10x Genomics (NASDAQ:TXG) Shares Climb 5.4% – Here’s Why

10x Genomics (NASDAQ:TXG) traded up 5.4% during trading on Thursday. The stock traded as high as $78.50 and last traded at $79.7120. 267,092 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 2,855,546 shares. The stock had previously closed at $75.62.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Leerink Partners lifted their target price on shares of 10x Genomics from $23.00 to $40.00 and gave the stock a “market perform” rating in a research note on Friday, July 17th. Royal Bank Of Canada initiated coverage on shares of 10x Genomics in a research report on Tuesday, September 1st. They issued a “sector perform” rating and a $70.00 target price for the company. Canaccord Genuity Group raised their price target on shares of 10x Genomics from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. UBS Group assumed coverage on shares of 10x Genomics in a research report on Wednesday, September 9th. They set a “neutral” rating and a $68.00 price target on the stock. Finally, Stifel Nicolaus set a $50.00 price objective on shares of 10x Genomics in a research note on Friday, August 7th. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $44.00.

10x Genomics Price Performance

The stock has a 50 day simple moving average of $60.74 and a two-hundred day simple moving average of $38.93. The company has a market cap of $11.17 billion, a price-to-earnings ratio of -145.27 and a beta of 2.08.

10x Genomics (NASDAQ:TXG) last issued its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.10. 10x Genomics had a negative return on equity of 9.33% and a negative net margin of 12.18%.The business had revenue of $151.04 million during the quarter, compared to the consensus estimate of $146.67 million. During the same period last year, the company earned $0.28 EPS. The company’s revenue for the quarter was down 12.7% on a year-over-year basis. As a group, research analysts forecast that 10x Genomics will post -0.75 EPS for the current year.

Insider Activity

In other 10x Genomics news, CFO Adam Taich sold 46,388 shares of the business’s stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $64.57, for a total value of $2,995,273.16. Following the transaction, the chief financial officer directly owned 316,344 shares in the company, valued at $20,426,332.08. The trade was a 12.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Serge Saxonov sold 25,000 shares of the stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $81.22, for a total transaction of $2,030,500.00. Following the completion of the sale, the chief executive officer directly owned 1,050,249 shares of the company’s stock, valued at approximately $85,301,223.78. This trade represents a 2.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 179,333 shares of company stock valued at $11,810,070 in the last quarter. Insiders own 8.84% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Casdin Capital LLC acquired a new stake in 10x Genomics during the fourth quarter worth $22,834,000. Quantinno Capital Management LP lifted its stake in shares of 10x Genomics by 16.0% in the 1st quarter. Quantinno Capital Management LP now owns 5,411,761 shares of the company’s stock valued at $114,892,000 after purchasing an additional 744,558 shares during the last quarter. Clough Capital Partners L P purchased a new position in shares of 10x Genomics during the 4th quarter worth $9,955,000. Dimensional Fund Advisors LP grew its holdings in shares of 10x Genomics by 34.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,042,950 shares of the company’s stock worth $43,357,000 after purchasing an additional 525,369 shares during the period. Finally, Hsbc Holdings PLC acquired a new stake in shares of 10x Genomics during the 1st quarter worth about $5,945,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

About 10x Genomics

10x Genomics, Inc develops life science technology for analyzing biological systems at the single-cell and spatial levels. Its platforms are designed to help researchers study gene expression, genetic variation, cell populations and tissue organization with greater detail than conventional laboratory methods.

The company’s product portfolio includes the Chromium platform for single-cell analysis, Visium solutions for spatial transcriptomics and tissue profiling, and Xenium in situ platforms for high-resolution analysis of RNA and other biological features within tissue samples.