10x Genomics (NASDAQ:TXG) Stock Price Up 8.9% – Here’s What Happened

10x Genomics (NASDAQ:TXG)’s share price traded up 8.9% during mid-day trading on Thursday . The company traded as high as $34.42 and last traded at $35.0040. 279,455 shares traded hands during trading, a decline of 90% from the average session volume of 2,716,427 shares. The stock had previously closed at $32.13.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Morgan Stanley increased their target price on shares of 10x Genomics from $20.00 to $22.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of 10x Genomics in a report on Friday, March 27th. Bank of America lifted their price objective on shares of 10x Genomics from $21.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, April 20th. Barclays boosted their target price on shares of 10x Genomics from $22.00 to $30.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 14th. Finally, Zacks Research lowered 10x Genomics from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. Four analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $23.17.

10x Genomics Price Performance

The company’s 50 day simple moving average is $25.12 and its 200 day simple moving average is $21.29. The company has a market capitalization of $4.50 billion, a PE ratio of -208.24 and a beta of 2.12.

10x Genomics (NASDAQ:TXG) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.19. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.86%. The business had revenue of $150.84 million during the quarter, compared to the consensus estimate of $146.41 million. During the same quarter in the previous year, the firm earned ($0.28) EPS. The company’s revenue was up 9.4% compared to the same quarter last year. On average, equities analysts forecast that 10x Genomics will post -0.79 EPS for the current year.

Insider Buying and Selling at 10x Genomics

In other news, CEO Serge Saxonov sold 18,175 shares of 10x Genomics stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $24.44, for a total transaction of $444,197.00. Following the sale, the chief executive officer owned 1,149,098 shares in the company, valued at approximately $28,083,955.12. The trade was a 1.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Adam Taich sold 15,098 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $24.44, for a total value of $368,995.12. Following the completion of the sale, the chief financial officer directly owned 379,898 shares of the company’s stock, valued at $9,284,707.12. The trade was a 3.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 75,586 shares of company stock worth $1,773,116 over the last 90 days. Corporate insiders own 8.84% of the company’s stock.

Institutional Trading of 10x Genomics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Intech Investment Management LLC lifted its holdings in shares of 10x Genomics by 1.4% in the 4th quarter. Intech Investment Management LLC now owns 40,047 shares of the company’s stock valued at $653,000 after purchasing an additional 567 shares during the last quarter. Certuity LLC boosted its holdings in shares of 10x Genomics by 4.7% in the fourth quarter. Certuity LLC now owns 20,204 shares of the company’s stock valued at $330,000 after acquiring an additional 904 shares in the last quarter. Stratos Wealth Partners LTD. boosted its holdings in shares of 10x Genomics by 7.3% in the fourth quarter. Stratos Wealth Partners LTD. now owns 14,052 shares of the company’s stock valued at $229,000 after acquiring an additional 950 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of 10x Genomics by 16.4% in the first quarter. EverSource Wealth Advisors LLC now owns 7,186 shares of the company’s stock valued at $153,000 after acquiring an additional 1,012 shares in the last quarter. Finally, Kera Capital Partners Inc. boosted its holdings in shares of 10x Genomics by 2.3% in the first quarter. Kera Capital Partners Inc. now owns 48,937 shares of the company’s stock valued at $1,039,000 after acquiring an additional 1,108 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

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.