10x Genomics (NASDAQ:TXG) Hits New 12-Month Low at $18.39

10x Genomics, Inc. (NASDAQ:TXG)’s stock price hit a new 52-week low during trading on Thursday . The company traded as low as $18.39 and last traded at $19.01, with a volume of 171270 shares changing hands. The stock had previously closed at $19.50.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. TD Cowen downgraded shares of 10x Genomics from a “buy” rating to a “hold” rating and dropped their price objective for the company from $57.00 to $32.00 in a research report on Wednesday, May 1st. Canaccord Genuity Group dropped their price objective on shares of 10x Genomics from $65.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. Jefferies Financial Group assumed coverage on shares of 10x Genomics in a research report on Monday, June 3rd. They issued a “hold” rating and a $24.00 price objective on the stock. Stifel Nicolaus dropped their price objective on shares of 10x Genomics from $63.00 to $53.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of 10x Genomics from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $45.00.

10x Genomics Stock Performance

The stock’s 50 day moving average is $23.62 and its two-hundred day moving average is $37.03.

10x Genomics (NASDAQ:TXG) last issued its quarterly earnings results on Tuesday, April 30th. The company reported ($0.50) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.50). The firm had revenue of $141.01 million during the quarter, compared to analysts’ expectations of $142.24 million. 10x Genomics had a negative net margin of 42.20% and a negative return on equity of 30.85%. 10x Genomics’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.44) EPS. Analysts forecast that 10x Genomics, Inc. will post -1.53 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Benjamin J. Hindson sold 4,087 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $24.30, for a total value of $99,314.10. Following the completion of the sale, the insider now owns 350,055 shares in the company, valued at approximately $8,506,336.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Benjamin J. Hindson sold 4,087 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $24.30, for a total value of $99,314.10. Following the completion of the sale, the insider now owns 350,055 shares in the company, valued at approximately $8,506,336.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Justin J. Mcanear sold 2,936 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $24.30, for a total transaction of $71,344.80. Following the completion of the sale, the chief financial officer now owns 146,203 shares of the company’s stock, valued at approximately $3,552,732.90. The disclosure for this sale can be found here. Insiders sold a total of 11,900 shares of company stock worth $289,170 in the last 90 days. Company insiders own 10.03% of the company’s stock.

Institutional Trading of 10x Genomics

Several hedge funds have recently made changes to their positions in TXG. Citigroup Inc. lifted its stake in shares of 10x Genomics by 94.4% in the third quarter. Citigroup Inc. now owns 10,951 shares of the company’s stock valued at $452,000 after purchasing an additional 5,317 shares during the period. Northern Trust Corp lifted its stake in shares of 10x Genomics by 2.5% in the third quarter. Northern Trust Corp now owns 472,085 shares of the company’s stock valued at $19,474,000 after purchasing an additional 11,599 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of 10x Genomics by 38.4% in the third quarter. Advisors Asset Management Inc. now owns 10,465 shares of the company’s stock valued at $432,000 after purchasing an additional 2,903 shares during the period. AXQ Capital LP acquired a new stake in shares of 10x Genomics in the third quarter valued at about $280,000. Finally, Seven Eight Capital LP acquired a new stake in shares of 10x Genomics in the third quarter valued at about $419,000. 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.