Insider Selling: 10x Genomics (NASDAQ:TXG) CEO Sells $1,168,705.90 in Stock

10x Genomics (NASDAQ:TXG) CEO Serge Saxonov sold 18,545 shares of the company’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $63.02, for a total value of $1,168,705.90. Following the completion of the transaction, the chief executive officer directly owned 1,085,835 shares in the company, valued at $68,429,321.70. This represents a 1.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Serge Saxonov also recently made the following trade(s):

• On Wednesday, August 26th, Serge Saxonov sold 10,486 shares of 10x Genomics stock. The stock was sold at an average price of $63.69, for a total value of $667,853.34.
• On Monday, June 22nd, Serge Saxonov sold 30,000 shares of 10x Genomics stock. The stock was sold at an average price of $34.44, for a total value of $1,033,200.00.

10x Genomics Trading Down 5.1%

NASDAQ TXG opened at $61.54 on Friday. The stock’s 50-day moving average price is $48.16 and its two-hundred day moving average price is $31.83. The company has a market cap of $8.02 billion, a PE ratio of -104.30 and a beta of 2.03. 10x Genomics has a 1 year low of $11.16 and a 1 year high of $66.94.

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. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. The company had revenue of $151.04 million during the quarter, compared to analyst estimates of $146.67 million. During the same period in the prior year, the firm earned $0.28 earnings per share. The business’s quarterly revenue was down 12.7% on a year-over-year basis. Research analysts forecast that 10x Genomics will post -0.75 EPS for the current fiscal year.

Institutional Trading of 10x Genomics

A number of hedge funds have recently made changes to their positions in the stock. ARK Investment Management LLC boosted its holdings in shares of 10x Genomics by 6.6% during the fourth quarter. ARK Investment Management LLC now owns 12,667,369 shares of the company’s stock worth $206,605,000 after purchasing an additional 779,973 shares during the period. Amova Asset Management Americas Inc. increased its stake in 10x Genomics by 2.0% in the 4th quarter. Amova Asset Management Americas Inc. now owns 5,486,153 shares of the company’s stock valued at $89,424,000 after buying an additional 109,270 shares during the period. Millennium Management LLC increased its stake in 10x Genomics by 84.7% in the 3rd quarter. Millennium Management LLC now owns 5,437,969 shares of the company’s stock valued at $63,570,000 after buying an additional 2,494,142 shares during the period. Quantinno Capital Management LP lifted its position in 10x Genomics by 16.0% in the 1st quarter. Quantinno Capital Management LP now owns 5,411,761 shares of the company’s stock worth $114,892,000 after buying an additional 744,558 shares in the last quarter. Finally, California State Teachers Retirement System lifted its position in 10x Genomics by 3,700.4% in the 2nd quarter. California State Teachers Retirement System now owns 4,679,895 shares of the company’s stock worth $179,427,000 after buying an additional 4,556,753 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on TXG. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 10x Genomics in a research note on Wednesday, June 24th. Morgan Stanley boosted their target price on shares of 10x Genomics from $37.00 to $40.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. Leerink Partners boosted their target price 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. JPMorgan Chase & Co. increased their target price on 10x Genomics from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Tuesday, May 12th. Finally, Zacks Research cut 10x Genomics from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th. Five analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $38.31.

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.