10x Genomics (NASDAQ:TXG) Reaches New 1-Year High – Here’s Why

10x Genomics (NASDAQ:TXG) shares hit a new 52-week high on Monday. The stock traded as high as $88.61 and last traded at $88.0390, with a volume of 291969 shares changing hands. The stock had previously closed at $85.71.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Piper Sandler reissued a “neutral” rating and issued a $80.00 price target on shares of 10x Genomics in a report on Monday. Leerink Partners boosted their price objective on shares of 10x Genomics from $23.00 to $40.00 and gave the company a “market perform” rating in a research note on Friday, July 17th. Canaccord Genuity Group upped their target price on shares of 10x Genomics from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Argus assumed coverage on shares of 10x Genomics in a research note on Monday. They issued a “buy” rating and a $110.00 target price on the stock. Finally, Citigroup raised their price target on shares of 10x Genomics from $45.00 to $50.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Six equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, 10x Genomics currently has an average rating of “Hold” and an average price target of $50.60.

10x Genomics Trading Down 0.3%

The company has a market capitalization of $11.13 billion, a PE ratio of -145.10 and a beta of 2.08. The stock has a fifty day moving average of $60.74 and a two-hundred day moving average of $39.06.

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

Insider Transactions at 10x Genomics

In related news, Director Shehnaaz Suliman sold 5,723 shares of the stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $81.19, for a total transaction of $464,650.37. Following the transaction, the director owned 23,792 shares of the company’s stock, valued at approximately $1,931,672.48. This trade represents a 19.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John R. Stuelpnagel sold 20,000 shares of 10x Genomics stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $61.75, for a total transaction of $1,235,000.00. Following the completion of the transaction, the director owned 328,436 shares in the company, valued at approximately $20,280,923. The trade was a 5.74% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 179,333 shares of company stock worth $11,810,070. Corporate insiders own 8.84% of the company’s stock.

Institutional Trading of 10x Genomics

Several institutional investors have recently added to or reduced their stakes in the business. Arizona State Retirement System boosted its stake in 10x Genomics by 1.5% during the second quarter. Arizona State Retirement System now owns 29,223 shares of the company’s stock worth $1,120,000 after acquiring an additional 430 shares in the last quarter. Intech Investment Management LLC increased its stake in shares of 10x Genomics by 1.4% during the fourth quarter. Intech Investment Management LLC now owns 40,047 shares of the company’s stock valued at $653,000 after purchasing an additional 567 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of 10x Genomics by 16.4% during the first quarter. EverSource Wealth Advisors LLC now owns 7,186 shares of the company’s stock valued at $153,000 after purchasing an additional 1,012 shares in the last quarter. Kera Capital Partners Inc. lifted its holdings in shares of 10x Genomics by 2.3% during the first quarter. Kera Capital Partners Inc. now owns 48,937 shares of the company’s stock valued at $1,039,000 after purchasing an additional 1,108 shares during the last quarter. Finally, Elevation Wealth Partners LLC lifted its holdings in shares of 10x Genomics by 332.3% during the second quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company’s stock valued at $57,000 after purchasing an additional 1,143 shares during the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

10x Genomics Company Profile

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.