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

10x Genomics (NASDAQ:TXG)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $26.85 and last traded at $27.2980, with a volume of 279717 shares. The stock had previously closed at $25.51.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on TXG. Morgan Stanley raised their target price on 10x Genomics from $20.00 to $22.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. Barclays raised their target price on 10x Genomics from $22.00 to $30.00 and gave the stock an “overweight” rating in a report on Tuesday, April 14th. Citigroup raised their target price on 10x Genomics from $18.00 to $24.00 and gave the stock a “neutral” rating in a report on Tuesday, April 7th. Bank of America raised their target price on 10x Genomics from $21.00 to $30.00 and gave the stock a “neutral” rating in a report on Monday, April 20th. Finally, 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 report on Tuesday, May 12th. Four analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $23.17.

10x Genomics Trading Up 1.1%

The firm has a market cap of $3.59 billion, a PE ratio of -166.53 and a beta of 2.05. The stock has a 50 day simple moving average of $22.45 and a 200-day simple moving average of $20.03.

10x Genomics (NASDAQ:TXG) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping 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 business had revenue of $150.84 million during the quarter, compared to analyst estimates of $146.41 million. During the same quarter in the prior year, the business posted ($0.28) EPS. 10x Genomics’s revenue for the quarter was up 9.4% compared to the same quarter last year. On average, equities research analysts expect that 10x Genomics will post -0.82 EPS for the current year.

Insider Activity

In other news, CFO Adam Taich sold 15,098 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $24.44, for a total transaction of $368,995.12. Following the completion of the transaction, the chief financial officer owned 379,898 shares in the company, valued at $9,284,707.12. This trade represents a 3.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at 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 the firm’s 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 transaction, the insider owned 502,000 shares of the company’s stock, valued at approximately $12,268,880. The trade was a 2.26% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 75,586 shares of company stock worth $1,773,116 over the last 90 days. Corporate insiders own 8.84% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Intech Investment Management LLC lifted its holdings in 10x Genomics by 1.4% during the fourth quarter. Intech Investment Management LLC now owns 40,047 shares of the company’s stock worth $653,000 after buying an additional 567 shares during the period. Arizona State Retirement System lifted its holdings in 10x Genomics by 3.0% during the third quarter. Arizona State Retirement System now owns 29,586 shares of the company’s stock worth $346,000 after buying an additional 872 shares during the period. Certuity LLC lifted its holdings in 10x Genomics by 4.7% during the fourth quarter. Certuity LLC now owns 20,204 shares of the company’s stock worth $330,000 after buying an additional 904 shares during the period. Stratos Wealth Partners LTD. lifted its holdings in 10x Genomics by 7.3% during the fourth quarter. Stratos Wealth Partners LTD. now owns 14,052 shares of the company’s stock worth $229,000 after buying an additional 950 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in 10x Genomics by 16.4% during the first quarter. EverSource Wealth Advisors LLC now owns 7,186 shares of the company’s stock worth $153,000 after buying an additional 1,012 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

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.