10x Genomics (NASDAQ:TXG) Shares Up 10.2% – What’s Next?

10x Genomics (NASDAQ:TXG) shares rose 10.2% on Thursday . The company traded as high as $41.99 and last traded at $41.2850. 243,128 shares changed hands during trading, a decline of 91% from the average daily volume of 2,795,960 shares. The stock had previously closed at $37.47.

Wall Street Analysts Forecast Growth

TXG has been the subject of a number of analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of 10x Genomics in a research report on Wednesday, June 24th. Bank of America increased their price objective on shares of 10x Genomics from $21.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, April 20th. JPMorgan Chase & Co. raised their target price on 10x Genomics from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Tuesday, May 12th. Barclays raised their target price on 10x Genomics from $30.00 to $40.00 and gave the company an “overweight” rating in a research note on Wednesday, June 24th. Finally, William Blair raised shares of 10x Genomics from a “market perform” rating to an “outperform” rating in a report on Tuesday, March 31st. Four equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $28.92.

10x Genomics Trading Up 13.2%

The stock has a market cap of $5.38 billion, a P/E ratio of -249.17 and a beta of 2.05. The firm’s 50-day simple moving average is $29.06 and its 200 day simple moving average is $23.35.

10x Genomics (NASDAQ:TXG) last announced its earnings results on Thursday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.19. The firm had revenue of $150.84 million for the quarter, compared to the consensus estimate of $146.41 million. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.28) EPS. On average, analysts anticipate that 10x Genomics will post -0.79 EPS for the current year.

Insider Transactions at 10x Genomics

In other 10x Genomics news, insider Benjamin J. Hindson sold 11,595 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $24.44, for a total transaction of $283,381.80. Following the completion of the transaction, the insider directly owned 502,000 shares of the company’s stock, valued at approximately $12,268,880. This trade represents a 2.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Shehnaaz Suliman sold 5,723 shares of 10x Genomics stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $32.63, for a total value of $186,741.49. Following the completion of the transaction, the director directly owned 31,722 shares in the company, valued at $1,035,088.86. This represents a 15.28% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 96,309 shares of company stock valued at $2,704,157. 8.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 10x Genomics

Institutional investors have recently bought and sold shares of the business. Geneos Wealth Management Inc. acquired a new stake in shares of 10x Genomics during the fourth quarter worth approximately $38,000. Larson Financial Group LLC increased its holdings in shares of 10x Genomics by 164.4% during the 4th quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock valued at $39,000 after acquiring an additional 1,470 shares during the last quarter. Fifth Third Bancorp acquired a new position in 10x Genomics in the 1st quarter valued at $50,000. Elevation Wealth Partners LLC grew its holdings in 10x Genomics by 332.3% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company’s stock valued at $57,000 after buying an additional 1,143 shares during the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of 10x Genomics by 85.9% during the 4th 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 period. 84.68% of the stock is currently 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.