10x Genomics (NASDAQ:TXG) Stock Price Up 9.5% – Should You Buy?

10x Genomics (NASDAQ:TXG)’s stock price rose 9.5% on Thursday . The stock traded as high as $34.93 and last traded at $35.2190. Approximately 852,668 shares changed hands during trading, a decline of 68% from the average daily volume of 2,650,484 shares. The stock had previously closed at $32.16.

Wall Street Analysts Forecast Growth

TXG has been the subject of several research analyst reports. UBS Group lifted their target price on 10x Genomics from $14.00 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, February 20th. Morgan Stanley lifted their target price on 10x Genomics from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 12th. William Blair upgraded 10x Genomics from a “market perform” rating to an “outperform” rating in a research report on Tuesday, March 31st. Citigroup lifted their target price on 10x Genomics from $18.00 to $24.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 7th. Finally, Bank of America lifted their target price on 10x Genomics from $21.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, April 20th. Four research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, 10x Genomics has an average rating of “Hold” and an average target price of $23.17.

10x Genomics Price Performance

The firm has a fifty day moving average of $23.18 and a two-hundred day moving average of $20.36. The stock has a market capitalization of $4.30 billion, a P/E ratio of -198.85 and a beta of 2.12.

10x Genomics (NASDAQ:TXG) last announced its earnings results on Thursday, May 7th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.19. The business had revenue of $150.84 million during the quarter, compared to the consensus estimate of $146.41 million. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.86%. The firm’s revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.28) earnings per share. As a group, sell-side analysts forecast that 10x Genomics will post -0.82 EPS for the current fiscal year.

Insider Transactions at 10x Genomics

In related news, CEO Serge Saxonov sold 10,718 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $24.71, for a total value of $264,841.78. Following the sale, the chief executive officer owned 1,138,380 shares in the company, valued at $28,129,369.80. This represents a 0.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Adam Taich sold 15,098 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total value of $368,995.12. Following the completion of the sale, the chief financial officer owned 379,898 shares in the company, valued at approximately $9,284,707.12. This represents a 3.82% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 75,586 shares of company stock worth $1,773,116. Insiders own 8.84% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

A number of large investors have recently bought and sold shares of TXG. AQR Capital Management LLC boosted its position in 10x Genomics by 241.3% in the second quarter. AQR Capital Management LLC now owns 4,137,801 shares of the company’s stock valued at $47,916,000 after buying an additional 2,925,372 shares during the last quarter. Millennium Management LLC boosted its position in 10x Genomics by 84.7% in the third quarter. Millennium Management LLC now owns 5,437,969 shares of the company’s stock valued at $63,570,000 after buying an additional 2,494,142 shares during the last quarter. Wellington Management Group LLP boosted its position in 10x Genomics by 126.6% in the 3rd quarter. Wellington Management Group LLP now owns 4,285,628 shares of the company’s stock worth $50,099,000 after purchasing an additional 2,394,355 shares in the last quarter. Quantinno Capital Management LP boosted its position in 10x Genomics by 207.2% in the 2nd quarter. Quantinno Capital Management LP now owns 2,233,526 shares of the company’s stock worth $25,864,000 after purchasing an additional 1,506,530 shares in the last quarter. Finally, Casdin Capital LLC acquired a new position in shares of 10x Genomics during the 4th quarter worth approximately $22,834,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

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.