The Goldman Sachs Group Issues Pessimistic Forecast for 10x Genomics (NASDAQ:TXG) Stock Price

10x Genomics (NASDAQ:TXG) had its price objective cut by The Goldman Sachs Group from $7.50 to $6.50 in a report released on Monday morning,Benzinga reports. They currently have a sell rating on the stock.

A number of other brokerages have also recently commented on TXG. Leerink Partnrs cut shares of 10x Genomics from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 13th. UBS Group dropped their target price on shares of 10x Genomics from $20.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, February 13th. JPMorgan Chase & Co. dropped their target price on shares of 10x Genomics from $12.00 to $9.00 and set a “neutral” rating on the stock in a report on Friday. Morgan Stanley dropped their target price on shares of 10x Genomics from $28.00 to $26.00 and set an “overweight” rating on the stock in a report on Friday, February 14th. Finally, Leerink Partners cut shares of 10x Genomics from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $25.00 to $12.00 in a report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $17.81.

10x Genomics Trading Up 8.2%

Shares of 10x Genomics stock opened at $9.49 on Monday. The company’s fifty day simple moving average is $8.92 and its two-hundred day simple moving average is $12.50. The company has a market cap of $1.16 billion, a P/E ratio of -6.24 and a beta of 1.94. 10x Genomics has a 12-month low of $6.78 and a 12-month high of $28.25.

10x Genomics (NASDAQ:TXG) last announced its earnings results on Thursday, May 8th. The company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.09. 10x Genomics had a negative net margin of 29.90% and a negative return on equity of 25.40%. The firm had revenue of $154.88 million for the quarter, compared to analysts’ expectations of $131.91 million. During the same quarter in the previous year, the business posted ($0.50) EPS. The company’s quarterly revenue was down 2.3% on a year-over-year basis. Analysts predict that 10x Genomics will post -1.43 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Serge Saxonov sold 5,092 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $11.07, for a total transaction of $56,368.44. Following the completion of the sale, the chief executive officer now owns 879,482 shares of the company’s stock, valued at $9,735,865.74. This represents a 0.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Alan Mateo purchased 40,000 shares of 10x Genomics stock in a transaction dated Friday, February 21st. The shares were acquired at an average cost of $11.14 per share, with a total value of $445,600.00. Following the transaction, the director now directly owns 61,691 shares in the company, valued at approximately $687,237.74. The trade was a 184.41% increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.39% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 10x Genomics

Several hedge funds and other institutional investors have recently made changes to their positions in TXG. Signaturefd LLC increased its position in shares of 10x Genomics by 424.6% during the 4th quarter. Signaturefd LLC now owns 1,794 shares of the company’s stock valued at $26,000 after purchasing an additional 1,452 shares during the last quarter. GAMMA Investing LLC increased its holdings in 10x Genomics by 81.8% in the 1st quarter. GAMMA Investing LLC now owns 3,586 shares of the company’s stock worth $31,000 after acquiring an additional 1,614 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in 10x Genomics in the 4th quarter worth approximately $32,000. Whittier Trust Co. purchased a new stake in 10x Genomics in the 1st quarter worth approximately $41,000. Finally, Blue Trust Inc. increased its holdings in 10x Genomics by 73.1% in the 4th quarter. Blue Trust Inc. now owns 3,075 shares of the company’s stock worth $44,000 after acquiring an additional 1,299 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

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.