10x Genomics (NASDAQ:TXG) Hits New 12-Month High – Here’s Why

10x Genomics (NASDAQ:TXG) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $49.59 and last traded at $49.5380, with a volume of 1606197 shares. The stock had previously closed at $46.32.

Wall Street Analyst Weigh In

Several equities analysts have commented on TXG shares. Citigroup increased their price objective on shares of 10x Genomics from $24.00 to $45.00 and gave the company a “neutral” rating in a research report on Wednesday, July 8th. Leerink Partners raised their target price on shares of 10x Genomics from $23.00 to $40.00 and gave the stock a “market perform” rating in a report on Friday, July 17th. Canaccord Genuity Group lifted their price objective on shares of 10x Genomics from $32.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Weiss Ratings restated a “sell (d-)” rating on shares of 10x Genomics in a research note on Wednesday, June 24th. Finally, Bank of America raised their target price on shares of 10x Genomics from $21.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, April 20th. Four analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $32.08.

10x Genomics Stock Performance

The company has a market capitalization of $6.00 billion, a price-to-earnings ratio of -278.06 and a beta of 2.05. The business’s 50 day moving average is $37.09 and its 200 day moving average is $26.67.

10x Genomics (NASDAQ:TXG) last issued its earnings results on Thursday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.19. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.The company had revenue of $150.84 million during the quarter, compared to analyst estimates of $146.41 million. During the same quarter last year, the business posted ($0.28) EPS. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. Sell-side analysts predict that 10x Genomics will post -0.78 EPS for the current year.

Insider Buying and Selling

In other 10x Genomics news, CFO Adam Taich sold 15,098 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $24.44, for a total transaction of $368,995.12. Following the sale, the chief financial officer directly owned 379,898 shares of the company’s stock, valued at approximately $9,284,707.12. This trade represents a 3.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Shehnaaz Suliman sold 5,723 shares of the business’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $32.63, for a total value of $186,741.49. Following the completion of the transaction, the director directly 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 SEC filing for this sale provides additional information. Insiders sold a total of 91,309 shares of company stock valued at $2,581,357 over the last quarter. 8.84% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of TXG. Intech Investment Management LLC grew its stake in shares of 10x Genomics by 1.4% during the 4th quarter. Intech Investment Management LLC now owns 40,047 shares of the company’s stock worth $653,000 after purchasing an additional 567 shares during the period. Certuity LLC increased its holdings in shares of 10x Genomics by 4.7% during the 4th quarter. Certuity LLC now owns 20,204 shares of the company’s stock valued at $330,000 after purchasing an additional 904 shares in the last quarter. Stratos Wealth Partners LTD. lifted its stake in shares of 10x Genomics by 7.3% in the 4th quarter. Stratos Wealth Partners LTD. now owns 14,052 shares of the company’s stock valued at $229,000 after purchasing an additional 950 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in 10x Genomics by 16.4% during the first quarter. EverSource Wealth Advisors LLC now owns 7,186 shares of the company’s stock worth $153,000 after buying an additional 1,012 shares in the last quarter. Finally, Kera Capital Partners Inc. boosted its holdings in 10x Genomics by 2.3% during the first quarter. Kera Capital Partners Inc. now owns 48,937 shares of the company’s stock worth $1,039,000 after buying an additional 1,108 shares in the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

About 10x Genomics

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.