10x Genomics (NASDAQ:TXG) Hits New 52-Week High – Here’s What Happened

Shares of 10x Genomics (NASDAQ:TXG) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $80.11 and last traded at $79.07, with a volume of 437709 shares trading hands. The stock had previously closed at $76.60.

Analyst Ratings Changes

Several brokerages have issued reports on TXG. Royal Bank Of Canada began coverage on 10x Genomics in a research report on Tuesday, September 1st. They set a “sector perform” rating and a $70.00 target price on the stock. Barclays upped their price objective on 10x Genomics from $30.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. Canaccord Genuity Group raised their price objective on 10x Genomics from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Citigroup lifted their price objective on shares of 10x Genomics from $45.00 to $50.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Finally, Morgan Stanley lifted their target price on shares of 10x Genomics from $37.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $44.00.

10x Genomics Price Performance

The firm has a market capitalization of $10.34 billion, a price-to-earnings ratio of -134.38 and a beta of 2.08. The business has a fifty day moving average price of $57.07 and a two-hundred day moving average price of $36.97.

10x Genomics (NASDAQ:TXG) last released its earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.10. The firm had revenue of $151.04 million during the quarter, compared to the consensus estimate of $146.67 million. 10x Genomics had a negative return on equity of 9.33% and a negative net margin of 12.18%.The company’s revenue was down 12.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.28 earnings per share. On average, research analysts predict that 10x Genomics will post -0.75 earnings per share for the current year.

Insider Buying and Selling at 10x Genomics

In other news, CFO Adam Taich sold 46,388 shares of the stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $64.57, for a total value of $2,995,273.16. Following the sale, the chief financial officer owned 316,344 shares in the company, valued at $20,426,332.08. This represents a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John R. Stuelpnagel sold 20,000 shares of the firm’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $61.75, for a total transaction of $1,235,000.00. Following the transaction, the director directly owned 328,436 shares of the company’s stock, valued at approximately $20,280,923. This trade represents a 5.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 148,610 shares of company stock worth $9,314,920. Corporate insiders own 8.84% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tidal Investments LLC purchased a new position in shares of 10x Genomics during the 2nd quarter valued at about $1,279,000. Integrated Wealth Concepts LLC grew its holdings in 10x Genomics by 34.9% during the second quarter. Integrated Wealth Concepts LLC now owns 21,645 shares of the company’s stock worth $830,000 after acquiring an additional 5,595 shares during the period. Squarepoint Ops LLC purchased a new position in 10x Genomics during the second quarter valued at approximately $2,069,000. Arizona State Retirement System raised its position in 10x Genomics by 1.5% during the second quarter. Arizona State Retirement System now owns 29,223 shares of the company’s stock valued at $1,120,000 after acquiring an additional 430 shares in the last quarter. Finally, Nykredit A S acquired a new position in 10x Genomics in the second quarter valued at approximately $126,000. 84.68% of the stock is owned by institutional investors and hedge funds.

About 10x Genomics

10x Genomics, Inc develops life science technology for analyzing biological systems at the single-cell and spatial levels. Its platforms are designed to help researchers study gene expression, genetic variation, cell populations and tissue organization with greater detail than conventional laboratory methods.

The company’s product portfolio includes the Chromium platform for single-cell analysis, Visium solutions for spatial transcriptomics and tissue profiling, and Xenium in situ platforms for high-resolution analysis of RNA and other biological features within tissue samples.