10x Genomics (NASDAQ:TXG) Stock Price Up 8.9% – Here’s What Happened

10x Genomics (NASDAQ:TXG)’s share price shot up 8.9% during trading on Thursday . The stock traded as high as $34.42 and last traded at $35.0040. Approximately 279,455 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 2,716,427 shares. The stock had previously closed at $32.13.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. UBS Group raised their price target on 10x Genomics from $14.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, February 20th. William Blair raised shares of 10x Genomics from a “market perform” rating to an “outperform” rating in a research note on Tuesday, March 31st. Zacks Research lowered shares of 10x Genomics from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. Morgan Stanley raised their target price on shares of 10x Genomics from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 12th. Finally, Canaccord Genuity Group boosted their target price on shares of 10x Genomics from $22.00 to $32.00 and gave the company a “buy” rating in a report on Monday, April 20th. Four equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, 10x Genomics has an average rating of “Hold” and an average target price of $23.17.

10x Genomics Price Performance

The stock has a market cap of $4.41 billion, a price-to-earnings ratio of -204.47 and a beta of 2.12. The stock has a fifty day moving average of $25.61 and a two-hundred day moving average of $21.50.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.19. The firm had revenue of $150.84 million during the quarter, compared to the consensus estimate of $146.41 million. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.28) earnings per share. Equities research analysts anticipate that 10x Genomics will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling at 10x Genomics

In related news, CFO Adam Taich sold 15,098 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total transaction of $368,995.12. Following the completion of the sale, the chief financial officer owned 379,898 shares of the company’s stock, valued at approximately $9,284,707.12. This represents a 3.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Benjamin J. Hindson sold 11,595 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total transaction of $283,381.80. Following the completion of the transaction, the insider owned 502,000 shares in the company, valued at $12,268,880. The trade was a 2.26% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 81,309 shares of company stock worth $1,959,857 in the last quarter. Company insiders own 8.84% 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 business. Geneos Wealth Management Inc. acquired a new stake in 10x Genomics in the 4th quarter valued at $38,000. Larson Financial Group LLC boosted its position in shares of 10x Genomics by 164.4% in the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock worth $39,000 after buying an additional 1,470 shares during the period. Fifth Third Bancorp purchased a new stake in shares of 10x Genomics in the first quarter worth about $50,000. Van ECK Associates Corp grew its stake in shares of 10x Genomics by 85.9% in the fourth quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock valued at $60,000 after buying an additional 1,695 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of 10x Genomics by 203.9% in the second quarter. EverSource Wealth Advisors LLC now owns 7,490 shares of the company’s stock valued at $87,000 after buying an additional 5,025 shares in 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.