10x Genomics (NASDAQ:TXG) Reaches New 12-Month High – What’s Next?

10x Genomics (NASDAQ:TXG) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $80.11 and last traded at $79.07, with a volume of 437709 shares traded. The stock had previously closed at $76.60.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of 10x Genomics in a research note on Monday. Citigroup boosted their price objective on 10x Genomics from $45.00 to $50.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Piper Sandler upped their price objective on 10x Genomics from $42.00 to $47.00 and gave the stock a “neutral” rating in a research note on Monday, August 10th. Royal Bank Of Canada initiated coverage on 10x Genomics in a research report on Tuesday, September 1st. They set a “sector perform” rating and a $70.00 target price for the company. Finally, TD Cowen reissued a “hold” rating on shares of 10x Genomics in a research note on Wednesday, July 15th. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, 10x Genomics presently has an average rating of “Hold” and an average target price of $44.00.

10x Genomics Stock Performance

The business’s fifty day moving average price is $58.51 and its two-hundred day moving average price is $37.78. The stock has a market capitalization of $10.51 billion, a P/E ratio of -136.78 and a beta of 2.08.

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

Insider Buying and Selling

In other 10x Genomics news, insider Benjamin Hindson sold 13,818 shares of the business’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 transaction, the insider owned 488,182 shares in the company, valued at $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 SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Serge Saxonov sold 10,486 shares of the stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $63.69, for a total transaction of $667,853.34. Following the completion of the sale, the chief executive officer directly owned 1,075,349 shares in the company, valued at approximately $68,488,977.81. This represents a 0.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 148,610 shares of company stock valued at $9,314,920 over the last 90 days. 8.84% of the stock is currently owned by insiders.

Hedge Funds Weigh In On 10x Genomics

Several hedge funds have recently added to or reduced their stakes in the company. Amova Asset Management Americas Inc. boosted its position in shares of 10x Genomics by 2.0% during 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 during the period. Quantinno Capital Management LP grew its stake in shares of 10x Genomics by 16.0% during 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 last quarter. Dimensional Fund Advisors LP raised its holdings in shares of 10x Genomics by 34.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,042,950 shares of the company’s stock worth $43,357,000 after buying an additional 525,369 shares during the period. Casdin Capital LLC purchased a new stake in shares of 10x Genomics in the fourth quarter worth approximately $22,834,000. Finally, Clough Capital Partners L P bought a new stake in shares of 10x Genomics during the 4th quarter worth approximately $9,955,000. 84.68% of the stock is currently owned by institutional investors.

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.