10x Genomics (NASDAQ:TXG) Stock Gets Price Target Reduction from JPMorgan Chase & Co.

10x Genomics (NASDAQ:TXG) had its price objective trimmed by JPMorgan Chase & Co. from $70.00 to $65.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other brokerages have also weighed in on TXG. Argus started coverage on 10x Genomics in a report on Monday, September 28th. They issued a “buy” rating and a $110.00 price objective on the stock. Canaccord Genuity Group lifted their target price on 10x Genomics from $60.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, October 12th. Royal Bank Of Canada began coverage on 10x Genomics in a research report on Tuesday, September 1st. They issued a “sector perform” rating and a $70.00 target price on the stock. Leerink Partners upped their target price on 10x Genomics from $40.00 to $90.00 and gave the company a “market perform” rating in a research report on Tuesday, September 29th. Finally, TD Cowen increased their price target on shares of 10x Genomics from $47.00 to $70.00 and gave the stock a “hold” rating in a report on Tuesday, October 13th. Five analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, 10x Genomics currently has a consensus rating of “Hold” and a consensus target price of $68.40.

10x Genomics Stock Performance

Shares of TXG stock opened at $62.05 on Monday. 10x Genomics has a fifty-two week low of $15.12 and a fifty-two week high of $102.81. The firm has a market capitalization of $8.08 billion, a price-to-earnings ratio of -119.33 and a beta of 2.03. The stock’s 50-day simple moving average is $74.07 and its 200-day simple moving average is $42.20.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings data on Thursday, November 5th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.12. 10x Genomics had a negative net margin of 10.84% and a negative return on equity of 8.19%. The firm had revenue of $150.67 million during the quarter, compared to analyst estimates of $147.96 million. During the same period last year, the firm posted ($0.22) EPS. 10x Genomics’s revenue was up 1.1% on a year-over-year basis. As a group, equities analysts forecast that 10x Genomics will post -0.74 earnings per share for the current year.

Insider Transactions at 10x Genomics

In other news, CEO Serge Saxonov sold 25,000 shares of the company’s stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $81.22, for a total value of $2,030,500.00. Following the sale, the chief executive officer owned 1,050,249 shares in the company, valued at $85,301,223.78. This represents a 2.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Shehnaaz Suliman sold 5,723 shares of the firm’s stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $81.19, for a total value of $464,650.37. Following the sale, the director directly owned 23,792 shares in the company, valued at approximately $1,931,672.48. This trade represents a 19.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 159,333 shares of company stock valued at $10,655,070. 8.84% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its position in shares of 10x Genomics by 29.9% in the third quarter. Farther Finance Advisors LLC now owns 934 shares of the company’s stock worth $84,000 after acquiring an additional 215 shares during the period. GAMMA Investing LLC grew its position in shares of 10x Genomics by 8.7% during the 3rd quarter. GAMMA Investing LLC now owns 4,668 shares of the company’s stock valued at $422,000 after acquiring an additional 374 shares during the period. Arizona State Retirement System grew its position in shares of 10x Genomics by 1.5% during the 2nd quarter. Arizona State Retirement System now owns 29,223 shares of the company’s stock valued at $1,120,000 after acquiring an additional 430 shares during the period. Carolina Wealth Advisors LLC purchased a new position in shares of 10x Genomics in the 3rd quarter valued at about $46,000. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of 10x Genomics by 3.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 16,229 shares of the company’s stock valued at $1,440,000 after purchasing an additional 539 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

About 10x Genomics

10x Genomics, Inc. develops technology for studying biological systems at single-cell and spatial resolution. Its instruments, consumables and software help researchers analyze gene expression and other features of cells while preserving information about their location within tissue. The company’s product platforms include Chromium for single-cell analysis, Visium for spatial gene-expression analysis and Xenium for in situ analysis of gene activity within tissue samples. Its tools are used in areas such as immunology, neuroscience, cancer research and drug discovery.