10x Genomics (NASDAQ:TXG) Price Target Cut to $30.00

10x Genomics (NASDAQ:TXG) had its target price reduced by UBS Group from $52.00 to $30.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms have also recently issued reports on TXG. Bank of America dropped their price objective on 10x Genomics from $45.00 to $36.00 and set a neutral rating for the company in a report on Wednesday. TD Cowen cut 10x Genomics from a buy rating to a hold rating and dropped their price objective for the company from $57.00 to $32.00 in a report on Wednesday. Barclays lowered their target price on 10x Genomics from $55.00 to $45.00 and set an overweight rating for the company in a report on Wednesday, April 10th. Canaccord Genuity Group lowered their target price on 10x Genomics from $65.00 to $50.00 and set a buy rating for the company in a report on Monday. Finally, Stifel Nicolaus lowered their target price on 10x Genomics from $63.00 to $53.00 and set a buy rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $48.50.

10x Genomics Stock Performance

Shares of 10x Genomics stock opened at $26.92 on Wednesday. The stock has a market cap of $3.21 billion, a price-to-earnings ratio of -12.07 and a beta of 1.94. The stock has a 50 day moving average price of $36.94 and a 200-day moving average price of $42.40. 10x Genomics has a one year low of $24.60 and a one year high of $63.57.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings data on Tuesday, April 30th. The company reported ($0.50) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.50). 10x Genomics had a negative return on equity of 30.43% and a negative net margin of 42.20%. The company had revenue of $141.01 million during the quarter, compared to analysts’ expectations of $142.24 million. During the same quarter in the previous year, the business earned ($0.44) EPS. 10x Genomics’s revenue was up 5.0% compared to the same quarter last year. Sell-side analysts predict that 10x Genomics will post -1.47 earnings per share for the current fiscal year.

Insider Transactions at 10x Genomics

In other news, CEO Serge Saxonov sold 4,660 shares of the business’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 directly owns 842,900 shares of the company’s stock, valued at approximately $37,087,600. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Benjamin J. Hindson sold 2,613 shares of the company’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $46.34, for a total transaction of $121,086.42. Following the transaction, the insider now directly owns 283,059 shares of the company’s stock, valued at approximately $13,116,954.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Serge Saxonov sold 4,660 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $44.00, for a total value of $205,040.00. Following the transaction, the chief executive officer now directly owns 842,900 shares in the company, valued at $37,087,600. The disclosure for this sale can be found here. In the last three months, insiders sold 12,959 shares of company stock valued at $592,806. Corporate insiders own 10.65% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Capstone Investment Advisors LLC increased its position in 10x Genomics by 191.6% during the 1st quarter. Capstone Investment Advisors LLC now owns 16,115 shares of the company’s stock valued at $605,000 after buying an additional 10,589 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in 10x Genomics by 264.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 319,287 shares of the company’s stock valued at $11,983,000 after purchasing an additional 231,697 shares during the last quarter. Perigon Wealth Management LLC grew its stake in 10x Genomics by 46.7% during the 1st quarter. Perigon Wealth Management LLC now owns 14,168 shares of the company’s stock valued at $532,000 after purchasing an additional 4,512 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in 10x Genomics by 113.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock valued at $26,000 after purchasing an additional 371 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in 10x Genomics by 260.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 63,400 shares of the company’s stock valued at $2,379,000 after purchasing an additional 45,814 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

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.