10x Genomics (NASDAQ:TXG) Releases Quarterly Earnings Results, Beats Expectations By $0.07 EPS

10x Genomics (NASDAQ:TXG) announced its quarterly earnings results on Thursday. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.07, Zacks reports. 10x Genomics had a negative net margin of 11.89% and a negative return on equity of 11.50%.

10x Genomics Stock Down 8.6%

Shares of NASDAQ:TXG traded down $1.64 during trading on Thursday, hitting $17.51. 3,633,381 shares of the company were exchanged, compared to its average volume of 2,755,853. 10x Genomics has a 1-year low of $6.78 and a 1-year high of $23.56. The company has a market capitalization of $2.22 billion, a P/E ratio of -28.24 and a beta of 2.24. The business’s 50 day moving average is $18.68 and its 200-day moving average is $15.56.

Wall Street Analyst Weigh In

Several equities analysts recently commented on TXG shares. Piper Sandler upped their price target on shares of 10x Genomics from $15.00 to $19.00 and gave the company a “neutral” rating in a research note on Tuesday, November 11th. Canaccord Genuity Group increased their price target on 10x Genomics from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, December 22nd. Citigroup lowered 10x Genomics from a “buy” rating to a “cautious” rating in a report on Thursday, December 11th. Wall Street Zen downgraded 10x Genomics from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th. Finally, TD Cowen reiterated a “hold” rating on shares of 10x Genomics in a research note on Wednesday, January 7th. Four research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $17.11.

Insiders Place Their Bets

In other 10x Genomics news, CEO Serge Saxonov sold 13,261 shares of the stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $19.00, for a total value of $251,959.00. Following the completion of the transaction, the chief executive officer directly owned 1,021,556 shares in the company, valued at approximately $19,409,564. This trade represents a 1.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benjamin J. Hindson sold 8,283 shares of 10x Genomics stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $19.00, for a total value of $157,377.00. Following the sale, the insider directly owned 432,605 shares in the company, valued at $8,219,495. The trade was a 1.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 33,432 shares of company stock valued at $635,208 in the last 90 days. Corporate insiders own 9.39% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

Institutional investors have recently modified their holdings of the company. Royal Bank of Canada raised its stake in 10x Genomics by 806.4% during the first quarter. Royal Bank of Canada now owns 182,836 shares of the company’s stock worth $1,597,000 after buying an additional 162,665 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of 10x Genomics by 163.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 645,366 shares of the company’s stock worth $5,634,000 after acquiring an additional 400,430 shares in the last quarter. Focus Partners Wealth acquired a new position in shares of 10x Genomics in the 1st quarter valued at about $92,000. Legal & General Group Plc boosted its position in shares of 10x Genomics by 5.7% during the 2nd quarter. Legal & General Group Plc now owns 110,864 shares of the company’s stock valued at $1,284,000 after purchasing an additional 5,985 shares in the last quarter. Finally, American Century Companies Inc. acquired a new stake in 10x Genomics during the second quarter worth approximately $933,000. 84.68% of the stock is owned by institutional investors.

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.