Stephens Reiterates “Overweight” Rating for 10x Genomics (NASDAQ:TXG)

Stephens reiterated their overweight rating on shares of 10x Genomics (NASDAQ:TXG) in a report released on Wednesday morning, Benzinga reports. They currently have a $30.00 price objective on the stock.

TXG has been the subject of a number of other research reports. Barclays reduced their price target on 10x Genomics from $36.00 to $24.00 and set an overweight rating for the company in a report on Friday, June 28th. Bank of America cut their price objective on 10x Genomics from $36.00 to $25.00 and set a neutral rating for the company in a research note on Thursday, July 18th. JPMorgan Chase & Co. lowered 10x Genomics from an overweight rating to a neutral rating and cut their price objective for the stock from $40.00 to $20.00 in a research note on Thursday, July 18th. Stifel Nicolaus cut their price objective on 10x Genomics from $53.00 to $25.00 and set a buy rating for the company in a research note on Tuesday, July 16th. Finally, Canaccord Genuity Group cut their price objective on 10x Genomics from $50.00 to $32.00 and set a buy rating for the company in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $31.60.

10x Genomics Stock Down 6.9 %

Shares of TXG stock opened at $21.54 on Wednesday. The stock has a market cap of $2.60 billion, a PE ratio of -9.66 and a beta of 1.85. The business has a 50-day simple moving average of $20.19 and a 200-day simple moving average of $26.87. 10x Genomics has a 52-week low of $15.28 and a 52-week high of $57.90.

10x Genomics (NASDAQ:TXG) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.32) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.47) by $0.15. The business had revenue of $153.10 million during the quarter, compared to analysts’ expectations of $150.90 million. 10x Genomics had a negative return on equity of 28.23% and a negative net margin of 37.90%. Sell-side analysts anticipate that 10x Genomics will post -1.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Serge Saxonov sold 6,749 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total value of $152,054.97. Following the completion of the transaction, the chief executive officer now directly owns 882,467 shares in the company, valued at $19,881,981.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Serge Saxonov sold 6,749 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total value of $152,054.97. Following the completion of the transaction, the chief executive officer now directly owns 882,467 shares in the company, valued at $19,881,981.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Justin J. Mcanear sold 2,961 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total value of $66,711.33. Following the transaction, the chief financial officer now owns 143,242 shares in the company, valued at $3,227,242.26. The disclosure for this sale can be found here. Over the last three months, insiders sold 14,061 shares of company stock worth $316,794. Company insiders own 10.03% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TXG. ARK Investment Management LLC raised its stake in shares of 10x Genomics by 48.2% in the second quarter. ARK Investment Management LLC now owns 9,313,763 shares of the company’s stock valued at $181,153,000 after acquiring an additional 3,029,951 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of 10x Genomics by 69.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,143,067 shares of the company’s stock valued at $119,483,000 after acquiring an additional 2,521,289 shares in the last quarter. Venrock Management VI LLC acquired a new stake in shares of 10x Genomics in the fourth quarter valued at $117,894,000. Nikko Asset Management Americas Inc. raised its stake in shares of 10x Genomics by 58.6% in the first quarter. Nikko Asset Management Americas Inc. now owns 3,621,778 shares of the company’s stock valued at $135,780,000 after acquiring an additional 1,338,248 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of 10x Genomics in the fourth quarter valued at $36,262,000. 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.