Analysts Set 10x Genomics (NASDAQ:TXG) Target Price at $44.00

Shares of 10x Genomics (NASDAQ:TXG) have earned a consensus recommendation of “Hold” from the seventeen ratings firms that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $44.00.

A number of research analysts have issued reports on TXG shares. Stephens upped their price target on shares of 10x Genomics from $50.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, August 12th. Barclays increased their price objective on shares of 10x Genomics from $30.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. Leerink Partners boosted their target price on shares of 10x Genomics from $23.00 to $40.00 and gave the company a “market perform” rating in a research report on Friday, July 17th. UBS Group assumed coverage on shares of 10x Genomics in a report on Wednesday, September 9th. They issued a “neutral” rating and a $68.00 price target on the stock. Finally, Piper Sandler lifted their price objective on 10x Genomics from $42.00 to $47.00 and gave the company a “neutral” rating in a research note on Monday, August 10th.

10x Genomics Stock Down 0.5%

TXG opened at $76.60 on Thursday. 10x Genomics has a 52 week low of $11.16 and a 52 week high of $79.94. The company has a market capitalization of $9.98 billion, a P/E ratio of -129.83 and a beta of 2.08. The stock’s fifty day moving average is $57.07 and its two-hundred day moving average is $36.87.

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

Insiders Place Their Bets

In other news, insider Benjamin Hindson sold 13,818 shares of the firm’s stock in a transaction that occurred 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. This trade represents a 2.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director John Stuelpnagel sold 20,000 shares of the business’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $61.75, for a total transaction of $1,235,000.00. Following the completion of the transaction, the director owned 328,436 shares of the company’s stock, valued at approximately $20,280,923. This represents a 5.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 178,610 shares of company stock worth $10,348,120. Corporate insiders own 8.84% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

A number of hedge funds have recently bought and sold shares of TXG. Larson Financial Group LLC raised its position in 10x Genomics by 164.4% during the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock worth $39,000 after acquiring an additional 1,470 shares during the period. Fifth Third Bancorp acquired a new position in 10x Genomics in the 1st quarter valued at $50,000. Elevation Wealth Partners LLC raised its stake in 10x Genomics by 332.3% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company’s stock valued at $57,000 after purchasing an additional 1,143 shares during the last quarter. Nykredit A S acquired a new position in 10x Genomics in the 2nd quarter valued at $126,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in 10x Genomics by 16.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 7,186 shares of the company’s stock valued at $153,000 after purchasing an additional 1,012 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 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.