10x Genomics, Inc. (NASDAQ:TXG – Get Rating) dropped 8.7% during trading on Tuesday . The company traded as low as $33.31 and last traded at $33.64. Approximately 9,354 shares traded hands during trading, a decline of 99% from the average daily volume of 990,602 shares. The stock had previously closed at $36.86.
Wall Street Analysts Forecast Growth
TXG has been the subject of a number of research analyst reports. The Goldman Sachs Group downgraded shares of 10x Genomics from a "neutral" rating to a "sell" rating and dropped their price objective for the company from $55.00 to $35.00 in a research note on Thursday, August 18th. Cowen boosted their target price on 10x Genomics to $55.00 in a report on Monday, August 15th. Morgan Stanley decreased their target price on 10x Genomics from $100.00 to $70.00 and set an "overweight" rating for the company in a report on Wednesday, August 10th. Canaccord Genuity Group assumed coverage on 10x Genomics in a report on Monday, July 25th. They set a "buy" rating and a $55.00 target price for the company. Finally, Cowen boosted their target price on 10x Genomics from $50.00 to $55.00 in a report on Tuesday, August 9th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $49.25.
Get 10x Genomics alerts:10x Genomics Price Performance
The stock has a fifty day simple moving average of $39.17 and a two-hundred day simple moving average of $50.45.
10x Genomics (NASDAQ:TXG – Get Rating) last released its quarterly earnings results on Monday, August 8th. The company reported ($0.57) earnings per share for the quarter, missing analysts' consensus estimates of ($0.40) by ($0.17). The company had revenue of $114.61 million during the quarter, compared to analysts' expectations of $115.89 million. 10x Genomics had a negative return on equity of 17.77% and a negative net margin of 28.62%. The firm's revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.10) EPS. As a group, equities analysts forecast that 10x Genomics, Inc. will post -1.73 earnings per share for the current year.Insider Activity
In other news, CFO Justin J. Mcanear sold 987 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $35.19, for a total transaction of $34,732.53. Following the completion of the transaction, the chief financial officer now directly owns 58,092 shares in the company, valued at approximately $2,044,257.48. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Serge Saxonov sold 2,715 shares of the company's stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $35.19, for a total transaction of $95,540.85. Following the sale, the chief executive officer now directly owns 966,102 shares of the company's stock, valued at approximately $33,997,129.38. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Justin J. Mcanear sold 987 shares of the company's stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $35.19, for a total value of $34,732.53. Following the sale, the chief financial officer now directly owns 58,092 shares in the company, valued at $2,044,257.48. The disclosure for this sale can be found here. In the last three months, insiders sold 4,994 shares of company stock worth $175,739. 11.08% of the stock is currently owned by insiders.
Institutional Investors Weigh In On 10x Genomics
Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of 10x Genomics by 14.2% during the 1st quarter. BlackRock Inc. now owns 9,156,992 shares of the company's stock valued at $696,572,000 after acquiring an additional 1,138,358 shares in the last quarter. Baillie Gifford & Co. increased its position in 10x Genomics by 13.9% in the second quarter. Baillie Gifford & Co. now owns 8,378,971 shares of the company's stock worth $379,148,000 after buying an additional 1,023,207 shares during the period. Vanguard Group Inc. increased its position in 10x Genomics by 2.4% in the first quarter. Vanguard Group Inc. now owns 7,732,523 shares of the company's stock worth $588,213,000 after buying an additional 178,481 shares during the period. FMR LLC increased its position in 10x Genomics by 50.2% in the second quarter. FMR LLC now owns 6,195,527 shares of the company's stock worth $280,347,000 after buying an additional 2,070,318 shares during the period. Finally, ARK Investment Management LLC increased its position in 10x Genomics by 6.2% in the second quarter. ARK Investment Management LLC now owns 3,603,286 shares of the company's stock worth $184,452,000 after buying an additional 211,948 shares during the period. 74.10% of the stock is owned by institutional investors and hedge funds.
10x Genomics Company Profile
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10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in North America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium and chromium connect instruments, microfluidic chips, slides, reagents, and other consumables products.
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