Leerink Partners Cuts 10x Genomics (NASDAQ:TXG) Price Target to $20.00

10x Genomics (NASDAQ:TXG) had its target price reduced by Leerink Partners from $22.00 to $20.00 in a report released on Tuesday,Benzinga reports. Leerink Partners currently has a market perform rating on the stock.

Several other research firms have also recently weighed in on TXG. Needham & Company LLC set a $21.00 price target on shares of 10x Genomics in a research note on Monday, January 12th. Barclays upped their price objective on 10x Genomics from $17.00 to $22.00 and gave the company an “overweight” rating in a report on Monday, December 15th. Zacks Research cut 10x Genomics from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. TD Cowen reaffirmed a “hold” rating on shares of 10x Genomics in a research note on Wednesday, January 7th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of 10x Genomics in a report on Monday, December 22nd. Four analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, 10x Genomics has a consensus rating of “Hold” and an average target price of $16.83.

10x Genomics Stock Down 1.3%

Shares of NASDAQ:TXG opened at $20.80 on Tuesday. 10x Genomics has a 52-week low of $6.78 and a 52-week high of $23.56. The stock has a market cap of $2.63 billion, a P/E ratio of -33.55 and a beta of 2.18. The business has a fifty day moving average of $18.60 and a two-hundred day moving average of $15.15.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.05. 10x Genomics had a negative net margin of 11.89% and a negative return on equity of 11.50%. The firm had revenue of $149.00 million for the quarter, compared to analysts’ expectations of $142.50 million. During the same quarter in the previous year, the company posted ($0.30) EPS. The company’s revenue was down 1.7% compared to the same quarter last year. On average, equities analysts anticipate that 10x Genomics will post -1.43 earnings per share for the current year.

Insider Activity at 10x Genomics

In other 10x Genomics news, CEO Serge Saxonov sold 13,261 shares of the business’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $19.00, for a total transaction of $251,959.00. Following the sale, the chief executive officer directly owned 1,021,556 shares in the company, valued at $19,409,564. This represents a 1.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benjamin J. Hindson sold 8,283 shares of the stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $19.00, for a total transaction of $157,377.00. Following the sale, the insider directly owned 432,605 shares in the company, valued at $8,219,495. This represents a 1.88% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 33,432 shares of company stock worth $635,208. 9.39% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On 10x Genomics

Several hedge funds and other institutional investors have recently made changes to their positions in TXG. Allworth Financial LP raised its holdings in shares of 10x Genomics by 150.4% in the 2nd quarter. Allworth Financial LP now owns 2,271 shares of the company’s stock valued at $26,000 after purchasing an additional 1,364 shares in the last quarter. Geneos Wealth Management Inc. purchased a new position in 10x Genomics in the fourth quarter valued at $38,000. True Wealth Design LLC raised its stake in 10x Genomics by 1,552.5% in the second quarter. True Wealth Design LLC now owns 3,586 shares of the company’s stock valued at $42,000 after buying an additional 3,369 shares in the last quarter. Abich Financial Wealth Management LLC purchased a new stake in 10x Genomics during the 3rd quarter worth about $56,000. Finally, Blue Trust Inc. boosted its position in shares of 10x Genomics by 48.1% during the 2nd quarter. Blue Trust Inc. now owns 4,894 shares of the company’s stock worth $57,000 after acquiring an additional 1,590 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 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.