10x Genomics (NASDAQ:TXG) Price Target Lowered to $28.00 at Morgan Stanley

10x Genomics (NASDAQ:TXG) had its price objective lowered by research analysts at Morgan Stanley from $30.00 to $28.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price target would suggest a potential upside of 81.35% from the company’s current price.

A number of other research firms have also commented on TXG. Canaccord Genuity Group cut their price objective on 10x Genomics from $32.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, October 10th. The Goldman Sachs Group decreased their price objective on shares of 10x Genomics from $16.00 to $14.00 and set a “sell” rating for the company in a research report on Wednesday, October 30th. Citigroup lowered their target price on shares of 10x Genomics from $35.00 to $23.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. Barclays decreased their price target on 10x Genomics from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, November 1st. Finally, UBS Group dropped their price objective on 10x Genomics from $25.00 to $20.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $23.86.

10x Genomics Price Performance

Shares of NASDAQ TXG opened at $15.44 on Monday. The company has a 50 day simple moving average of $15.02 and a 200 day simple moving average of $18.02. 10x Genomics has a 1 year low of $12.95 and a 1 year high of $51.22. The firm has a market cap of $1.87 billion, a PE ratio of -10.09 and a beta of 1.83.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings results on Tuesday, October 29th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.04. 10x Genomics had a negative net margin of 28.93% and a negative return on equity of 25.07%. The firm had revenue of $151.65 million during the quarter, compared to the consensus estimate of $158.84 million. During the same quarter last year, the firm earned ($0.51) earnings per share. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. As a group, research analysts anticipate that 10x Genomics will post -1.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On 10x Genomics

A number of institutional investors and hedge funds have recently bought and sold shares of TXG. Arizona State Retirement System raised its holdings in shares of 10x Genomics by 9.4% in the second quarter. Arizona State Retirement System now owns 26,617 shares of the company’s stock valued at $518,000 after purchasing an additional 2,287 shares during the last quarter. State of New Jersey Common Pension Fund D increased its stake in 10x Genomics by 41.7% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 84,118 shares of the company’s stock valued at $1,636,000 after buying an additional 24,761 shares during the last quarter. Federated Hermes Inc. bought a new position in shares of 10x Genomics during the 2nd quarter worth approximately $136,000. Renaissance Technologies LLC boosted its stake in shares of 10x Genomics by 301.1% in the 2nd quarter. Renaissance Technologies LLC now owns 210,200 shares of the company’s stock worth $4,088,000 after buying an additional 157,800 shares during the last quarter. Finally, Primecap Management Co. CA grew its holdings in shares of 10x Genomics by 135.3% in the second quarter. Primecap Management Co. CA now owns 186,800 shares of the company’s stock valued at $3,633,000 after acquiring an additional 107,400 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

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.