10x Genomics (NASDAQ:TXG) Stock Price Up 9.5% – Should You Buy?

10x Genomics (NASDAQ:TXG) shot up 9.5% during trading on Thursday . The stock traded as high as $34.93 and last traded at $35.2190. 852,668 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 2,650,484 shares. The stock had previously closed at $32.16.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TXG. JPMorgan Chase & Co. raised their target price on 10x Genomics from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 10x Genomics in a research note on Friday, March 27th. Citigroup increased their price target on 10x Genomics from $18.00 to $24.00 and gave the stock a “neutral” rating in a report on Tuesday, April 7th. TD Cowen increased their price target on 10x Genomics from $18.00 to $19.00 and gave the stock a “hold” rating in a report on Friday, February 13th. Finally, Zacks Research cut 10x Genomics from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. Four research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $23.17.

10x Genomics Stock Up 5.3%

The company has a market cap of $4.30 billion, a PE ratio of -198.85 and a beta of 2.12. The business has a 50-day simple moving average of $23.18 and a 200-day simple moving average of $20.36.

10x Genomics (NASDAQ:TXG) last announced its earnings results on Thursday, May 7th. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.19. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.The company had revenue of $150.84 million during the quarter, compared to analysts’ expectations of $146.41 million. During the same period last year, the business posted ($0.28) EPS. 10x Genomics’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, equities research analysts predict that 10x Genomics will post -0.82 EPS for the current fiscal year.

Insider Activity

In other news, CFO Adam Taich sold 15,098 shares of 10x Genomics stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $24.44, for a total value of $368,995.12. Following the completion of the transaction, the chief financial officer owned 379,898 shares in the company, valued at approximately $9,284,707.12. This trade represents a 3.82% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Benjamin J. Hindson sold 11,595 shares of 10x Genomics stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $24.44, for a total value of $283,381.80. Following the completion of the transaction, the insider owned 502,000 shares of the company’s stock, valued at $12,268,880. The trade was a 2.26% 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. In the last quarter, insiders sold 75,586 shares of company stock worth $1,773,116. 8.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On 10x Genomics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Geneos Wealth Management Inc. purchased a new position in shares of 10x Genomics in the 4th quarter valued at about $38,000. Larson Financial Group LLC lifted its stake in 10x Genomics by 164.4% during the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock worth $39,000 after purchasing an additional 1,470 shares during the last quarter. Fifth Third Bancorp purchased a new stake in 10x Genomics during the first quarter worth approximately $50,000. Abich Financial Wealth Management LLC purchased a new stake in 10x Genomics during the third quarter worth approximately $56,000. Finally, Van ECK Associates Corp lifted its stake in 10x Genomics by 85.9% during the fourth quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock worth $60,000 after purchasing an additional 1,695 shares during the last quarter. Hedge funds and other 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.