10x Genomics (NASDAQ:TXG) Price Target Cut to $20.00 by Analysts at Canaccord Genuity Group

10x Genomics (NASDAQ:TXG) had its price objective cut by Canaccord Genuity Group from $32.00 to $20.00 in a report published on Thursday, Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also commented on the stock. Stephens reaffirmed an overweight rating and set a $30.00 target price on shares of 10x Genomics in a report on Wednesday, September 4th. Leerink Partners began coverage on shares of 10x Genomics in a research report on Tuesday, September 3rd. They issued an outperform rating and a $35.00 price target on the stock. The Goldman Sachs Group reduced their price objective on shares of 10x Genomics from $26.00 to $16.00 and set a sell rating on the stock in a research note on Tuesday, July 9th. Bank of America cut their target price on shares of 10x Genomics from $36.00 to $25.00 and set a neutral rating on the stock in a report on Thursday, July 18th. Finally, Jefferies Financial Group raised shares of 10x Genomics from a hold rating to a buy rating and set a $24.00 price target for the company in a report on Monday, July 22nd. One analyst has rated the stock with a sell rating, seven have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, 10x Genomics currently has an average rating of Moderate Buy and an average price target of $30.80.

10x Genomics Trading Down 24.7 %

NASDAQ TXG opened at $15.67 on Thursday. 10x Genomics has a 1-year low of $14.02 and a 1-year high of $57.90. The company has a 50 day moving average of $21.49 and a 200-day moving average of $23.61. The firm has a market cap of $1.87 billion, a price-to-earnings ratio of -7.03 and a beta of 1.85.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.32) EPS for the quarter, beating the consensus estimate of ($0.47) by $0.15. 10x Genomics had a negative net margin of 37.90% and a negative return on equity of 28.23%. The business had revenue of $153.10 million for the quarter, compared to analysts’ expectations of $150.90 million. On average, analysts forecast that 10x Genomics will post -1.32 earnings per share for the current year.

Insider Transactions at 10x Genomics

In related news, CFO Justin J. Mcanear sold 2,961 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $22.53, for a total value of $66,711.33. Following the completion of the transaction, the chief financial officer now directly owns 143,242 shares of the company’s stock, valued at approximately $3,227,242.26. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Justin J. Mcanear sold 2,961 shares of 10x Genomics stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total transaction of $66,711.33. Following the completion of the transaction, the chief financial officer now owns 143,242 shares in the company, valued at approximately $3,227,242.26. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Serge Saxonov sold 6,749 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $22.53, for a total value of $152,054.97. Following the completion of the sale, the chief executive officer now directly owns 882,467 shares of the company’s stock, valued at approximately $19,881,981.51. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 14,061 shares of company stock worth $316,794 in the last 90 days. Corporate insiders own 10.03% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TXG. Allspring Global Investments Holdings LLC boosted its holdings in 10x Genomics by 113.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock valued at $26,000 after acquiring an additional 371 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of 10x Genomics by 451.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,545 shares of the company’s stock worth $35,000 after purchasing an additional 1,265 shares during the period. First Horizon Advisors Inc. boosted its stake in shares of 10x Genomics by 74.1% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,898 shares of the company’s stock valued at $37,000 after purchasing an additional 808 shares during the last quarter. Covestor Ltd boosted its stake in shares of 10x Genomics by 501.7% in the 1st quarter. Covestor Ltd now owns 1,047 shares of the company’s stock valued at $39,000 after purchasing an additional 873 shares during the last quarter. Finally, Sound Income Strategies LLC acquired a new stake in shares of 10x Genomics during the third quarter worth $46,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

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.