10x Genomics (NASDAQ:TXG) Issues Quarterly Earnings Results

10x Genomics (NASDAQ:TXG) announced its earnings results on Tuesday. The company reported ($0.50) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.50), Yahoo Finance reports. 10x Genomics had a negative net margin of 42.20% and a negative return on equity of 30.43%. The company had revenue of $141.01 million for the quarter, compared to analysts’ expectations of $142.24 million. During the same quarter in the previous year, the company posted ($0.44) EPS. The firm’s quarterly revenue was up 5.0% on a year-over-year basis. 10x Genomics updated its FY 2024 guidance to EPS.

10x Genomics Stock Down 4.3 %

TXG traded down $1.16 on Thursday, reaching $25.76. The company’s stock had a trading volume of 800,722 shares, compared to its average volume of 1,536,943. The stock has a 50 day moving average of $36.94 and a two-hundred day moving average of $42.40. The company has a market capitalization of $3.07 billion, a price-to-earnings ratio of -12.07 and a beta of 1.94. 10x Genomics has a fifty-two week low of $24.60 and a fifty-two week high of $63.57.

Insider Activity at 10x Genomics

In other 10x Genomics news, CEO Serge Saxonov sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $49.53, for a total value of $49,530.00. Following the completion of the sale, the chief executive officer now owns 855,381 shares in the company, valued at $42,367,020.93. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO Serge Saxonov sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $49.53, for a total transaction of $49,530.00. Following the completion of the sale, the chief executive officer now owns 855,381 shares in the company, valued at $42,367,020.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Justin J. Mcanear sold 1,865 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $46.34, for a total value of $86,424.10. Following the sale, the chief financial officer now owns 95,240 shares of the company’s stock, valued at approximately $4,413,421.60. The disclosure for this sale can be found here. Insiders sold 12,959 shares of company stock valued at $592,806 over the last three months. 10.65% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. The Goldman Sachs Group reduced their price target on 10x Genomics from $30.00 to $26.00 and set a “sell” rating on the stock in a report on Wednesday. UBS Group reduced their price target on 10x Genomics from $52.00 to $30.00 and set a “neutral” rating on the stock in a report on Wednesday. Deutsche Bank Aktiengesellschaft reduced their price target on 10x Genomics from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Thursday, April 18th. TD Cowen lowered 10x Genomics from a “buy” rating to a “hold” rating and reduced their price target for the stock from $57.00 to $32.00 in a report on Wednesday. Finally, Bank of America reduced their price objective on shares of 10x Genomics from $45.00 to $36.00 and set a “neutral” rating on the stock in a report on Wednesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $48.50.

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.