10x Genomics (NASDAQ:TXG) Shares Climb 9.2% – Still a Buy?

10x Genomics (NASDAQ:TXG)’s share price traded up 9.2% during trading on Friday. The stock traded as high as $82.41 and last traded at $84.3810. Approximately 711,200 shares were traded during mid-day trading, a decline of 76% from the average session volume of 2,960,936 shares. The stock had previously closed at $77.28.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Stephens lifted their price objective on shares of 10x Genomics from $50.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Citigroup lifted their price target 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. Morgan Stanley boosted their price target on 10x Genomics from $37.00 to $40.00 and gave the company an “equal weight” rating in a report on Friday, August 7th. Barclays increased their price objective on 10x Genomics from $52.00 to $110.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, 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. Six research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $58.60.

10x Genomics Stock Performance

The stock has a market cap of $10.66 billion, a PE ratio of -138.30 and a beta of 1.99. The firm has a fifty day moving average price of $67.99 and a 200 day moving average price of $43.40.

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

Insider Activity

In related news, CFO Adam Taich sold 46,388 shares of the stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $64.57, for a total value of $2,995,273.16. Following the completion of the transaction, the chief financial officer directly owned 316,344 shares of the company’s stock, valued at $20,426,332.08. This trade represents a 12.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Serge Saxonov sold 25,000 shares of 10x Genomics stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $81.22, for a total transaction of $2,030,500.00. Following the completion of the sale, the chief executive officer owned 1,050,249 shares of the company’s stock, valued at $85,301,223.78. This trade represents a 2.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 179,333 shares of company stock valued at $11,810,070. 8.84% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Quantinno Capital Management LP grew its holdings 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 lifted its position in 10x Genomics by 34.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,042,950 shares of the company’s stock worth $43,357,000 after acquiring an additional 525,369 shares during the period. Casdin Capital LLC acquired a new stake in 10x Genomics during the 4th quarter worth about $22,834,000. Clough Capital Partners L P purchased a new stake in 10x Genomics during the 4th quarter valued at about $9,955,000. Finally, Quantedge Capital Pte Ltd grew its stake in 10x Genomics by 104.2% during the 1st quarter. Quantedge Capital Pte Ltd now owns 416,553 shares of the company’s stock valued at $8,843,000 after purchasing an additional 212,600 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

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.