Leerink Partners Issues Pessimistic Forecast for 10x Genomics (NASDAQ:TXG) Stock Price

10x Genomics (NASDAQ:TXG) had its price target reduced by analysts at Leerink Partners from $22.00 to $20.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “market perform” rating on the stock. Leerink Partners’ target price would suggest a potential downside of 5.12% from the company’s current price.

Other equities analysts have also issued reports about the stock. Canaccord Genuity Group lifted their price objective on shares of 10x Genomics from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, December 22nd. UBS Group lifted their target price on shares of 10x Genomics from $13.00 to $14.00 and gave the company a “neutral” rating in a report on Friday, November 7th. JPMorgan Chase & Co. boosted their price target on shares of 10x Genomics from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Friday, November 7th. TD Cowen restated a “hold” rating on shares of 10x Genomics in a research report on Wednesday, January 7th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $20.00 price objective (up previously from $17.00) on shares of 10x Genomics in a report on Monday, December 1st. Four equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $16.83.

10x Genomics Stock Down 2.5%

Shares of TXG stock opened at $21.08 on Tuesday. The stock’s 50-day moving average price is $18.51 and its 200 day moving average price is $15.11. The stock has a market capitalization of $2.67 billion, a PE ratio of -34.00 and a beta of 2.18. 10x Genomics has a 52-week low of $6.78 and a 52-week high of $23.56.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.05. The company had revenue of $149.00 million during the quarter, compared to analysts’ expectations of $142.50 million. 10x Genomics had a negative return on equity of 11.50% and a negative net margin of 11.89%.The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period last year, the firm earned ($0.30) EPS. Analysts expect that 10x Genomics will post -1.43 earnings per share for the current fiscal year.

Insider Buying and Selling at 10x Genomics

In other news, insider Benjamin J. Hindson sold 8,283 shares of the firm’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $19.00, for a total value of $157,377.00. Following the completion of the transaction, the insider owned 432,605 shares in the company, valued at $8,219,495. This trade represents a 1.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Serge Saxonov sold 13,261 shares of 10x Genomics stock in a transaction on Monday, November 24th. The stock was sold at an average price of $19.00, for a total value of $251,959.00. Following the transaction, the chief executive officer directly owned 1,021,556 shares of the company’s stock, valued at $19,409,564. This trade represents a 1.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 33,432 shares of company stock valued at $635,208. Insiders own 10.03% of the company’s stock.

Institutional Trading of 10x Genomics

A number of hedge funds have recently bought and sold shares of TXG. Teacher Retirement System of Texas lifted its stake in shares of 10x Genomics by 6.1% during the 2nd quarter. Teacher Retirement System of Texas now owns 14,931 shares of the company’s stock worth $173,000 after purchasing an additional 858 shares during the period. Arizona State Retirement System increased its stake in 10x Genomics by 3.0% in the third quarter. Arizona State Retirement System now owns 29,586 shares of the company’s stock valued at $346,000 after purchasing an additional 872 shares during the last quarter. Versant Capital Management Inc lifted its position in 10x Genomics by 3.3% during the third quarter. Versant Capital Management Inc now owns 29,364 shares of the company’s stock worth $343,000 after buying an additional 945 shares during the period. True Wealth Design LLC increased its stake in shares of 10x Genomics by 26.4% during the 3rd quarter. True Wealth Design LLC now owns 4,534 shares of the company’s stock valued at $53,000 after acquiring an additional 948 shares during the last quarter. Finally, Stratos Wealth Partners LTD. increased its stake in shares of 10x Genomics by 7.3% during the 4th quarter. Stratos Wealth Partners LTD. now owns 14,052 shares of the company’s stock valued at $229,000 after acquiring an additional 950 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.