10x Genomics (NASDAQ:TXG) Sets New 12-Month High After Analyst Upgrade

10x Genomics (NASDAQ:TXG) reached a new 52-week high during mid-day trading on Wednesday after UBS Group raised their price target on the stock from $20.00 to $68.00. UBS Group currently has a neutral rating on the stock. 10x Genomics traded as high as $67.00 and last traded at $66.8170, with a volume of 829078 shares. The stock had previously closed at $65.60.

Several other brokerages also recently issued reports on TXG. Zacks Research downgraded shares of 10x Genomics from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th. Barclays boosted their price objective on shares of 10x Genomics from $30.00 to $40.00 and gave the company an “overweight” rating in a research report on Wednesday, June 24th. TD Cowen reiterated a “hold” rating on shares of 10x Genomics in a report on Wednesday, July 15th. Leerink Partners lifted their price target on 10x Genomics from $23.00 to $40.00 and gave the company a “market perform” rating in a research note on Friday, July 17th. Finally, Royal Bank Of Canada started coverage on 10x Genomics in a report on Tuesday, September 1st. They issued a “sector perform” rating and a $70.00 price target on the stock. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $44.00.

Insider Activity at 10x Genomics

In related news, insider Benjamin J. Hindson sold 13,818 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $63.02, for a total transaction of $870,810.36. Following the sale, the insider owned 488,182 shares in the company, valued at approximately $30,765,229.64. This represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $32.63, for a total value of $186,741.49. Following the transaction, the director directly owned 31,722 shares of the company’s stock, valued at $1,035,088.86. This trade represents a 15.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 137,945 shares of company stock worth $7,539,588. Corporate insiders own 8.84% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

Several hedge funds and other institutional investors have recently made changes to their positions in TXG. Sei Investments Co. grew its position in shares of 10x Genomics by 113.5% during the 1st quarter. Sei Investments Co. now owns 44,679 shares of the company’s stock worth $949,000 after purchasing an additional 23,748 shares in the last quarter. Simplify Asset Management Inc. bought a new stake in shares of 10x Genomics in the fourth quarter valued at approximately $7,926,000. Hsbc Holdings PLC bought a new stake in shares of 10x Genomics in the first quarter valued at approximately $5,945,000. Clough Capital Partners L P acquired a new stake in 10x Genomics during the fourth quarter worth approximately $9,955,000. Finally, Cookson Peirce & Co. Inc. bought a new position in 10x Genomics during the 4th quarter worth $571,000. 84.68% of the stock is owned by institutional investors.

10x Genomics Stock Performance

The company has a fifty day simple moving average of $53.09 and a two-hundred day simple moving average of $34.76. The stock has a market capitalization of $8.65 billion, a price-to-earnings ratio of -112.51 and a beta of 2.08.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $151.04 million during the quarter, compared to analysts’ expectations of $146.67 million. During the same quarter in the prior year, the business posted $0.28 earnings per share. 10x Genomics’s revenue was down 12.7% compared to the same quarter last year. As a group, equities analysts anticipate that 10x Genomics will post -0.75 earnings per share for the current year.

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.