10x Genomics (NASDAQ:TXG) Hits New 52-Week High – Time to Buy?

10x Genomics (NASDAQ:TXG)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $43.98 and last traded at $43.4810, with a volume of 399016 shares trading hands. The stock had previously closed at $42.73.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on TXG. Weiss Ratings reiterated a “sell (d-)” rating on shares of 10x Genomics in a research report on Wednesday, June 24th. Morgan Stanley boosted their price objective on 10x Genomics from $22.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. JPMorgan Chase & Co. lifted their target price on 10x Genomics from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Tuesday, May 12th. Zacks Research lowered 10x Genomics from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th. Finally, William Blair raised 10x Genomics from a “market perform” rating to an “outperform” rating in a research note on Tuesday, March 31st. Four research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $30.42.

10x Genomics Stock Up 9.6%

The business has a 50-day simple moving average of $30.81 and a two-hundred day simple moving average of $24.11. The stock has a market capitalization of $5.81 billion, a price-to-earnings ratio of -269.35 and a beta of 2.05.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.19. The company had revenue of $150.84 million for the quarter, compared to the consensus estimate of $146.41 million. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.The company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.28) EPS. On average, analysts forecast that 10x Genomics will post -0.79 EPS for the current year.

Insider Buying and Selling at 10x Genomics

In other news, Director Shehnaaz Suliman sold 5,723 shares of 10x Genomics stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $32.63, for a total value of $186,741.49. Following the transaction, the director owned 31,722 shares of the company’s stock, valued at $1,035,088.86. The trade was a 15.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Benjamin J. Hindson sold 11,595 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $24.44, for a total transaction of $283,381.80. Following the completion of the sale, the insider owned 502,000 shares in the company, valued at $12,268,880. The trade was a 2.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 91,309 shares of company stock valued at $2,581,357 in the last ninety days. 8.84% of the stock is owned by insiders.

Institutional Trading of 10x Genomics

Several institutional investors and hedge funds have recently added to or reduced their stakes in TXG. Elevation Wealth Partners LLC grew its position in 10x Genomics by 332.3% in the second quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company’s stock worth $57,000 after buying an additional 1,143 shares during the last quarter. Geneos Wealth Management Inc. bought a new position in shares of 10x Genomics in the fourth quarter valued at $38,000. Larson Financial Group LLC lifted its position in shares of 10x Genomics by 164.4% during the 4th quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock valued at $39,000 after acquiring an additional 1,470 shares during the last quarter. Fifth Third Bancorp acquired a new stake in shares of 10x Genomics during the 1st quarter valued at $50,000. Finally, Van ECK Associates Corp boosted its stake in shares of 10x Genomics by 85.9% during the 4th quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock worth $60,000 after acquiring an additional 1,695 shares in the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

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.