10x Genomics (NASDAQ:TXG) Given New $50.00 Price Target at Canaccord Genuity Group

10x Genomics (NASDAQ:TXG) had its price target lowered by Canaccord Genuity Group from $65.00 to $50.00 in a research note released on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts have also weighed in on TXG. Deutsche Bank Aktiengesellschaft cut their target price on 10x Genomics from $60.00 to $55.00 and set a buy rating on the stock in a report on Thursday, April 18th. Stifel Nicolaus cut their price objective on 10x Genomics from $68.00 to $63.00 and set a buy rating on the stock in a research note on Friday, February 16th. Finally, Barclays reduced their target price on 10x Genomics from $55.00 to $45.00 and set an overweight rating for the company in a report on Wednesday, April 10th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, 10x Genomics presently has an average rating of Moderate Buy and an average price target of $58.00.

10x Genomics Stock Performance

Shares of NASDAQ TXG opened at $28.40 on Monday. The firm’s 50-day simple moving average is $37.30 and its 200 day simple moving average is $42.46. 10x Genomics has a fifty-two week low of $26.30 and a fifty-two week high of $63.57.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings results on Thursday, February 15th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.05). The company had revenue of $183.98 million for the quarter, compared to the consensus estimate of $182.73 million. 10x Genomics had a negative return on equity of 28.82% and a negative net margin of 41.17%. The firm’s quarterly revenue was up 17.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.15) earnings per share. On average, sell-side analysts expect that 10x Genomics will post -1.47 EPS for the current fiscal year.

Insider Transactions at 10x Genomics

In other news, CEO Serge Saxonov sold 1,000 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $49.53, for a total value of $49,530.00. Following the completion of the sale, the chief executive officer now directly owns 855,381 shares of the company’s stock, valued at $42,367,020.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Justin J. Mcanear sold 1,865 shares of 10x Genomics stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $46.34, for a total value of $86,424.10. Following the completion of the transaction, the chief financial officer now directly owns 95,240 shares of the company’s stock, valued at $4,413,421.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Serge Saxonov sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $49.53, for a total transaction of $49,530.00. Following the completion of the sale, the chief executive officer now directly owns 855,381 shares of the company’s stock, valued at approximately $42,367,020.93. The disclosure for this sale can be found here. Insiders sold a total of 12,959 shares of company stock worth $592,806 over the last three months. 10.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On 10x Genomics

Several hedge funds and other institutional investors have recently made changes to their positions in TXG. UMB Bank n.a. raised its position in shares of 10x Genomics by 51.6% in the 4th quarter. UMB Bank n.a. now owns 782 shares of the company’s stock valued at $44,000 after acquiring an additional 266 shares during the period. Van ECK Associates Corp grew its holdings in shares of 10x Genomics by 23.4% in the 4th quarter. Van ECK Associates Corp now owns 1,908 shares of the company’s stock valued at $107,000 after buying an additional 362 shares during the period. AIA Group Ltd grew its holdings in shares of 10x Genomics by 0.9% in the 4th quarter. AIA Group Ltd now owns 41,369 shares of the company’s stock valued at $2,315,000 after buying an additional 365 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of 10x Genomics by 113.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock valued at $26,000 after buying an additional 371 shares in the last quarter. Finally, Xponance Inc. lifted its holdings in 10x Genomics by 3.2% during the third quarter. Xponance Inc. now owns 13,060 shares of the company’s stock worth $539,000 after acquiring an additional 400 shares in the last quarter. 84.68% of the stock is 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.