10x Genomics (NASDAQ:TXG) Downgraded by TD Cowen

TD Cowen downgraded shares of 10x Genomics (NASDAQ:TXG) from a buy rating to a hold rating in a report published on Wednesday morning, Marketbeat Ratings reports. TD Cowen currently has $32.00 price objective on the stock, down from their previous price objective of $57.00.

A number of other research analysts have also recently weighed in on TXG. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of 10x Genomics from $60.00 to $55.00 and set a buy rating for the company in a research note on Thursday, April 18th. Canaccord Genuity Group cut their price objective on shares of 10x Genomics from $65.00 to $50.00 and set a buy rating on the stock in a report on Monday, April 29th. Stifel Nicolaus reduced their target price on 10x Genomics from $68.00 to $63.00 and set a buy rating on the stock in a report on Friday, February 16th. Finally, Barclays decreased their price objective on shares of 10x Genomics from $55.00 to $45.00 and set an overweight rating for the company in a research note on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $48.50.

10x Genomics Stock Up 4.5 %

TXG opened at $27.48 on Wednesday. The firm has a market cap of $3.27 billion, a P/E ratio of -12.24 and a beta of 1.94. 10x Genomics has a 52 week low of $24.60 and a 52 week high of $63.57. The business has a fifty day simple moving average of $36.16 and a 200-day simple moving average of $42.18.

10x Genomics (NASDAQ:TXG) last posted its earnings results on Tuesday, April 30th. The company reported ($0.50) EPS for the quarter, meeting analysts’ consensus estimates of ($0.50). 10x Genomics had a negative net margin of 42.20% and a negative return on equity of 30.85%. The firm had revenue of $141.01 million for the quarter, compared to the consensus estimate of $142.24 million. During the same period last year, the firm posted ($0.44) EPS. The company’s revenue was up 5.0% on a year-over-year basis. Sell-side analysts expect that 10x Genomics will post -1.47 earnings per share for the current year.

Insider Transactions at 10x Genomics

In other news, 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 sale, the chief executive officer now owns 842,900 shares of the company’s stock, valued at approximately $37,087,600. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other 10x Genomics news, CEO Serge Saxonov sold 4,660 shares of the 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 transaction, the chief executive officer now directly owns 842,900 shares in the company, valued at approximately $37,087,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Justin J. Mcanear sold 1,865 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $46.34, for a total value of $86,424.10. Following the completion of the transaction, the chief financial officer now owns 95,240 shares in the company, valued at approximately $4,413,421.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,959 shares of company stock valued at $592,806. Corporate insiders own 10.65% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

Several hedge funds have recently bought and sold shares of TXG. Nikko Asset Management Americas Inc. lifted its holdings in shares of 10x Genomics by 58.6% in the first quarter. Nikko Asset Management Americas Inc. now owns 3,621,778 shares of the company’s stock valued at $135,780,000 after purchasing an additional 1,338,248 shares in the last quarter. Capstone Investment Advisors LLC raised its position in 10x Genomics by 191.6% in 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 during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in 10x Genomics by 264.5% in 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 acquiring an additional 231,697 shares in the last quarter. Perigon Wealth Management LLC boosted its position in 10x Genomics by 46.7% during the 1st quarter. Perigon Wealth Management LLC now owns 14,168 shares of the company’s stock worth $532,000 after acquiring an additional 4,512 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of 10x Genomics by 113.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock worth $26,000 after acquiring an additional 371 shares in the last quarter. 84.68% of the stock is currently 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.