10x Genomics (NASDAQ:TXG) Receives Consensus Rating of “Hold” from Analysts

Shares of 10x Genomics (NASDAQ:TXG) have been assigned an average rating of “Hold” from the fifteen ratings firms that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, ten have assigned a hold recommendation and four have issued a buy recommendation on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $23.1667.

A number of research analysts have weighed in on TXG shares. Deutsche Bank Aktiengesellschaft set a $17.00 target price on shares of 10x Genomics and gave the stock a “hold” rating in a research note on Friday, February 13th. Stifel Nicolaus lifted their price target on shares of 10x Genomics from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, March 2nd. Bank of America raised their target price on 10x Genomics from $21.00 to $30.00 and gave the stock a “neutral” rating in a research note on Monday, April 20th. William Blair raised 10x Genomics from a “market perform” rating to an “outperform” rating in a research note on Tuesday, March 31st. Finally, Zacks Research cut 10x Genomics from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th.

10x Genomics Price Performance

TXG opened at $29.18 on Tuesday. The company’s 50 day simple moving average is $23.83 and its two-hundred day simple moving average is $20.69. 10x Genomics has a 1-year low of $9.30 and a 1-year high of $35.65. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of -171.65 and a beta of 2.12.

10x Genomics (NASDAQ:TXG) last released its earnings results on Thursday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.19. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.86%. The business had revenue of $150.84 million for the quarter, compared to analyst estimates of $146.41 million. During the same period last year, the company posted ($0.28) EPS. The business’s revenue was up 9.4% on a year-over-year basis. On average, equities analysts anticipate that 10x Genomics will post -0.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 10x Genomics news, insider Benjamin J. Hindson sold 11,595 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $24.44, for a total transaction of $283,381.80. Following the completion of the sale, the insider owned 502,000 shares of the company’s stock, valued at $12,268,880. This trade represents a 2.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Adam Taich sold 15,098 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $24.44, for a total value of $368,995.12. Following the sale, the chief financial officer directly owned 379,898 shares of the company’s stock, valued at approximately $9,284,707.12. This trade represents a 3.82% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 75,586 shares of company stock valued at $1,773,116 over the last quarter. 8.84% of the stock is owned by insiders.

Institutional Trading of 10x Genomics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TXG. Royal Bank of Canada raised its position in 10x Genomics by 806.4% in the first quarter. Royal Bank of Canada now owns 182,836 shares of the company’s stock valued at $1,597,000 after purchasing an additional 162,665 shares during the period. Goldman Sachs Group Inc. raised its position in 10x Genomics by 163.5% in the first 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 purchased a new stake in 10x Genomics in the first quarter valued at approximately $92,000. Legal & General Group Plc raised its position in 10x Genomics by 5.7% in the second quarter. Legal & General Group Plc now owns 110,864 shares of the company’s stock valued at $1,284,000 after purchasing an additional 5,985 shares during the period. Finally, American Century Companies Inc. purchased a new stake in 10x Genomics in the second quarter valued at approximately $933,000. Hedge funds and other institutional investors 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.