10x Genomics (NASDAQ:TXG) Shares Up 7.1% – Time to Buy?

10x Genomics (NASDAQ:TXG) shares traded up 7.1% during mid-day trading on Monday . The company traded as high as $55.18 and last traded at $55.70. 1,006,057 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 2,831,926 shares. The stock had previously closed at $52.03.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TXG. Stifel Nicolaus set a $50.00 price target on shares of 10x Genomics in a research report on Friday. Canaccord Genuity Group lifted their target price on shares of 10x Genomics from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday. Piper Sandler boosted their target price on shares of 10x Genomics from $42.00 to $47.00 and gave the company a “neutral” rating in a report on Monday. Morgan Stanley increased their price target on shares of 10x Genomics from $37.00 to $40.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, Leerink Partners raised their price target on shares of 10x Genomics from $23.00 to $40.00 and gave the stock a “market perform” rating in a report on Friday, July 17th. Four investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $36.08.

10x Genomics Stock Down 0.2%

The stock’s 50-day simple moving average is $40.42 and its 200 day simple moving average is $28.18. The company has a market cap of $7.42 billion, a price-to-earnings ratio of -99.12 and a beta of 2.03.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.10. The business had revenue of $151.04 million during the quarter, compared to analysts’ expectations of $146.67 million. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.41%. The business’s revenue for the quarter was down 12.7% on a year-over-year basis. During the same period last year, the business earned $0.28 earnings per share. On average, sell-side analysts expect that 10x Genomics will post -0.79 EPS for the current fiscal year.

Insider Activity at 10x Genomics

In related news, CFO Adam Taich sold 15,098 shares of 10x Genomics 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 trade represents a 3.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Shehnaaz Suliman sold 5,723 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was 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 in the company, valued at $1,035,088.86. This trade represents a 15.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 91,309 shares of company stock worth $2,581,357. Company insiders own 8.84% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

Several institutional investors have recently bought and sold shares of the company. Geneos Wealth Management Inc. acquired a new stake in shares of 10x Genomics during the fourth quarter worth about $38,000. Larson Financial Group LLC increased its stake in 10x Genomics by 164.4% during the 4th quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock worth $39,000 after buying an additional 1,470 shares during the period. Fifth Third Bancorp acquired a new stake in 10x Genomics during the 1st quarter worth approximately $50,000. Elevation Wealth Partners LLC lifted its holdings in 10x Genomics by 332.3% during the 2nd 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 in the last quarter. Finally, Van ECK Associates Corp boosted its position in 10x Genomics by 85.9% in the 4th quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock valued at $60,000 after buying an additional 1,695 shares during the period. 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.