after acquiring an additional 834,272 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in 10x Genomics by 235.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,103,768 shares of the company’s stock worth $62,016,000 after acquiring an additional 4,987,195 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of 10x Genomics by 12.2% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 6,017,963 shares of the company’s stock valued at $69,688,000 after purchasing an additional 654,597 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. raised its holdings in shares of 10x Genomics by 12.1% in the 2nd quarter. Nikko Asset Management Americas Inc. now owns 6,009,653 shares of the company’s stock valued at $69,532,000 after purchasing an additional 646,997 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

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.