Bank of America Cuts 10x Genomics (NASDAQ:TXG) Price Target to $25.00

10x Genomics (NASDAQ:TXG) had its target price decreased by Bank of America from $36.00 to $25.00 in a research note issued to investors on Thursday morning, Benzinga reports. Bank of America currently has a neutral rating on the stock.

Other research analysts also recently issued research reports about the stock. Jefferies Financial Group began coverage on shares of 10x Genomics in a research note on Monday, June 3rd. They issued a hold rating and a $24.00 price target on the stock. Canaccord Genuity Group decreased their price target on shares of 10x Genomics from $65.00 to $50.00 and set a buy rating for the company in a research note on Monday, April 29th. TD Cowen cut 10x Genomics from a buy rating to a hold rating and dropped their price objective for the stock from $57.00 to $32.00 in a research note on Wednesday, May 1st. Stifel Nicolaus decreased their target price on 10x Genomics from $53.00 to $25.00 and set a buy rating for the company in a research report on Tuesday, July 16th. Finally, Wolfe Research reiterated a peer perform rating on shares of 10x Genomics in a report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, 10x Genomics has an average rating of Hold and a consensus price target of $37.57.

10x Genomics Price Performance

10x Genomics stock opened at $16.70 on Thursday. The firm has a market capitalization of $1.99 billion, a P/E ratio of -7.49 and a beta of 1.84. 10x Genomics has a 1-year low of $15.28 and a 1-year high of $63.57. The company’s 50-day moving average is $20.90 and its 200 day moving average is $32.89.

10x Genomics (NASDAQ:TXG) last issued its quarterly earnings results on Tuesday, April 30th. The company reported ($0.50) earnings per share for the quarter, hitting the consensus estimate of ($0.50). 10x Genomics had a negative return on equity of 30.85% and a negative net margin of 42.20%. The firm had revenue of $141.01 million for the quarter, compared to the consensus estimate of $142.24 million. During the same period in the prior year, the business posted ($0.44) earnings per share. The company’s revenue for the quarter was up 5.0% on a year-over-year basis. Research analysts anticipate that 10x Genomics will post -1.53 earnings per share for the current fiscal year.

Insider Transactions at 10x Genomics

In other 10x Genomics news, CEO Serge Saxonov sold 4,877 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $24.30, for a total value of $118,511.10. Following the completion of the sale, the chief executive officer now owns 889,641 shares of the company’s stock, valued at $21,618,276.30. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Serge Saxonov sold 4,877 shares of 10x Genomics stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $24.30, for a total transaction of $118,511.10. Following the completion of the sale, the chief executive officer now directly owns 889,641 shares in the company, valued at $21,618,276.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Justin J. Mcanear sold 2,936 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $24.30, for a total transaction of $71,344.80. Following the sale, the chief financial officer now directly owns 146,203 shares in the company, valued at $3,552,732.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,900 shares of company stock valued at $289,170. Corporate insiders own 10.03% of the company’s stock.

Institutional Trading of 10x Genomics

Several institutional investors and hedge funds have recently bought and sold shares of TXG. Allspring Global Investments Holdings LLC lifted its holdings 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 during the period. First Horizon Advisors Inc. lifted its holdings in 10x Genomics by 74.1% in the second quarter. First Horizon Advisors Inc. now owns 1,898 shares of the company’s stock valued at $37,000 after acquiring an additional 808 shares during the period. Covestor Ltd boosted its position in 10x Genomics by 501.7% in the 1st quarter. Covestor Ltd now owns 1,047 shares of the company’s stock worth $39,000 after purchasing an additional 873 shares in the last quarter. UMB Bank n.a. grew its stake in shares of 10x Genomics by 51.6% during the 4th quarter. UMB Bank n.a. now owns 782 shares of the company’s stock worth $44,000 after purchasing an additional 266 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new position in shares of 10x Genomics during the 4th quarter valued at approximately $66,000. 84.68% of the stock is currently 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.