Zacks Research Downgrades 10x Genomics (NASDAQ:TXG) to Hold

10x Genomics (NASDAQ:TXG) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

Several other research firms also recently weighed in on TXG. Citigroup increased their price objective on 10x Genomics from $18.00 to $24.00 and gave the company a “neutral” rating in a report on Tuesday, April 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of 10x Genomics in a report on Friday, March 27th. William Blair upgraded 10x Genomics from a “market perform” rating to an “outperform” rating in a report on Tuesday, March 31st. Stifel Nicolaus upped their price objective on 10x Genomics from $20.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. Finally, Canaccord Genuity Group upped their price objective on 10x Genomics from $22.00 to $32.00 and gave the company a “buy” rating in a report on Monday, April 20th. Four 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 stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $23.17.

10x Genomics Stock Performance

NASDAQ:TXG opened at $22.29 on Monday. 10x Genomics has a fifty-two week low of $8.06 and a fifty-two week high of $26.44. The stock has a market capitalization of $2.83 billion, a P/E ratio of -131.12 and a beta of 2.05. The company’s 50-day simple moving average is $21.43 and its 200-day simple moving average is $19.42.

10x Genomics (NASDAQ:TXG) last issued 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. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.86%. The business had revenue of $150.84 million for the quarter, compared to analysts’ expectations of $146.41 million. During the same quarter last year, the company earned ($0.28) EPS. The business’s revenue was up 9.4% on a year-over-year basis. On average, research analysts forecast that 10x Genomics will post -0.82 EPS for the current year.

Insider Activity at 10x Genomics

In other 10x Genomics news, insider Benjamin J. Hindson sold 7,826 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $18.58, for a total transaction of $145,407.08. Following the transaction, the insider owned 424,779 shares of the company’s stock, valued at $7,892,393.82. The trade was a 1.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Adam Taich sold 8,968 shares of the company’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $18.58, for a total value of $166,625.44. Following the sale, the chief financial officer owned 288,417 shares of the company’s stock, valued at $5,358,787.86. The trade was a 3.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 46,426 shares of company stock valued at $902,695. 8.84% of the stock is owned by insiders.

Institutional Trading of 10x Genomics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Edgestream Partners L.P. bought a new stake in shares of 10x Genomics in the 1st quarter worth approximately $1,233,000. Bull Harbor Capital LLC purchased a new stake in 10x Genomics during the first quarter valued at about $248,000. EverSource Wealth Advisors LLC boosted its holdings in shares of 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 purchasing an additional 1,012 shares during the period. The Manufacturers Life Insurance Company raised its stake in 10x Genomics by 3.5% in the first quarter. The Manufacturers Life Insurance Company now owns 49,048 shares of the company’s stock worth $1,041,000 after buying an additional 1,661 shares in the last quarter. Finally, Quantinno Capital Management LP increased its stake in shares of 10x Genomics by 16.0% during the first quarter. Quantinno Capital Management LP now owns 5,411,761 shares of the company’s stock valued at $114,892,000 after purchasing an additional 744,558 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

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.