10x Genomics (NASDAQ:TXG) Trading Down 5.5%

10x Genomics, Inc. (NASDAQ:TXG) was down 5.5% on Wednesday . The company traded as low as $21.66 and last traded at $21.70. Approximately 322,752 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 1,622,260 shares. The stock had previously closed at $22.97.

Analysts Set New Price Targets

A number of equities analysts have commented on TXG shares. Canaccord Genuity Group reduced their target price on 10x Genomics from $50.00 to $32.00 and set a “buy” rating for the company in a report on Tuesday, July 23rd. Wolfe Research reissued a “peer perform” rating on shares of 10x Genomics in a report on Thursday, June 27th. Stifel Nicolaus reduced their target price on 10x Genomics from $53.00 to $25.00 and set a “buy” rating for the company in a report on Tuesday, July 16th. The Goldman Sachs Group cut their price target on 10x Genomics from $26.00 to $16.00 and set a “sell” rating for the company in a report on Tuesday, July 9th. Finally, Jefferies Financial Group raised 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 research analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $31.60.

10x Genomics Stock Performance

The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of -9.74 and a beta of 1.85. The company has a 50 day moving average of $21.17 and a 200 day moving average of $24.86.

10x Genomics (NASDAQ:TXG) last released its earnings results on Thursday, August 8th. The company reported ($0.32) EPS for the quarter, topping the consensus estimate of ($0.47) by $0.15. 10x Genomics had a negative return on equity of 28.23% and a negative net margin of 37.90%. The firm had revenue of $153.10 million during the quarter, compared to analysts’ expectations of $150.90 million. As a group, research analysts expect that 10x Genomics, Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity at 10x Genomics

In other news, CEO Serge Saxonov sold 6,749 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total transaction of $152,054.97. Following the sale, the chief executive officer now owns 882,467 shares in the company, valued at $19,881,981.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other 10x Genomics news, CFO Justin J. Mcanear sold 2,961 shares of 10x Genomics stock in a transaction that occurred on Thursday, August 22nd. The stock was 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 in the company, valued at $3,227,242.26. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Serge Saxonov sold 6,749 shares of 10x Genomics 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 transaction, the chief executive officer now owns 882,467 shares of the company’s stock, valued at $19,881,981.51. The disclosure for this sale can be found here. Insiders sold a total of 14,061 shares of company stock valued at $316,794 in the last three months. 10.03% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On 10x Genomics

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC boosted its position in shares of 10x Genomics by 113.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock worth $26,000 after buying an additional 371 shares during the period. Treasurer of the State of North Carolina raised its stake in 10x Genomics by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 40,717 shares of the company’s stock valued at $2,279,000 after purchasing an additional 400 shares during the period. First Horizon Advisors Inc. boosted its holdings in 10x Genomics by 74.1% in the second quarter. First Horizon Advisors Inc. now owns 1,898 shares of the company’s stock worth $37,000 after purchasing an additional 808 shares in the last quarter. Covestor Ltd lifted its position in 10x Genomics by 501.7% during the 1st quarter. Covestor Ltd now owns 1,047 shares of the company’s stock worth $39,000 after acquiring an additional 873 shares during the last quarter. Finally, Mirador Capital Partners LP raised its position in shares of 10x Genomics by 3.4% during the first quarter. Mirador Capital Partners LP now owns 28,825 shares of the company’s stock valued at $1,082,000 after buying an additional 940 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

10x Genomics Company Profile

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.