Analysts Offer Predictions for 10x Genomics FY2024 Earnings

10x Genomics, Inc. (NASDAQ:TXG) – Leerink Partnrs boosted their FY2024 earnings per share estimates for 10x Genomics in a note issued to investors on Tuesday, October 29th. Leerink Partnrs analyst P. Souda now expects that the company will earn ($1.46) per share for the year, up from their previous estimate of ($1.48). Leerink Partnrs currently has a “Strong-Buy” rating on the stock. The consensus estimate for 10x Genomics’ current full-year earnings is ($1.35) per share. Leerink Partnrs also issued estimates for 10x Genomics’ Q4 2024 earnings at ($0.34) EPS, Q1 2025 earnings at ($0.42) EPS, Q2 2025 earnings at ($0.33) EPS, Q3 2025 earnings at ($0.29) EPS, Q4 2025 earnings at ($0.22) EPS, FY2025 earnings at ($1.26) EPS and FY2026 earnings at ($0.91) EPS.

10x Genomics (NASDAQ:TXG) last posted its earnings results on Tuesday, October 29th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.04. 10x Genomics had a negative return on equity of 25.07% and a negative net margin of 28.93%. The company had revenue of $151.65 million for the quarter, compared to the consensus estimate of $158.84 million. During the same quarter in the prior year, the business earned ($0.51) earnings per share. The firm’s revenue for the quarter was down 1.3% on a year-over-year basis.

TXG has been the subject of several other reports. The Goldman Sachs Group cut their price target on 10x Genomics from $16.00 to $14.00 and set a “sell” rating for the company in a research note on Wednesday. Stifel Nicolaus cut their price target on 10x Genomics from $53.00 to $25.00 and set a “buy” rating for the company in a research note on Tuesday, July 16th. Jefferies Financial Group upgraded 10x Genomics from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research note on Monday, July 22nd. JPMorgan Chase & Co. cut their price target on 10x Genomics from $20.00 to $14.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Canaccord Genuity Group cut their price target on 10x Genomics from $32.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $29.19.

10x Genomics Trading Up 1.9 %

10x Genomics stock opened at $16.33 on Friday. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of -10.67 and a beta of 1.85. The stock’s 50 day moving average is $19.85 and its 200-day moving average is $21.33. 10x Genomics has a 12 month low of $14.02 and a 12 month high of $57.90.

Institutional Trading of 10x Genomics

A number of institutional investors and hedge funds have recently bought and sold shares of TXG. ARK Investment Management LLC increased its holdings in 10x Genomics by 48.2% in the second quarter. ARK Investment Management LLC now owns 9,313,763 shares of the company’s stock valued at $181,153,000 after purchasing an additional 3,029,951 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in 10x Genomics by 69.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,143,067 shares of the company’s stock valued at $119,483,000 after purchasing an additional 2,521,289 shares during the period. Nikko Asset Management Americas Inc. increased its holdings in 10x Genomics by 58.6% in the first 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 during the period. Deerfield Management Company L.P. Series C acquired a new stake in 10x Genomics in the second quarter valued at $11,612,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in 10x Genomics by 17.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,657,227 shares of the company’s stock valued at $137,257,000 after purchasing an additional 553,053 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at 10x Genomics

In other news, CEO Serge Saxonov sold 6,749 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $22.53, for a total transaction of $152,054.97. Following the completion of the transaction, the chief executive officer now directly owns 882,467 shares in the company, valued at approximately $19,881,981.51. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Benjamin J. Hindson sold 4,351 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $22.53, for a total transaction of $98,028.03. Following the completion of the transaction, the insider now directly owns 345,704 shares in the company, valued at approximately $7,788,711.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Serge Saxonov sold 6,749 shares of the company’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 transaction, the chief executive officer now owns 882,467 shares of the company’s stock, valued at $19,881,981.51. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,061 shares of company stock worth $316,794. Corporate insiders own 10.03% 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.