10x Genomics (NASDAQ:TXG) Price Target Raised to $50.00 at Canaccord Genuity Group

10x Genomics (NASDAQ:TXG) had its price objective lifted by Canaccord Genuity Group from $32.00 to $50.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 19.70% from the stock’s current price.

A number of other research analysts have also recently weighed in on TXG. Bank of America boosted their price objective on shares of 10x Genomics from $21.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, April 20th. Morgan Stanley lifted their price target on shares of 10x Genomics from $22.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Thursday. Weiss Ratings reiterated a “sell (d-)” rating on shares of 10x Genomics in a report on Wednesday, June 24th. JPMorgan Chase & Co. increased their price objective on shares of 10x Genomics from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 12th. Finally, Barclays raised their price objective on shares of 10x Genomics from $30.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. Four investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $30.42.

10x Genomics Price Performance

Shares of NASDAQ TXG opened at $41.77 on Tuesday. 10x Genomics has a 1-year low of $11.16 and a 1-year high of $43.98. The business’s 50 day moving average is $30.34 and its two-hundred day moving average is $23.90. The stock has a market capitalization of $5.30 billion, a P/E ratio of -245.71 and a beta of 2.05.

10x Genomics (NASDAQ:TXG) last released its quarterly 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 company had revenue of $150.84 million for the quarter, compared to analyst estimates of $146.41 million. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.10x Genomics’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.28) EPS. As a group, equities research analysts anticipate that 10x Genomics will post -0.79 earnings per share for the current fiscal year.

Insider Transactions at 10x Genomics

In other news, CEO Serge Saxonov sold 30,000 shares of the firm’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $34.44, for a total transaction of $1,033,200.00. Following the transaction, the chief executive officer owned 1,108,380 shares in the company, valued at approximately $38,172,607.20. This trade represents a 2.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Shehnaaz Suliman sold 5,723 shares of 10x Genomics stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $32.63, for a total value of $186,741.49. Following the completion of the sale, the director owned 31,722 shares of the company’s stock, valued at $1,035,088.86. The trade was a 15.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 91,309 shares of company stock worth $2,581,357 over the last quarter. 8.84% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On 10x Genomics

Several hedge funds have recently modified their holdings of TXG. Geneos Wealth Management Inc. bought a new position in shares of 10x Genomics during the fourth quarter valued at approximately $38,000. Larson Financial Group LLC boosted its position in 10x Genomics by 164.4% during the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock valued at $39,000 after purchasing an additional 1,470 shares in the last quarter. Fifth Third Bancorp purchased a new position in 10x Genomics in the first quarter valued at about $50,000. Elevation Wealth Partners LLC grew its stake in 10x Genomics by 332.3% in 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. Finally, Van ECK Associates Corp raised its holdings in 10x Genomics by 85.9% in the fourth 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 in the last quarter. 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.