10x Genomics (NASDAQ:TXG) Earns Neutral Rating from Analysts at UBS Group

UBS Group began coverage on shares of 10x Genomics (NASDAQ:TXG) in a research report released on Wednesday, Marketbeat.com reports. The brokerage issued a neutral rating and a $68.00 target price on the stock.

Other equities research analysts have also issued research reports about the company. JPMorgan Chase & Co. upped their target price on 10x Genomics from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Tuesday, May 12th. Morgan Stanley raised their price target on 10x Genomics from $37.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. TD Cowen reissued a “hold” rating on shares of 10x Genomics in a report on Wednesday, July 15th. Canaccord Genuity Group upped their price objective on 10x Genomics from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 10x Genomics in a research note on Wednesday, June 24th. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $44.00.

10x Genomics Stock Performance

Shares of TXG stock opened at $68.59 on Wednesday. The stock has a market cap of $8.94 billion, a PE ratio of -116.25 and a beta of 2.08. 10x Genomics has a 1 year low of $11.16 and a 1 year high of $69.67. The stock has a fifty day moving average price of $53.68 and a 200 day moving average price of $35.00.

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

Insiders Place Their Bets

In other 10x Genomics news, insider Benjamin J. Hindson sold 13,818 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $63.02, for a total transaction of $870,810.36. Following the completion of the sale, the insider owned 488,182 shares of the company’s stock, valued at approximately $30,765,229.64. The trade was a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Serge Saxonov sold 30,000 shares of the company’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $34.44, for a total value of $1,033,200.00. Following the sale, the chief executive officer owned 1,108,380 shares of the company’s stock, valued at $38,172,607.20. This represents a 2.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 184,333 shares of company stock worth $10,534,861. Corporate insiders own 8.84% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

Hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada increased its position in 10x Genomics by 806.4% during the 1st quarter. Royal Bank of Canada now owns 182,836 shares of the company’s stock worth $1,597,000 after purchasing an additional 162,665 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in 10x Genomics by 163.5% during the first quarter. Goldman Sachs Group Inc. now owns 645,366 shares of the company’s stock valued at $5,634,000 after buying an additional 400,430 shares in the last quarter. Focus Partners Wealth acquired a new position in 10x Genomics during the first quarter valued at approximately $92,000. Legal & General Group Plc grew its stake in 10x Genomics by 5.7% during the second quarter. Legal & General Group Plc now owns 110,864 shares of the company’s stock worth $1,284,000 after buying an additional 5,985 shares during the period. Finally, American Century Companies Inc. purchased a new stake in 10x Genomics during the second quarter worth approximately $933,000. 84.68% of the stock is owned by institutional investors and hedge funds.

About 10x Genomics

10x Genomics, Inc develops life science technology for analyzing biological systems at the single-cell and spatial levels. Its platforms are designed to help researchers study gene expression, genetic variation, cell populations and tissue organization with greater detail than conventional laboratory methods.

The company’s product portfolio includes the Chromium platform for single-cell analysis, Visium solutions for spatial transcriptomics and tissue profiling, and Xenium in situ platforms for high-resolution analysis of RNA and other biological features within tissue samples.