Stifel Nicolaus Forecasts Strong Price Appreciation for 10x Genomics (NASDAQ:TXG) Stock

10x Genomics (NASDAQ:TXG) had its price target boosted by stock analysts at Stifel Nicolaus from $20.00 to $25.00 in a note issued to investors on Monday, Marketbeat Ratings reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ price target would suggest a potential upside of 10.52% from the stock’s previous close.

Several other analysts have also recently commented on the company. Morgan Stanley reiterated an “equal weight” rating and issued a $20.00 target price (up from $17.00) on shares of 10x Genomics in a report on Monday, December 1st. Deutsche Bank Aktiengesellschaft set a $17.00 price target on shares of 10x Genomics and gave the stock a “hold” rating in a research report on Friday, February 13th. Leerink Partners decreased their price objective on shares of 10x Genomics from $22.00 to $20.00 and set a “market perform” rating for the company in a research report on Tuesday, January 27th. TD Cowen lifted their target price on shares of 10x Genomics from $18.00 to $19.00 and gave the stock a “hold” rating in a research note on Friday, February 13th. Finally, JPMorgan Chase & Co. upped their price target on shares of 10x Genomics from $13.00 to $15.00 and gave the company a “neutral” rating in a research report on Friday, November 7th. Four analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, 10x Genomics has an average rating of “Hold” and a consensus target price of $18.46.

10x Genomics Stock Down 2.2%

Shares of 10x Genomics stock opened at $22.62 on Monday. The stock has a market cap of $2.89 billion, a price-to-earnings ratio of -64.63 and a beta of 2.20. 10x Genomics has a twelve month low of $6.78 and a twelve month high of $23.56. The company’s fifty day moving average is $19.58 and its 200 day moving average is $16.23.

10x Genomics (NASDAQ:TXG) last announced its earnings results on Thursday, February 12th. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.06. 10x Genomics had a negative return on equity of 6.89% and a negative net margin of 6.77%.The firm had revenue of $166.03 million for the quarter, compared to the consensus estimate of $160.35 million. The business’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.40) EPS. As a group, equities analysts anticipate that 10x Genomics will post -1.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 10x Genomics news, CFO Adam Taich sold 8,968 shares of 10x Genomics stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $18.58, for a total value of $166,625.44. Following the completion of the sale, the chief financial officer directly owned 288,417 shares of the company’s stock, valued at approximately $5,358,787.86. The trade was a 3.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Serge Saxonov sold 9,632 shares of the stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $18.58, for a total transaction of $178,962.56. Following the transaction, the chief executive officer directly owned 1,061,924 shares in the company, valued at $19,730,547.92. This trade represents a 0.90% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 26,426 shares of company stock worth $490,995. 10.03% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 10x Genomics

A number of hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its holdings in shares of 10x Genomics by 806.4% during the first quarter. Royal Bank of Canada now owns 182,836 shares of the company’s stock valued at $1,597,000 after acquiring an additional 162,665 shares in the last quarter. Goldman Sachs Group Inc. grew its position in 10x Genomics by 163.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 645,366 shares of the company’s stock valued at $5,634,000 after purchasing an additional 400,430 shares during the period. Focus Partners Wealth acquired a new stake in 10x Genomics in the 1st quarter valued at $92,000. Y Intercept Hong Kong Ltd bought a new stake in 10x Genomics during the 2nd quarter valued at $941,000. Finally, Teacher Retirement System of Texas raised 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. Institutional investors and hedge funds own 84.68% of the company’s stock.

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.