10x Genomics (NASDAQ:TXG) Hits New 1-Year High – Still a Buy?

10x Genomics (NASDAQ:TXG) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $61.25 and last traded at $60.32, with a volume of 590332 shares traded. The stock had previously closed at $55.63.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TXG. Stephens boosted their price objective on 10x Genomics from $50.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, August 12th. Barclays lifted their target price on shares of 10x Genomics from $30.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. Zacks Research lowered shares of 10x Genomics from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. Citigroup increased their price target on shares of 10x Genomics from $45.00 to $50.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Finally, Leerink Partners boosted their price objective on shares of 10x Genomics from $23.00 to $40.00 and gave the company a “market perform” rating in a research report on Friday, July 17th. Five equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, 10x Genomics presently has a consensus rating of “Hold” and a consensus price target of $38.31.

10x Genomics Price Performance

The company has a market capitalization of $8.32 billion, a P/E ratio of -108.25 and a beta of 2.03. The stock’s 50 day moving average is $44.36 and its 200-day moving average is $30.01.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.10. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. The company had revenue of $151.04 million during the quarter, compared to the consensus estimate of $146.67 million. During the same quarter last year, the firm earned $0.28 earnings per share. The firm’s quarterly revenue was down 12.7% compared to the same quarter last year. On average, equities research analysts anticipate that 10x Genomics will post -0.75 EPS for the current year.

Insiders Place Their Bets

In other 10x Genomics news, Director Shehnaaz Suliman sold 5,723 shares of 10x Genomics stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $32.63, for a total value of $186,741.49. Following the completion of the sale, the director owned 31,722 shares of the company’s stock, valued at approximately $1,035,088.86. This trade represents a 15.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John R. Stuelpnagel sold 20,000 shares of the business’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $57.75, for a total value of $1,155,000.00. Following the completion of the transaction, the director owned 348,436 shares of the company’s stock, valued at $20,122,179. This represents a 5.43% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 66,441 shares of company stock valued at $2,639,783. Corporate insiders own 8.84% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Geneos Wealth Management Inc. bought a new stake in shares of 10x Genomics in the fourth quarter worth approximately $38,000. Larson Financial Group LLC boosted its holdings in 10x Genomics by 164.4% in the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock worth $39,000 after purchasing an additional 1,470 shares during the last quarter. Fifth Third Bancorp purchased a new stake in 10x Genomics in the first quarter worth approximately $50,000. Elevation Wealth Partners LLC grew its position in 10x Genomics by 332.3% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company’s stock worth $57,000 after purchasing an additional 1,143 shares during the period. Finally, Van ECK Associates Corp grew its position in 10x Genomics by 85.9% in the 4th quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock worth $60,000 after purchasing an additional 1,695 shares during the period. Institutional investors own 84.68% of the company’s stock.

10x Genomics Company Profile

10x Genomics, Inc is a biotechnology company specializing in advanced genomic analysis solutions that enable researchers to explore biology at unprecedented resolution. The company develops and manufactures integrated hardware, consumables and software products for single-cell sequencing and spatial genomics. Its flagship Chromium product line supports applications in single-cell RNA sequencing, immune profiling and genome assembly, while the Visium and Xenium platforms offer spatial transcriptomics and in situ analysis, respectively.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves a global customer base that includes academic institutions, pharmaceutical and biotechnology companies, and government research organizations.