Leerink Partners Cuts 10x Genomics (NASDAQ:TXG) Price Target to $20.00

10x Genomics (NASDAQ:TXG) had its target price cut by research analysts at Leerink Partners from $22.00 to $20.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. Leerink Partners’ target price indicates a potential downside of 8.65% from the stock’s current price.

A number of other equities analysts also recently issued reports on TXG. Citigroup downgraded shares of 10x Genomics from a “buy” rating to a “cautious” rating in a report on Thursday, December 11th. UBS Group increased their price target on shares of 10x Genomics from $13.00 to $14.00 and gave the stock a “neutral” rating in a research report on Friday, November 7th. Needham & Company LLC set a $21.00 price objective on shares of 10x Genomics in a research report on Monday, January 12th. Barclays upped their price objective on 10x Genomics from $17.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, December 15th. Finally, JPMorgan Chase & Co. lifted their target price on 10x Genomics from $13.00 to $15.00 and gave the company a “neutral” rating in a research report on Friday, November 7th. Four research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $16.83.

10x Genomics Trading Down 2.7%

TXG stock traded down $0.61 on Tuesday, hitting $21.90. The company had a trading volume of 741,974 shares, compared to its average volume of 2,654,281. 10x Genomics has a 12-month low of $6.78 and a 12-month high of $23.56. The stock has a market cap of $2.77 billion, a price-to-earnings ratio of -35.43 and a beta of 2.18. The stock’s 50-day simple moving average is $18.28 and its 200 day simple moving average is $15.00.

10x Genomics (NASDAQ:TXG) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.05. 10x Genomics had a negative return on equity of 11.50% and a negative net margin of 11.89%.The company had revenue of $149.00 million during the quarter, compared to analyst estimates of $142.50 million. During the same quarter in the previous year, the company posted ($0.30) earnings per share. 10x Genomics’s revenue was down 1.7% compared to the same quarter last year. Research analysts forecast that 10x Genomics will post -1.43 earnings per share for the current year.

Insider Activity

In other news, insider Benjamin J. Hindson sold 8,283 shares of the company’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $19.00, for a total value of $157,377.00. Following the completion of the transaction, the insider owned 432,605 shares of the company’s stock, valued at $8,219,495. This represents a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Serge Saxonov sold 13,261 shares of 10x Genomics stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $19.00, for a total value of $251,959.00. Following the sale, the chief executive officer directly owned 1,021,556 shares in the company, valued at $19,409,564. This trade represents a 1.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 33,432 shares of company stock worth $635,208 over the last ninety days. Corporate insiders own 10.03% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

A number of hedge funds and other institutional investors have recently modified their holdings of TXG. Royal Bank of Canada lifted its stake in shares of 10x Genomics by 806.4% in the 1st quarter. Royal Bank of Canada now owns 182,836 shares of the company’s stock valued at $1,597,000 after purchasing an additional 162,665 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in 10x Genomics by 163.5% during the first quarter. Goldman Sachs Group Inc. now owns 645,366 shares of the company’s stock worth $5,634,000 after buying an additional 400,430 shares during the period. Focus Partners Wealth bought a new position in 10x Genomics during the first quarter valued at $92,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of 10x Genomics by 209.1% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 96,001 shares of the company’s stock worth $1,112,000 after acquiring an additional 64,940 shares during the last quarter. Finally, Ballentine Partners LLC purchased a new position in shares of 10x Genomics during the 2nd quarter worth about $180,000. Institutional investors own 84.68% of the company’s stock.

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.