10x Genomics (NASDAQ:TXG) Trading Up 6.9% – Should You Buy?

10x Genomics (NASDAQ:TXG) rose 6.9% on Tuesday . The stock traded as high as $17.77 and last traded at $17.8490. Approximately 521,531 shares were traded during trading, a decline of 80% from the average daily volume of 2,654,478 shares. The stock had previously closed at $16.69.

Analysts Set New Price Targets

Several research analysts have commented on TXG shares. Stifel Nicolaus lifted their price target on 10x Genomics from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, March 2nd. TD Cowen raised their price objective on shares of 10x Genomics from $18.00 to $19.00 and gave the stock a “hold” rating in a research note on Friday, February 13th. Canaccord Genuity Group set a $22.00 target price on shares of 10x Genomics in a research report on Friday, February 13th. Barclays increased their price target on shares of 10x Genomics from $17.00 to $22.00 and gave the company an “overweight” rating in a report on Monday, December 15th. Finally, Morgan Stanley restated an “equal weight” rating and set a $20.00 price objective (up from $17.00) on shares of 10x Genomics in a report on Monday, December 1st. Four research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, 10x Genomics currently has a consensus rating of “Hold” and a consensus target price of $18.46.

10x Genomics Price Performance

The stock has a market cap of $2.22 billion, a price-to-earnings ratio of -49.57 and a beta of 2.20. The stock’s 50 day simple moving average is $20.13 and its two-hundred day simple moving average is $16.66.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings data on Thursday, February 12th. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.06. The company 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 firm’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period last year, the firm earned ($0.40) EPS. As a group, analysts predict that 10x Genomics will post -1.43 earnings per share for the current year.

Insider Activity

In related news, CEO Serge Saxonov sold 9,632 shares of the business’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $18.58, for a total value of $178,962.56. Following the sale, the chief executive officer owned 1,061,924 shares of the company’s stock, valued at $19,730,547.92. The trade was a 0.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Benjamin J. Hindson sold 7,826 shares of the company’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $18.58, for a total value of $145,407.08. Following the completion of the sale, the insider owned 424,779 shares in the company, valued at $7,892,393.82. This trade represents a 1.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 26,426 shares of company stock worth $490,995. Company insiders own 9.39% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Allworth Financial LP lifted its holdings in 10x Genomics by 150.4% during the 2nd quarter. Allworth Financial LP now owns 2,271 shares of the company’s stock valued at $26,000 after purchasing an additional 1,364 shares during the last quarter. Geneos Wealth Management Inc. acquired a new position in shares of 10x Genomics in the 4th quarter worth approximately $38,000. Larson Financial Group LLC grew its position in 10x Genomics by 164.4% during the 4th quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock worth $39,000 after acquiring an additional 1,470 shares during the last quarter. True Wealth Design LLC increased its holdings in 10x Genomics by 26.4% during the 3rd quarter. True Wealth Design LLC now owns 4,534 shares of the company’s stock valued at $53,000 after purchasing an additional 948 shares in the last quarter. Finally, Abich Financial Wealth Management LLC bought a new position in 10x Genomics in the 3rd quarter valued at $56,000. Institutional investors and hedge funds 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.