Insider Selling: 10x Genomics (NASDAQ:TXG) Insider Sells $870,810.36 in Stock

10x Genomics (NASDAQ:TXG) insider Benjamin Hindson sold 13,818 shares of the company’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $63.02, for a total transaction of $870,810.36. Following the sale, the insider owned 488,182 shares of the company’s stock, valued at $30,765,229.64. The trade was a 2.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

10x Genomics Stock Down 5.1%

NASDAQ:TXG opened at $61.54 on Friday. 10x Genomics has a 12-month low of $11.16 and a 12-month high of $66.94. The stock’s fifty day simple moving average is $48.16 and its 200-day simple moving average is $31.83. The firm has a market capitalization of $8.02 billion, a P/E ratio of -104.30 and a beta of 2.03.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.10. 10x Genomics had a negative return on equity of 9.33% and a negative net margin of 12.18%.The business had revenue of $151.04 million during the quarter, compared to the consensus estimate of $146.67 million. During the same quarter in the prior year, the company posted $0.28 earnings per share. The firm’s revenue was down 12.7% on a year-over-year basis. As a group, equities research analysts expect that 10x Genomics will post -0.75 earnings per share for the current year.

Hedge Funds Weigh In On 10x Genomics

Several institutional investors and hedge funds have recently modified their holdings of the business. ARK Investment Management LLC increased its stake in 10x Genomics by 6.6% during the 4th quarter. ARK Investment Management LLC now owns 12,667,369 shares of the company’s stock worth $206,605,000 after purchasing an additional 779,973 shares in the last quarter. Amova Asset Management Americas Inc. lifted its stake in 10x Genomics by 2.0% in the fourth quarter. Amova Asset Management Americas Inc. now owns 5,486,153 shares of the company’s stock valued at $89,424,000 after buying an additional 109,270 shares in the last quarter. Millennium Management LLC boosted its holdings 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 buying an additional 2,494,142 shares during the period. Quantinno Capital Management LP boosted its holdings in shares of 10x Genomics by 16.0% in the first quarter. Quantinno Capital Management LP now owns 5,411,761 shares of the company’s stock valued at $114,892,000 after buying an additional 744,558 shares during the period. Finally, California State Teachers Retirement System increased its position in shares of 10x Genomics by 3,700.4% during the second quarter. California State Teachers Retirement System now owns 4,679,895 shares of the company’s stock worth $179,427,000 after acquiring an additional 4,556,753 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on TXG shares. Zacks Research cut shares of 10x Genomics from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. Leerink Partners lifted their price target on shares of 10x Genomics from $23.00 to $40.00 and gave the stock a “market perform” rating in a research report on Friday, July 17th. Canaccord Genuity Group boosted their price target on shares of 10x Genomics from $50.00 to $60.00 and gave the company a “buy” rating in a report on Monday, August 10th. Weiss Ratings restated a “sell (d-)” rating on shares of 10x Genomics in a research report on Wednesday, June 24th. Finally, JPMorgan Chase & Co. raised their price objective on 10x Genomics from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 12th. Five research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $38.31.

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.