10x Genomics (NASDAQ:TXG) Hits New 52-Week High on Analyst Upgrade

10x Genomics (NASDAQ:TXG)’s share price reached a new 52-week high during trading on Wednesday after Citigroup raised their price target on the stock from $18.00 to $24.00. Citigroup currently has a neutral rating on the stock. 10x Genomics traded as high as $23.65 and last traded at $23.04, with a volume of 315446 shares changing hands. The stock had previously closed at $21.82.

A number of other research firms also recently weighed in on TXG. UBS Group upped their price target on shares of 10x Genomics from $14.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, February 20th. Leerink Partners dropped their price target on shares of 10x Genomics from $22.00 to $20.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 27th. TD Cowen upped their price target on shares of 10x Genomics from $18.00 to $19.00 and gave the stock a “hold” rating in a research note on Friday, February 13th. Barclays increased their price objective on 10x Genomics from $17.00 to $22.00 and gave the stock an “overweight” rating in a report on Monday, December 15th. Finally, Deutsche Bank Aktiengesellschaft set a $17.00 price objective on 10x Genomics and gave the stock a “hold” rating in a report on Friday, February 13th. Five research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $18.89.

Insider Buying and Selling

In related news, insider Benjamin J. Hindson sold 7,826 shares of the stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $18.58, for a total value of $145,407.08. Following the transaction, the insider owned 424,779 shares in the company, valued at approximately $7,892,393.82. This represents a 1.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Serge Saxonov sold 10,000 shares of the stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $19.13, for a total value of $191,300.00. Following the transaction, the chief executive officer owned 1,177,273 shares in the company, valued at approximately $22,521,232.49. This trade represents a 0.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 41,426 shares of company stock worth $779,895. Insiders own 9.39% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

Several hedge funds have recently modified their holdings of TXG. AQR Capital Management LLC boosted its position in shares of 10x Genomics by 241.3% in the second quarter. AQR Capital Management LLC now owns 4,137,801 shares of the company’s stock valued at $47,916,000 after acquiring an additional 2,925,372 shares during the period. Millennium Management LLC boosted its position in shares of 10x Genomics by 84.7% in the third quarter. Millennium Management LLC now owns 5,437,969 shares of the company’s stock valued at $63,570,000 after acquiring an additional 2,494,142 shares during the period. Wellington Management Group LLP boosted its position in shares of 10x Genomics by 126.6% in the third quarter. Wellington Management Group LLP now owns 4,285,628 shares of the company’s stock valued at $50,099,000 after acquiring an additional 2,394,355 shares during the period. Quantinno Capital Management LP boosted its position in shares of 10x Genomics by 207.2% in the second quarter. Quantinno Capital Management LP now owns 2,233,526 shares of the company’s stock valued at $25,864,000 after acquiring an additional 1,506,530 shares during the period. Finally, Casdin Capital LLC bought a new stake in shares of 10x Genomics in the fourth quarter valued at approximately $22,834,000. 84.68% of the stock is owned by institutional investors.

10x Genomics Stock Up 3.4%

The company has a market capitalization of $2.88 billion, a P/E ratio of -64.59 and a beta of 2.17. The firm has a 50-day moving average price of $19.93 and a two-hundred day moving average price of $17.40.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings data on Thursday, February 12th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.06. 10x Genomics had a negative return on equity of 6.89% and a negative net margin of 6.77%.The company had revenue of $166.03 million during the quarter, compared to analysts’ expectations of $160.35 million. During the same period in the prior year, the business earned ($0.40) earnings per share. 10x Genomics’s revenue for the quarter was up .6% compared to the same quarter last year. On average, analysts predict that 10x Genomics will post -1.43 EPS for the current fiscal year.

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.