Barclays Trims 10x Genomics (NASDAQ:TXG) Target Price to $24.00

10x Genomics (NASDAQ:TXG) had its price target cut by equities researchers at Barclays from $36.00 to $24.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price objective indicates a potential upside of 21.33% from the stock’s current price.

Several other research firms have also recently commented on TXG. UBS Group lowered their price target on 10x Genomics from $52.00 to $30.00 and set a “neutral” rating for the company in a report on Wednesday, May 1st. Guggenheim reiterated a “neutral” rating on shares of 10x Genomics in a report on Tuesday. Stifel Nicolaus decreased their price objective on shares of 10x Genomics from $63.00 to $53.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. Bank of America reduced their price target on 10x Genomics from $45.00 to $36.00 and set a “neutral” rating for the company in a report on Wednesday, May 1st. Finally, TD Cowen downgraded shares of 10x Genomics from a “buy” rating to a “hold” rating and dropped their target price for the stock from $57.00 to $32.00 in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $45.00.

10x Genomics Price Performance

NASDAQ:TXG traded down $0.07 on Friday, reaching $19.78. The stock had a trading volume of 989,629 shares, compared to its average volume of 1,508,995. The company has a market cap of $2.36 billion, a price-to-earnings ratio of -8.87 and a beta of 1.87. 10x Genomics has a 12-month low of $18.39 and a 12-month high of $63.57. The firm’s fifty day moving average is $23.79 and its two-hundred day moving average is $37.23.

10x Genomics (NASDAQ:TXG) last announced its earnings results on Tuesday, April 30th. The company reported ($0.50) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.50). The firm had revenue of $141.01 million for the quarter, compared to analyst estimates of $142.24 million. 10x Genomics had a negative net margin of 42.20% and a negative return on equity of 30.85%. 10x Genomics’s revenue was up 5.0% compared to the same quarter last year. During the same quarter last year, the business earned ($0.44) earnings per share. As a group, research analysts forecast that 10x Genomics will post -1.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Serge Saxonov sold 4,877 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $24.30, for a total transaction of $118,511.10. Following the transaction, the chief executive officer now owns 889,641 shares in the company, valued at approximately $21,618,276.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Benjamin J. Hindson sold 4,087 shares of the stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $24.30, for a total value of $99,314.10. Following the completion of the transaction, the insider now owns 350,055 shares in the company, valued at approximately $8,506,336.50. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Serge Saxonov sold 4,877 shares of the stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $24.30, for a total transaction of $118,511.10. Following the completion of the transaction, the chief executive officer now directly owns 889,641 shares of the company’s stock, valued at approximately $21,618,276.30. The disclosure for this sale can be found here. Insiders have sold 11,900 shares of company stock worth $289,170 in the last quarter. 10.03% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 10x Genomics

A number of institutional investors and hedge funds have recently made changes to their positions in TXG. Westwood Holdings Group Inc. acquired a new stake in 10x Genomics in the first quarter worth about $939,000. Swedbank AB bought a new stake in shares of 10x Genomics during the first quarter worth approximately $675,000. Jacobs Levy Equity Management Inc. acquired a new position in 10x Genomics in the first quarter valued at approximately $3,647,000. Bellevue Group AG boosted its stake in 10x Genomics by 5.2% in the first quarter. Bellevue Group AG now owns 308,311 shares of the company’s stock valued at $11,571,000 after acquiring an additional 15,138 shares during the last quarter. Finally, Bamco Inc. NY grew its holdings in 10x Genomics by 59.4% during the 1st quarter. Bamco Inc. NY now owns 314,862 shares of the company’s stock worth $11,817,000 after acquiring an additional 117,300 shares during the period. Institutional investors own 84.68% 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.