10x Genomics (NASDAQ:TXG) Stock Price Down 5.2% – Here’s Why

10x Genomics, Inc. (NASDAQ:TXG) shares fell 5.2% during trading on Thursday . The stock traded as low as $15.25 and last traded at $15.25. 111,828 shares traded hands during trading, a decline of 94% from the average session volume of 1,728,208 shares. The stock had previously closed at $16.08.

Wall Street Analyst Weigh In

A number of analysts have commented on TXG shares. Stephens restated an “overweight” rating and issued a $30.00 price target on shares of 10x Genomics in a research note on Thursday, October 10th. Leerink Partners assumed coverage on 10x Genomics in a report on Tuesday, September 3rd. They issued an “outperform” rating and a $35.00 price objective for the company. Canaccord Genuity Group lowered their target price on shares of 10x Genomics from $32.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, October 10th. The Goldman Sachs Group reduced their price target on shares of 10x Genomics from $16.00 to $14.00 and set a “sell” rating for the company in a research note on Wednesday, October 30th. Finally, Citigroup dropped their target price on shares of 10x Genomics from $35.00 to $23.00 and set a “buy” rating on the stock in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $27.47.

10x Genomics Stock Performance

The firm has a market capitalization of $1.72 billion, a PE ratio of -9.28 and a beta of 1.84. The business’s fifty day simple moving average is $15.73 and its 200-day simple moving average is $18.99.

10x Genomics (NASDAQ:TXG) last issued its earnings results on Tuesday, October 29th. The company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.04. The firm had revenue of $151.65 million during the quarter, compared to analyst estimates of $158.84 million. 10x Genomics had a negative net margin of 28.93% and a negative return on equity of 25.07%. 10x Genomics’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.51) earnings per share. Sell-side analysts expect that 10x Genomics, Inc. will post -1.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On 10x Genomics

Large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its stake in 10x Genomics by 134.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,637 shares of the company’s stock valued at $32,000 after buying an additional 939 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of 10x Genomics by 451.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,545 shares of the company’s stock worth $35,000 after acquiring an additional 1,265 shares in the last quarter. Capital Performance Advisors LLP bought a new position in shares of 10x Genomics during the 3rd quarter valued at approximately $35,000. First Horizon Advisors Inc. grew its holdings in shares of 10x Genomics by 74.1% in the second quarter. First Horizon Advisors Inc. now owns 1,898 shares of the company’s stock valued at $37,000 after purchasing an additional 808 shares in the last quarter. Finally, Blue Trust Inc. increased its position in 10x Genomics by 136.5% in the third quarter. Blue Trust Inc. now owns 1,776 shares of the company’s stock worth $40,000 after purchasing an additional 1,025 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

10x Genomics Company Profile

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.