10x Genomics (NASDAQ:TXG) Cut to “Equal Weight” at Stephens

Stephens downgraded shares of 10x Genomics (NASDAQ:TXG) from an overweight rating to an equal weight rating in a research report released on Friday, Marketbeat.com reports.

TXG has been the topic of a number of other research reports. Canaccord Genuity Group boosted their price objective on 10x Genomics from $60.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday, October 12th. TD Cowen upped their target price on 10x Genomics from $47.00 to $70.00 and gave the stock a “hold” rating in a report on Tuesday, October 13th. Royal Bank Of Canada assumed coverage on 10x Genomics in a research report on Tuesday, September 1st. They issued a “sector perform” rating and a $70.00 target price for the company. Stifel Nicolaus set a $70.00 price target on 10x Genomics in a research note on Tuesday, October 13th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of 10x Genomics in a report on Monday, September 21st. Five equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $68.00.

10x Genomics Price Performance

Shares of 10x Genomics stock opened at $71.55 on Friday. 10x Genomics has a fifty-two week low of $12.34 and a fifty-two week high of $102.81. The firm has a market capitalization of $9.32 billion, a P/E ratio of -121.27 and a beta of 1.99. The company’s 50 day moving average price is $72.49 and its two-hundred day moving average price is $47.42.

10x Genomics (NASDAQ:TXG) last announced its quarterly 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 company had revenue of $151.04 million during the quarter, compared to the consensus estimate of $146.67 million. During the same period in the prior year, the business earned $0.28 earnings per share. The company’s revenue for the quarter was down 12.7% compared to the same quarter last year. On average, analysts expect that 10x Genomics will post -0.77 earnings per share for the current year.

Insider Activity

In other news, Director John Stuelpnagel sold 20,000 shares of 10x Genomics 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 transaction, the director owned 328,436 shares in the company, valued at approximately $20,280,923. The trade was a 5.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Benjamin Hindson sold 13,818 shares of the business’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $63.02, for a total transaction of $870,810.36. Following the completion of the sale, the insider directly owned 488,182 shares in the company, valued at approximately $30,765,229.64. This represents a 2.75% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 179,333 shares of company stock valued at $11,810,070. 8.84% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of TXG. Revolve Wealth Partners LLC bought a new stake in shares of 10x Genomics in the 3rd quarter valued at about $245,000. Carolina Wealth Advisors LLC bought a new position in shares of 10x Genomics during the third quarter worth about $46,000. Winthrop Advisory Group LLC bought a new position in shares of 10x Genomics during the third quarter worth about $316,000. Sterling Capital Management LLC raised its position in shares of 10x Genomics by 822.7% during the third quarter. Sterling Capital Management LLC now owns 3,866 shares of the company’s stock worth $349,000 after acquiring an additional 3,447 shares during the last quarter. Finally, Inspire Investing LLC bought a new position in shares of 10x Genomics during the third quarter worth about $421,000. 84.68% of the stock is owned by institutional investors and hedge funds.

10x Genomics Company Profile

10x Genomics, Inc is a life sciences technology company that develops tools for analyzing biological systems at the single-cell and spatial levels. Its technologies are designed to help researchers study gene expression, cellular interactions, tissue organization and other biological processes in greater detail than conventional laboratory methods.

The company’s product portfolio includes the Chromium platform for single-cell analysis, the Visium platform for spatial transcriptomics, and the Xenium platform for high-resolution in situ analysis of tissue samples.