10x Genomics (NASDAQ:TXG) Stock Price Up 7.3% on Analyst Upgrade

Shares of 10x Genomics (NASDAQ:TXG) traded up 7.3% on Wednesday after Barclays raised their price target on the stock from $12.00 to $13.00. Barclays currently has an overweight rating on the stock. 10x Genomics traded as high as $12.03 and last traded at $11.69. 4,539,928 shares were traded during trading, an increase of 74% from the average session volume of 2,614,062 shares. The stock had previously closed at $10.89.

TXG has been the subject of a number of other research reports. JPMorgan Chase & Co. dropped their target price on 10x Genomics from $12.00 to $9.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. Stephens restated an “overweight” rating and set a $14.00 target price on shares of 10x Genomics in a research report on Thursday, May 15th. Canaccord Genuity Group dropped their target price on 10x Genomics from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, May 12th. Morgan Stanley dropped their price objective on 10x Genomics from $26.00 to $18.00 and set an “overweight” rating for the company in a report on Monday, May 19th. Finally, The Goldman Sachs Group reduced their target price on 10x Genomics from $7.50 to $6.50 and set a “sell” rating on the stock in a report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $15.88.

Insiders Place Their Bets

In related news, insider Benjamin J. Hindson sold 7,485 shares of the stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $8.30, for a total transaction of $62,125.50. Following the completion of the transaction, the insider now directly owns 448,374 shares in the company, valued at approximately $3,721,504.20. This trade represents a 1.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Adam Taich sold 4,044 shares of the stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $8.30, for a total value of $33,565.20. Following the transaction, the chief financial officer now owns 331,588 shares of the company’s stock, valued at approximately $2,752,180.40. The trade was a 1.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,872 shares of company stock worth $173,238 over the last ninety days. 9.39% 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 company. Atria Wealth Solutions Inc. grew its stake in 10x Genomics by 9.6% in the fourth quarter. Atria Wealth Solutions Inc. now owns 10,788 shares of the company’s stock valued at $155,000 after purchasing an additional 943 shares in the last quarter. Signaturefd LLC lifted its holdings in 10x Genomics by 424.6% during the 4th quarter. Signaturefd LLC now owns 1,794 shares of the company’s stock worth $26,000 after purchasing an additional 1,452 shares during the last quarter. Blue Trust Inc. lifted its holdings in 10x Genomics by 86.5% during the 4th quarter. Blue Trust Inc. now owns 3,312 shares of the company’s stock worth $48,000 after purchasing an additional 1,536 shares during the last quarter. GAMMA Investing LLC lifted its holdings in 10x Genomics by 81.8% during the 1st quarter. GAMMA Investing LLC now owns 3,586 shares of the company’s stock worth $31,000 after purchasing an additional 1,614 shares during the last quarter. Finally, Xponance Inc. lifted its holdings in 10x Genomics by 17.4% during the 1st quarter. Xponance Inc. now owns 12,010 shares of the company’s stock worth $105,000 after purchasing an additional 1,778 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

10x Genomics Stock Performance

The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of -8.97 and a beta of 1.99. The company has a fifty day moving average of $9.20 and a two-hundred day moving average of $11.29.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.09. 10x Genomics had a negative return on equity of 23.22% and a negative net margin of 25.14%. The business had revenue of $154.88 million during the quarter, compared to analysts’ expectations of $131.91 million. During the same period last year, the firm posted ($0.50) EPS. The firm’s revenue for the quarter was down 2.3% compared to the same quarter last year. Equities analysts forecast that 10x Genomics will post -1.43 EPS 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.