10x Genomics (NASDAQ:TXG) Rating Lowered to Hold at TD Cowen

TD Cowen cut shares of 10x Genomics (NASDAQ:TXG) from a buy rating to a hold rating in a research note released on Wednesday morning, MarketBeat reports. The brokerage currently has $32.00 target price on the stock, down from their previous target price of $57.00.

TXG has been the subject of several other reports. Deutsche Bank Aktiengesellschaft cut their target price on shares of 10x Genomics from $60.00 to $55.00 and set a buy rating for the company in a research report on Thursday, April 18th. Barclays cut their price objective on 10x Genomics from $55.00 to $45.00 and set an overweight rating for the company in a report on Wednesday, April 10th. Canaccord Genuity Group decreased their price objective on 10x Genomics from $65.00 to $50.00 and set a buy rating on the stock in a report on Monday. Finally, Stifel Nicolaus cut their target price on 10x Genomics from $68.00 to $63.00 and set a buy rating for the company in a research note on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, 10x Genomics has an average rating of Moderate Buy and a consensus price target of $48.50.

10x Genomics Stock Performance

NASDAQ:TXG opened at $26.92 on Wednesday. 10x Genomics has a 52-week low of $24.60 and a 52-week high of $63.57. The stock has a fifty day moving average of $36.94 and a 200 day moving average of $42.40. The firm has a market capitalization of $3.21 billion, a price-to-earnings ratio of -12.07 and a beta of 1.94.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings results on Tuesday, April 30th. The company reported ($0.50) earnings per share for the quarter, meeting the consensus estimate of ($0.50). 10x Genomics had a negative return on equity of 30.43% and a negative net margin of 42.20%. The firm had revenue of $141.01 million for the quarter, compared to analysts’ expectations of $142.24 million. During the same quarter last year, the firm posted ($0.44) EPS. The company’s revenue was up 5.0% compared to the same quarter last year. Equities analysts forecast that 10x Genomics will post -1.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Serge Saxonov sold 1,000 shares of 10x Genomics stock in a transaction on Friday, February 9th. The shares were sold at an average price of $49.53, for a total value of $49,530.00. Following the transaction, the chief executive officer now directly owns 855,381 shares of the company’s stock, valued at $42,367,020.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other 10x Genomics news, CEO Serge Saxonov sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $49.53, for a total transaction of $49,530.00. Following the completion of the transaction, the chief executive officer now owns 855,381 shares of the company’s stock, valued at approximately $42,367,020.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Justin J. Mcanear sold 1,865 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 $86,424.10. Following the completion of the sale, the chief financial officer now owns 95,240 shares of the company’s stock, valued at approximately $4,413,421.60. The disclosure for this sale can be found here. Insiders have sold 12,959 shares of company stock valued at $592,806 in the last ninety days. Company insiders own 10.65% of the company’s stock.

Institutional Trading of 10x Genomics

Several large investors have recently added to or reduced their stakes in TXG. Commonwealth Equity Services LLC lifted its position in shares of 10x Genomics by 26.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 7,193 shares of the company’s stock worth $297,000 after purchasing an additional 1,486 shares during the period. Xponance Inc. raised its stake in 10x Genomics by 3.2% in the third quarter. Xponance Inc. now owns 13,060 shares of the company’s stock worth $539,000 after buying an additional 400 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in 10x Genomics by 13.9% in the third quarter. Bank of New York Mellon Corp now owns 1,010,256 shares of the company’s stock worth $41,673,000 after buying an additional 122,981 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in 10x Genomics by 13.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,777 shares of the company’s stock worth $857,000 after buying an additional 2,419 shares during the period. Finally, Strs Ohio boosted its position in 10x Genomics by 16.8% during the 3rd quarter. Strs Ohio now owns 13,789 shares of the company’s stock valued at $568,000 after acquiring an additional 1,986 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

About 10x Genomics

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.