10x Genomics (NASDAQ:TXG) Shares Gap Down – Here’s What Happened

10x Genomics (NASDAQ:TXG)’s stock price gapped down before the market opened on Friday. The stock had previously closed at $81.55, but opened at $73.65. 10x Genomics shares last traded at $73.0170, with a volume of 735,995 shares trading hands.

Wall Street Analysts Forecast Growth

TXG has been the topic of a number of research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 10x Genomics in a research note on Monday, September 21st. Piper Sandler boosted their price target on shares of 10x Genomics from $47.00 to $80.00 and gave the stock a “neutral” rating in a research report on Monday, September 28th. UBS Group assumed coverage on shares of 10x Genomics in a research note on Wednesday, September 9th. They set a “neutral” rating and a $68.00 price objective for the company. Barclays upped their price target on 10x Genomics from $52.00 to $110.00 and gave the company an “overweight” rating in a research report on Wednesday, October 7th. Finally, Stifel Nicolaus set a $70.00 price target on 10x Genomics in a report on Tuesday, October 13th. Five research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $68.00.

10x Genomics Price Performance

The business’s 50 day moving average is $74.05 and its 200-day moving average is $40.31. The company has a market cap of $9.04 billion, a PE ratio of -117.93 and a beta of 1.99.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.10. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. The company had revenue of $151.04 million for the quarter, compared to the consensus estimate of $146.67 million. During the same period in the prior year, the firm posted $0.28 EPS. The company’s quarterly revenue was down 12.7% compared to the same quarter last year. As a group, sell-side analysts predict that 10x Genomics will post -0.77 EPS for the current fiscal year.

Insider Transactions at 10x Genomics

In other 10x Genomics news, insider Benjamin Hindson sold 13,818 shares of the firm’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $63.02, for a total value of $870,810.36. Following the sale, the insider directly owned 488,182 shares in the company, valued at $30,765,229.64. This trade represents a 2.75% decrease in their ownership of the stock. The transaction 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, Director John Stuelpnagel sold 20,000 shares of 10x Genomics stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $61.75, for a total value of $1,235,000.00. Following the sale, the director directly owned 328,436 shares of the company’s stock, valued at $20,280,923. This trade represents a 5.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 179,333 shares of company stock valued at $11,810,070 over the last ninety days. Company insiders own 8.84% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

Several institutional investors have recently added to or reduced their stakes in the business. Quantinno Capital Management LP increased its stake in 10x Genomics by 16.0% in 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 during the last quarter. Dimensional Fund Advisors LP lifted its position in 10x Genomics by 34.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,042,950 shares of the company’s stock valued at $43,357,000 after acquiring an additional 525,369 shares during the last quarter. Counterpoint Mutual Funds LLC purchased a new stake in 10x Genomics in the third quarter valued at $11,364,000. Quantedge Capital Pte Ltd boosted its stake in 10x Genomics by 104.2% in the first quarter. Quantedge Capital Pte Ltd now owns 416,553 shares of the company’s stock valued at $8,843,000 after acquiring an additional 212,600 shares in the last quarter. Finally, Hsbc Holdings PLC acquired a new position in 10x Genomics in the first quarter valued at $5,945,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

About 10x Genomics

10x Genomics, Inc is a life sciences technology company that develops tools for analyzing biological systems at the single-cell and spatial levels. Its technologies are designed to help researchers study gene expression, cellular interactions, tissue organization and other biological processes in greater detail than conventional laboratory methods.

The company’s product portfolio includes the Chromium platform for single-cell analysis, the Visium platform for spatial transcriptomics, and the Xenium platform for high-resolution in situ analysis of tissue samples.