10x Genomics (NASDAQ:TXG) Shares Climb 8% – Should You Buy?

10x Genomics (NASDAQ:TXG)’s share price rose 8% on Wednesday. The company traded as high as $82.91 and last traded at $84.2520. 283,127 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 2,977,598 shares. The stock had previously closed at $78.02.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Argus assumed coverage on 10x Genomics in a report on Monday, September 28th. They issued a “buy” rating and a $110.00 price target for the company. Leerink Partners raised their price objective on shares of 10x Genomics from $40.00 to $90.00 and gave the stock a “market perform” rating in a report on Tuesday, September 29th. Stephens downgraded shares of 10x Genomics from an “overweight” rating to an “equal weight” rating in a research report on Friday, October 23rd. Piper Sandler upped their target price on shares of 10x Genomics from $47.00 to $80.00 and gave the company a “neutral” rating in a report on Monday, September 28th. Finally, Royal Bank Of Canada started coverage on shares of 10x Genomics in a report on Tuesday, September 1st. They issued a “sector perform” rating and a $70.00 target price for the company. Five research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $68.00.

10x Genomics Price Performance

The business’s 50-day simple moving average is $73.10 and its 200-day simple moving average is $39.68. The company has a market cap of $11.19 billion, a price-to-earnings ratio of -144.86 and a beta of 1.99.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.10. The company had revenue of $151.04 million for the quarter, compared to analyst estimates of $146.67 million. The firm’s revenue was down 12.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.28 EPS. As a group, sell-side analysts forecast that 10x Genomics will post -0.77 EPS for the current year.

Insider Buying and Selling

In other news, insider Benjamin Hindson sold 13,818 shares of the firm’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $63.02, for a total value of $870,810.36. Following the transaction, the insider directly owned 488,182 shares in the company, valued at approximately $30,765,229.64. This trade represents a 2.75% decrease in their position. The transaction 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, Director Shehnaaz Suliman sold 5,723 shares of 10x Genomics stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $81.19, for a total transaction of $464,650.37. Following the sale, the director owned 23,792 shares in the company, valued at approximately $1,931,672.48. This represents a 19.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 179,333 shares of company stock worth $11,810,070. 8.84% of the stock is currently owned by insiders.

Institutional Trading of 10x Genomics

Several institutional investors and hedge funds have recently added to or reduced their stakes in TXG. China Universal Asset Management Co. Ltd. lifted its holdings in 10x Genomics by 17.9% in the third quarter. China Universal Asset Management Co. Ltd. now owns 21,934 shares of the company’s stock valued at $1,975,000 after buying an additional 3,333 shares during the period. Oppenheimer & Co. Inc. acquired a new stake in 10x Genomics during the 3rd quarter worth $304,000. Maxi Investments CY Ltd grew its holdings in 10x Genomics by 270.3% during the 3rd quarter. Maxi Investments CY Ltd now owns 61,100 shares of the company’s stock worth $5,521,000 after acquiring an additional 44,600 shares during the period. Revolve Wealth Partners LLC acquired a new stake in 10x Genomics during the 3rd quarter worth $245,000. Finally, Carolina Wealth Advisors LLC bought a new stake in shares of 10x Genomics during the 3rd quarter valued at $46,000. 84.68% of the stock is owned by institutional investors.

10x Genomics Company Profile

10x Genomics, Inc is a life sciences technology company that develops tools for analyzing biological systems at the single-cell and spatial levels. Its technologies are designed to help researchers study gene expression, cellular interactions, tissue organization and other biological processes in greater detail than conventional laboratory methods.

The company’s product portfolio includes the Chromium platform for single-cell analysis, the Visium platform for spatial transcriptomics, and the Xenium platform for high-resolution in situ analysis of tissue samples.