10x Genomics (NASDAQ:TXG) Shares Gap Down on Analyst Downgrade

10x Genomics, Inc. (NASDAQ:TXG)’s stock price gapped down prior to trading on Thursday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $60.00 to $55.00. The stock had previously closed at $29.16, but opened at $27.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. 10x Genomics shares last traded at $27.89, with a volume of 409,343 shares changing hands.

Several other brokerages also recently issued reports on TXG. Stifel Nicolaus cut their price target on 10x Genomics from $68.00 to $63.00 and set a “buy” rating for the company in a report on Friday, February 16th. Barclays cut their price target on 10x Genomics from $55.00 to $45.00 and set an “overweight” rating for the company in a report on Wednesday, April 10th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, 10x Genomics has an average rating of “Moderate Buy” and a consensus target price of $60.22.

Insider Transactions at 10x Genomics

In other news, CEO Serge Saxonov sold 4,660 shares of 10x Genomics stock in a transaction on Monday, March 4th. The stock was sold at an average price of $44.00, for a total transaction of $205,040.00. Following the completion of the sale, the chief executive officer now owns 842,900 shares of the company’s stock, valued at $37,087,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Benjamin J. Hindson sold 2,613 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $46.34, for a total value of $121,086.42. Following the transaction, the insider now owns 283,059 shares in the company, valued at $13,116,954.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Serge Saxonov sold 4,660 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $44.00, for a total value of $205,040.00. Following the completion of the transaction, the chief executive officer now owns 842,900 shares in the company, valued at approximately $37,087,600. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,959 shares of company stock valued at $592,806. 10.65% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Sumitomo Mitsui Trust Holdings Inc. grew its position in 10x Genomics by 58.6% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,621,778 shares of the company’s stock valued at $135,925,000 after acquiring an additional 1,338,248 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in 10x Genomics by 113.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock valued at $26,000 after acquiring an additional 371 shares during the last quarter. Mirador Capital Partners LP grew its position in 10x Genomics by 3.4% in the first quarter. Mirador Capital Partners LP now owns 28,825 shares of the company’s stock valued at $1,082,000 after acquiring an additional 940 shares during the last quarter. Vanguard Group Inc. grew its position in 10x Genomics by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 9,011,332 shares of the company’s stock valued at $504,274,000 after acquiring an additional 107,815 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in 10x Genomics by 0.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 372,873 shares of the company’s stock valued at $20,866,000 after acquiring an additional 1,815 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

10x Genomics Price Performance

The stock has a 50-day simple moving average of $39.76 and a 200-day simple moving average of $42.92. The stock has a market cap of $3.33 billion, a P/E ratio of -12.88 and a beta of 1.90.

10x Genomics (NASDAQ:TXG) last released its earnings results on Thursday, February 15th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.05). The business had revenue of $183.98 million during the quarter, compared to the consensus estimate of $182.73 million. 10x Genomics had a negative net margin of 41.17% and a negative return on equity of 28.82%. The business’s revenue was up 17.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.15) EPS. As a group, sell-side analysts forecast that 10x Genomics, Inc. will post -1.47 earnings per share for the current year.

About 10x Genomics

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.