10x Genomics (NASDAQ:TXG) Shares Down 8.5% – What’s Next?

10x Genomics (NASDAQ:TXG) shares traded down 8.5% during trading on Monday . The stock traded as low as $18.41 and last traded at $18.7210. 1,576,440 shares traded hands during trading, a decline of 42% from the average session volume of 2,730,987 shares. The stock had previously closed at $20.46.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on TXG shares. Zacks Research cut 10x Genomics from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. Barclays lifted their price objective on 10x Genomics from $17.00 to $22.00 and gave the stock an “overweight” rating in a report on Monday, December 15th. Canaccord Genuity Group boosted their target price on 10x Genomics from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, December 22nd. Piper Sandler raised their price target on shares of 10x Genomics from $15.00 to $19.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. Finally, Citigroup lowered shares of 10x Genomics from a “buy” rating to a “cautious” rating in a research note on Thursday, December 11th. Four investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $16.30.

10x Genomics Trading Down 3.2%

The stock has a 50 day simple moving average of $16.90 and a 200-day simple moving average of $14.29. The firm has a market capitalization of $2.51 billion, a P/E ratio of -31.93 and a beta of 2.18.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.05. 10x Genomics had a negative net margin of 11.89% and a negative return on equity of 11.50%. The company had revenue of $149.00 million for the quarter, compared to the consensus estimate of $142.50 million. During the same quarter last year, the firm posted ($0.30) earnings per share. The firm’s revenue was down 1.7% compared to the same quarter last year. As a group, sell-side analysts expect that 10x Genomics will post -1.43 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Serge Saxonov sold 13,261 shares of the company’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $19.00, for a total value of $251,959.00. Following the completion of the sale, the chief executive officer directly owned 1,021,556 shares in the company, valued at $19,409,564. This represents a 1.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Adam Taich sold 11,888 shares of the firm’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $19.00, for a total value of $225,872.00. Following the completion of the transaction, the chief financial officer directly owned 297,385 shares in the company, valued at approximately $5,650,315. This represents a 3.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 33,432 shares of company stock valued at $635,208 in the last 90 days. Company insiders own 10.03% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC grew its stake in shares of 10x Genomics by 60.2% during the 4th quarter. SG Americas Securities LLC now owns 63,767 shares of the company’s stock valued at $1,040,000 after acquiring an additional 23,968 shares during the period. Assenagon Asset Management S.A. raised its stake in 10x Genomics by 19.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 17,436 shares of the company’s stock worth $284,000 after acquiring an additional 2,859 shares during the period. JPMorgan Chase & Co. lifted its holdings in 10x Genomics by 777.6% during the third quarter. JPMorgan Chase & Co. now owns 1,073,865 shares of the company’s stock valued at $12,553,000 after purchasing an additional 951,495 shares in the last quarter. Tudor Investment Corp ET AL boosted its position in shares of 10x Genomics by 135.2% in the third quarter. Tudor Investment Corp ET AL now owns 76,909 shares of the company’s stock worth $899,000 after purchasing an additional 44,206 shares during the period. Finally, CIBC Bancorp USA Inc. bought a new position in shares of 10x Genomics in the third quarter worth approximately $134,000. 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.