Guggenheim Reaffirms Neutral Rating for 10x Genomics (NASDAQ:TXG)

Guggenheim reaffirmed their neutral rating on shares of 10x Genomics (NASDAQ:TXG) in a research report report published on Tuesday, MarketBeat Ratings reports.

Several other brokerages also recently weighed in on TXG. Jefferies Financial Group assumed coverage on shares of 10x Genomics in a research note on Monday, June 3rd. They issued a hold rating and a $24.00 target price on the stock. TD Cowen downgraded shares of 10x Genomics from a buy rating to a hold rating and reduced their target price for the company from $57.00 to $32.00 in a research note on Wednesday, May 1st. Canaccord Genuity Group reduced their target price on shares of 10x Genomics from $65.00 to $50.00 and set a buy rating on the stock in a research note on Monday, April 29th. Stifel Nicolaus reduced their price target on shares of 10x Genomics from $63.00 to $53.00 and set a buy rating on the stock in a research note on Wednesday, May 1st. Finally, UBS Group reduced their price target on shares of 10x Genomics from $52.00 to $30.00 and set a neutral rating on the stock in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $45.00.

10x Genomics Stock Performance

Shares of NASDAQ:TXG opened at $19.45 on Tuesday. The firm has a fifty day moving average price of $23.62 and a 200 day moving average price of $37.03. 10x Genomics has a fifty-two week low of $18.39 and a fifty-two week high of $63.57. The firm has a market cap of $2.32 billion, a price-to-earnings ratio of -8.72 and a beta of 1.87.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings data on Tuesday, April 30th. The company reported ($0.50) EPS for the quarter, meeting the consensus estimate of ($0.50). 10x Genomics had a negative net margin of 42.20% and a negative return on equity of 30.85%. The business had revenue of $141.01 million during the quarter, compared to analyst estimates of $142.24 million. During the same quarter last year, the business earned ($0.44) earnings per share. 10x Genomics’s quarterly revenue was up 5.0% compared to the same quarter last year. As a group, research analysts predict that 10x Genomics will post -1.53 earnings per share for the current year.

Insider Activity

In other news, CEO Serge Saxonov sold 4,877 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $24.30, for a total value of $118,511.10. Following the sale, the chief executive officer now directly owns 889,641 shares in the company, valued at approximately $21,618,276.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other 10x Genomics news, insider Benjamin J. Hindson sold 4,087 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $24.30, for a total transaction of $99,314.10. Following the completion of the transaction, the insider now directly owns 350,055 shares of the company’s stock, valued at approximately $8,506,336.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Serge Saxonov sold 4,877 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $24.30, for a total transaction of $118,511.10. Following the transaction, the chief executive officer now directly owns 889,641 shares of the company’s stock, valued at $21,618,276.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,900 shares of company stock worth $289,170. Corporate insiders own 10.03% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

Institutional investors have recently bought and sold shares of the business. Venrock Management VI LLC purchased a new position in shares of 10x Genomics during the 4th quarter valued at approximately $117,894,000. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of 10x Genomics by 58.6% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,621,778 shares of the company’s stock valued at $135,925,000 after purchasing an additional 1,338,248 shares in the last quarter. Nikko Asset Management Americas Inc. increased its holdings in shares of 10x Genomics by 58.6% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 3,621,778 shares of the company’s stock valued at $135,780,000 after purchasing an additional 1,338,248 shares in the last quarter. ARK Investment Management LLC increased its holdings in 10x Genomics by 35.0% in the 4th quarter. ARK Investment Management LLC now owns 4,041,287 shares of the company’s stock worth $226,150,000 after acquiring an additional 1,047,827 shares in the last quarter. Finally, SVB Wealth LLC increased its holdings in 10x Genomics by 92.1% in the 4th quarter. SVB Wealth LLC now owns 1,446,552 shares of the company’s stock worth $80,949,000 after acquiring an additional 693,422 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

About 10x Genomics

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.