10x Genomics (NASDAQ:TXG) Stock Price Breaks Above Fifty Day Moving Average on Analyst Downgrade

10x Genomics (NASDAQ:TXG)’s share price passed above its 50 day moving average during trading on Monday after TD Cowen raised their price target on the stock from $47.00 to $70.00. The stock has a 50 day moving average of $72.70 and traded as high as $74.45. TD Cowen currently has a hold rating on the stock. 10x Genomics shares last traded at $72.96, with a volume of 1,412,500 shares traded.

Several other research analysts also recently commented on TXG. Barclays lifted their price objective on 10x Genomics from $52.00 to $110.00 and gave the stock an “overweight” rating in a report on Wednesday, October 7th. Stephens increased their target price on 10x Genomics from $50.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Morgan Stanley increased their target price on 10x Genomics from $40.00 to $70.00 and gave the company an “equal weight” rating in a report on Monday, October 12th. Royal Bank Of Canada assumed coverage on 10x Genomics in a research report on Tuesday, September 1st. They set a “sector perform” rating and a $70.00 price target on the stock. Finally, Canaccord Genuity Group lifted their price target on 10x Genomics from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Monday, October 12th. Five analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $68.00.

Insider Activity at 10x Genomics

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

Hedge Funds Weigh In On 10x Genomics

Several hedge funds have recently made changes to their positions in the business. Sei Investments Co. boosted its holdings in 10x Genomics by 113.5% in the first quarter. Sei Investments Co. now owns 44,679 shares of the company’s stock valued at $949,000 after acquiring an additional 23,748 shares in the last quarter. Squarepoint Ops LLC purchased a new position in 10x Genomics during the 2nd quarter valued at $2,069,000. HB Wealth Management LLC purchased a new position in 10x Genomics during the 2nd quarter valued at $285,000. Proficio Capital Partners LLC purchased a new position in 10x Genomics during the 2nd quarter valued at $781,000. Finally, Public Employees Retirement System of Ohio bought a new position in 10x Genomics in the 2nd quarter worth $2,683,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

10x Genomics Trading Up 2.0%

The company’s fifty day simple moving average is $72.70 and its 200 day simple moving average is $39.39. The firm has a market capitalization of $9.51 billion, a P/E ratio of -123.66 and a beta of 1.99.

10x Genomics (NASDAQ:TXG) last announced its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $151.04 million for the quarter, compared to analyst estimates of $146.67 million. During the same quarter in the previous year, the firm posted $0.28 EPS. The company’s revenue for the quarter was down 12.7% compared to the same quarter last year. On average, analysts predict that 10x Genomics will post -0.77 earnings per share for the current fiscal year.

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.