10x Genomics (NASDAQ:TXG) Price Target Cut to $70.00 by Analysts at Barclays

10x Genomics (NASDAQ:TXG) had its price target reduced by research analysts at Barclays from $110.00 to $70.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price objective would suggest a potential upside of 11.05% from the stock’s current price.

A number of other equities analysts have also recently issued reports on the stock. Royal Bank Of Canada started coverage on shares of 10x Genomics in a research report on Tuesday, September 1st. They set a “sector perform” rating and a $70.00 target price for the company. Piper Sandler upped their price target on shares of 10x Genomics from $47.00 to $80.00 and gave the company a “neutral” rating in a report on Monday, September 28th. Citigroup increased their price target on shares of 10x Genomics from $50.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday. Stifel Nicolaus increased their price target on shares of 10x Genomics from $50.00 to $68.00 and gave the company a “buy” rating in a research report on Friday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of 10x Genomics in a research note on Monday, September 21st. Five equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $65.40.

10x Genomics Trading Up 6.3%

Shares of NASDAQ:TXG traded up $3.75 during midday trading on Monday, hitting $63.03. 414,078 shares of the stock were exchanged, compared to its average volume of 3,022,642. The stock has a market cap of $8.21 billion, a P/E ratio of -121.57 and a beta of 2.03. 10x Genomics has a twelve month low of $15.12 and a twelve month high of $102.81. The company has a 50 day moving average price of $73.95 and a 200-day moving average price of $41.59.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings data on Thursday, November 5th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.12. The business had revenue of $150.67 million for the quarter, compared to analyst estimates of $147.96 million. 10x Genomics had a negative net margin of 10.84% and a negative return on equity of 8.26%. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.22) EPS. On average, equities research analysts expect that 10x Genomics will post -0.77 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Shehnaaz Suliman sold 5,723 shares of the stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $81.19, for a total transaction of $464,650.37. Following the sale, the director owned 23,792 shares of the company’s stock, valued at $1,931,672.48. This trade represents a 19.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benjamin J. Hindson sold 13,818 shares of 10x Genomics stock in a transaction dated 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 owned 488,182 shares of the company’s stock, valued at approximately $30,765,229.64. This represents a 2.75% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 179,333 shares of company stock valued at $11,810,070. Insiders own 8.84% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quantinno Capital Management LP boosted its stake in shares of 10x Genomics by 16.0% during the 1st quarter. Quantinno Capital Management LP now owns 5,411,761 shares of the company’s stock worth $114,892,000 after purchasing an additional 744,558 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of 10x Genomics by 34.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,042,950 shares of the company’s stock worth $43,357,000 after buying an additional 525,369 shares in the last quarter. Hsbc Holdings PLC purchased a new stake in shares of 10x Genomics during the first quarter worth about $5,945,000. Quantedge Capital Pte Ltd raised its position in shares of 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 buying an additional 212,600 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC acquired a new position in shares of 10x Genomics in the third quarter valued at approximately $11,364,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

10x Genomics Company Profile

10x Genomics, Inc develops technology for studying biological systems at single-cell and spatial resolution. Its instruments, consumables and software help researchers analyze gene expression and other features of cells while preserving information about their location within tissue.

The company’s product platforms include Chromium for single-cell analysis, Visium for spatial gene-expression analysis and Xenium for in situ analysis of gene activity within tissue samples. Its tools are used in areas such as immunology, neuroscience, cancer research and drug discovery.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves research and clinical customers around the world, including academic institutions, biotechnology and pharmaceutical companies, and other research organizations.