10x Genomics (NASDAQ:TXG) Hits New 12-Month High – Still a Buy?

Shares of 10x Genomics (NASDAQ:TXG) hit a new 52-week high on Friday . The company traded as high as $20.47 and last traded at $20.27, with a volume of 1340684 shares. The stock had previously closed at $19.29.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Canaccord Genuity Group raised their price objective on shares of 10x Genomics from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, December 22nd. Zacks Research cut shares of 10x Genomics from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Piper Sandler upped their price objective on shares of 10x Genomics from $15.00 to $19.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. Morgan Stanley reissued an “equal weight” rating and set a $20.00 price objective (up previously from $17.00) on shares of 10x Genomics in a research report on Monday, December 1st. Finally, Citigroup lowered 10x Genomics from a “buy” rating to a “cautious” rating in a research report on Thursday, December 11th. Four research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, 10x Genomics presently has an average rating of “Hold” and an average price target of $15.96.

10x Genomics Stock Up 6.1%

The firm has a 50 day moving average price of $16.90 and a 200 day moving average price of $14.27. The stock has a market capitalization of $2.59 billion, a PE ratio of -33.00 and a beta of 2.18.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings results 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 business had revenue of $149.00 million during the quarter, compared to the consensus estimate of $142.50 million. 10x Genomics had a negative return on equity of 11.50% and a negative net margin of 11.89%.10x Genomics’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.30) earnings per share. On average, equities analysts forecast that 10x Genomics will post -1.43 earnings per share for the current fiscal year.

Insider Buying and Selling at 10x Genomics

In related news, CEO Serge Saxonov sold 13,261 shares of 10x Genomics stock in a transaction on Monday, November 24th. The stock was sold at an average price of $19.00, for a total transaction of $251,959.00. Following the sale, the chief executive officer directly owned 1,021,556 shares in the company, valued at approximately $19,409,564. This trade represents a 1.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Benjamin J. Hindson sold 8,283 shares of the business’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $19.00, for a total value of $157,377.00. Following the completion of the transaction, the insider directly owned 432,605 shares in the company, valued at approximately $8,219,495. This represents a 1.88% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 33,432 shares of company stock worth $635,208. Insiders own 9.39% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

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

About 10x Genomics

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.