Citigroup Issues Positive Forecast for 10x Genomics (NASDAQ:TXG) Stock Price

10x Genomics (NASDAQ:TXG) had its price target raised by investment analysts at Citigroup from $18.00 to $24.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price target would indicate a potential upside of 10.92% from the stock’s current price.

A number of other brokerages also recently commented on TXG. Barclays lifted their price target on shares of 10x Genomics from $17.00 to $22.00 and gave the stock an “overweight” rating in a report on Monday, December 15th. Deutsche Bank Aktiengesellschaft set a $17.00 price target on shares of 10x Genomics and gave the stock a “hold” rating in a report on Friday, February 13th. Bank of America set a $21.00 price target on shares of 10x Genomics in a report on Monday, January 12th. Stifel Nicolaus lifted their price target on shares of 10x Genomics from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, March 2nd. Finally, William Blair upgraded shares of 10x Genomics from a “market perform” rating to an “outperform” rating in a report on Tuesday, March 31st. Five equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, 10x Genomics has a consensus rating of “Hold” and an average price target of $18.89.

10x Genomics Stock Performance

NASDAQ:TXG traded down $0.25 during mid-day trading on Tuesday, hitting $21.64. 1,065,044 shares of the company’s stock traded hands, compared to its average volume of 2,571,372. The firm’s 50 day simple moving average is $19.93 and its 200 day simple moving average is $17.34. 10x Genomics has a 1 year low of $6.94 and a 1 year high of $23.56. The company has a market cap of $2.76 billion, a PE ratio of -61.86 and a beta of 2.17.

10x Genomics (NASDAQ:TXG) last issued its quarterly earnings results on Thursday, February 12th. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.06. The business had revenue of $166.03 million during the quarter, compared to the consensus estimate of $160.35 million. 10x Genomics had a negative net margin of 6.77% and a negative return on equity of 6.89%. The company’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.40) earnings per share. On average, research analysts expect that 10x Genomics will post -1.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Adam Taich sold 8,968 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $18.58, for a total value of $166,625.44. Following the sale, the chief financial officer directly owned 288,417 shares of the company’s stock, valued at approximately $5,358,787.86. This trade represents a 3.02% 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 7,826 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $18.58, for a total transaction of $145,407.08. Following the completion of the sale, the insider directly owned 424,779 shares in the company, valued at $7,892,393.82. This represents a 1.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 41,426 shares of company stock valued at $779,895. Insiders own 9.39% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

Several hedge funds have recently modified their holdings of the stock. Geneos Wealth Management Inc. acquired a new position in 10x Genomics during the fourth quarter valued at approximately $38,000. Larson Financial Group LLC lifted its position in 10x Genomics by 164.4% during the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock valued at $39,000 after buying an additional 1,470 shares in the last quarter. Van ECK Associates Corp lifted its position in 10x Genomics by 85.9% during the fourth 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 in the last quarter. True Wealth Design LLC lifted its position in 10x Genomics by 26.4% during the third quarter. True Wealth Design LLC now owns 4,534 shares of the company’s stock valued at $53,000 after buying an additional 948 shares in the last quarter. Finally, Abich Financial Wealth Management LLC acquired a new position in 10x Genomics during the third quarter valued at approximately $56,000. 84.68% of the stock is owned by institutional investors and hedge funds.

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.