10x Genomics (NASDAQ:TXG) Sets New 12-Month High – Here’s Why

Shares of 10x Genomics (NASDAQ:TXG) hit a new 52-week high on Monday. The stock traded as high as $95.19 and last traded at $93.71, with a volume of 353755 shares trading hands. The stock had previously closed at $93.50.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Royal Bank Of Canada initiated coverage on shares of 10x Genomics in a research note on Tuesday, September 1st. They set a “sector perform” rating and a $70.00 price target on the stock. Leerink Partners boosted their price objective on shares of 10x Genomics from $40.00 to $90.00 and gave the company a “market perform” rating in a research report on Tuesday, September 29th. Citigroup upped their price objective on shares of 10x Genomics from $45.00 to $50.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. TD Cowen restated a “hold” rating on shares of 10x Genomics in a research report on Wednesday, July 15th. Finally, Morgan Stanley lifted their target price on shares of 10x Genomics from $37.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. Six research 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $53.93.

10x Genomics Stock Performance

The firm has a market capitalization of $10.51 billion, a PE ratio of -136.71 and a beta of 1.99. The company’s fifty day moving average price is $66.84 and its two-hundred day moving average price is $42.57.

10x Genomics (NASDAQ:TXG) last released its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (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 analysts’ expectations of $146.67 million. During the same period last year, the company earned $0.28 earnings per share. The company’s quarterly revenue was down 12.7% on a year-over-year basis. On average, equities analysts expect that 10x Genomics will post -0.75 earnings per share for the current year.

Insider Buying and Selling

In other news, 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 sale, the director directly owned 328,436 shares of the company’s stock, valued at $20,280,923. The trade was a 5.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Shehnaaz Suliman sold 5,723 shares of the company’s stock in a transaction on 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 owned 23,792 shares of the company’s stock, valued at approximately $1,931,672.48. The trade was a 19.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 179,333 shares of company stock worth $11,810,070 over the last 90 days. Company insiders own 8.84% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tidal Investments LLC purchased a new stake in shares of 10x Genomics during the 2nd quarter worth about $1,279,000. Integrated Wealth Concepts LLC increased its position in 10x Genomics by 34.9% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 21,645 shares of the company’s stock worth $830,000 after purchasing an additional 5,595 shares in the last quarter. Squarepoint Ops LLC purchased a new position in 10x Genomics in the second quarter valued at approximately $2,069,000. Arizona State Retirement System raised its holdings in 10x Genomics by 1.5% in the second quarter. Arizona State Retirement System now owns 29,223 shares of the company’s stock valued at $1,120,000 after buying an additional 430 shares during the period. Finally, Nykredit A S acquired a new position in 10x Genomics during the second quarter valued at approximately $126,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

About 10x Genomics

10x Genomics, Inc is a life sciences technology company that develops tools for analyzing biological systems at high resolution. Its platforms are used by academic and government research institutions, pharmaceutical and biotechnology companies, and other organizations studying genomics, cell biology, immunology, neuroscience, and disease mechanisms.

The company’s product portfolio includes the Chromium platform for single-cell and other multiomics analyses, the Visium platform for spatial analysis of tissue, and the Xenium platform for high-plex in situ analysis of gene expression.