Canaccord Genuity Group Lowers 10x Genomics (NASDAQ:TXG) Price Target to $50.00

10x Genomics (NASDAQ:TXG) had its price objective cut by equities research analysts at Canaccord Genuity Group from $65.00 to $50.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 70.77% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft decreased their target price on 10x Genomics from $60.00 to $55.00 and set a “buy” rating for the company in a report on Thursday, April 18th. Barclays decreased their target price on 10x Genomics from $55.00 to $45.00 and set an “overweight” rating for the company in a report on Wednesday, April 10th. Finally, Stifel Nicolaus decreased their target price on 10x Genomics from $68.00 to $63.00 and set a “buy” rating for the company in a report on Friday, February 16th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $58.00.

10x Genomics Stock Up 3.1 %

Shares of 10x Genomics stock opened at $29.28 on Monday. The company has a market capitalization of $3.49 billion, a PE ratio of -13.49 and a beta of 1.90. 10x Genomics has a 52 week low of $26.30 and a 52 week high of $63.57. The stock’s fifty day moving average is $36.94 and its two-hundred day moving average is $42.40.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings results on Tuesday, April 30th. The company reported ($0.50) EPS for the quarter, meeting the consensus estimate of ($0.50). 10x Genomics had a negative return on equity of 28.82% and a negative net margin of 41.17%. The firm had revenue of $141.01 million for the quarter, compared to analyst estimates of $142.24 million. During the same quarter last year, the firm posted ($0.44) earnings per share. The business’s revenue for the quarter was up 5.0% on a year-over-year basis. As a group, research analysts anticipate that 10x Genomics will post -1.47 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Benjamin J. Hindson sold 2,613 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $46.34, for a total value of $121,086.42. Following the transaction, the insider now owns 283,059 shares in the company, valued at approximately $13,116,954.06. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other 10x Genomics news, CEO Serge Saxonov sold 2,821 shares of the stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $46.34, for a total transaction of $130,725.14. Following the completion of the sale, the chief executive officer now directly owns 847,560 shares of the company’s stock, valued at approximately $39,275,930.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Benjamin J. Hindson sold 2,613 shares of the stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $46.34, for a total value of $121,086.42. Following the sale, the insider now directly owns 283,059 shares of the company’s stock, valued at $13,116,954.06. The disclosure for this sale can be found here. Insiders have sold a total of 12,959 shares of company stock worth $592,806 in the last quarter. 10.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On 10x Genomics

A number of large investors have recently modified their holdings of the business. Perigon Wealth Management LLC increased its position in 10x Genomics by 46.7% during the first quarter. Perigon Wealth Management LLC now owns 14,168 shares of the company’s stock worth $532,000 after buying an additional 4,512 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in 10x Genomics by 113.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock worth $26,000 after buying an additional 371 shares in the last quarter. Assenagon Asset Management S.A. increased its position in 10x Genomics by 260.5% during the first quarter. Assenagon Asset Management S.A. now owns 63,400 shares of the company’s stock worth $2,379,000 after buying an additional 45,814 shares in the last quarter. Fifth Third Bancorp increased its position in 10x Genomics by 2,216.6% during the first quarter. Fifth Third Bancorp now owns 5,722 shares of the company’s stock worth $215,000 after buying an additional 5,475 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position in 10x Genomics by 58.6% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,621,778 shares of the company’s stock worth $135,925,000 after buying an additional 1,338,248 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

10x Genomics Company Profile

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.