10x Genomics (NASDAQ:TXG) Sets New 1-Year Low After Analyst Downgrade

10x Genomics, Inc. (NASDAQ:TXG)’s share price reached a new 52-week low on Monday after Barclays lowered their price target on the stock from $19.00 to $18.00. Barclays currently has an overweight rating on the stock. 10x Genomics traded as low as $12.37 and last traded at $12.59, with a volume of 1016713 shares changing hands. The stock had previously closed at $14.25.

Other equities analysts have also recently issued research reports about the company. The Goldman Sachs Group lowered their target price on 10x Genomics from $16.00 to $14.00 and set a “sell” rating for the company in a report on Wednesday, October 30th. UBS Group lowered their price objective on shares of 10x Genomics from $25.00 to $20.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Morgan Stanley decreased their price target on 10x Genomics from $30.00 to $28.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Citigroup dropped their price objective on 10x Genomics from $35.00 to $23.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of 10x Genomics in a research note on Saturday, February 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $23.79.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its position in shares of 10x Genomics by 355.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 355,488 shares of the company’s stock valued at $8,027,000 after purchasing an additional 277,355 shares during the last quarter. Lecap Asset Management Ltd. purchased a new position in shares of 10x Genomics in the 3rd quarter valued at approximately $877,000. Geode Capital Management LLC boosted its stake in 10x Genomics by 2.4% during the third quarter. Geode Capital Management LLC now owns 1,815,710 shares of the company’s stock worth $41,009,000 after acquiring an additional 42,777 shares in the last quarter. SG Americas Securities LLC boosted its holdings in 10x Genomics by 209.8% in the fourth quarter. SG Americas Securities LLC now owns 73,046 shares of the company’s stock worth $1,049,000 after acquiring an additional 49,468 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in 10x Genomics during the 3rd quarter valued at about $27,778,000. 84.68% of the stock is owned by institutional investors.

10x Genomics Stock Performance

The firm has a market cap of $1.43 billion, a P/E ratio of -7.73 and a beta of 1.85. The stock has a fifty day simple moving average of $14.90 and a 200 day simple moving average of $17.50.

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.