10x Genomics (NASDAQ:TXG) Shares Up 11.6% – Here’s Why

10x Genomics, Inc. (NASDAQ:TXG) shares rose 11.6% on Friday . The stock traded as high as $15.84 and last traded at $15.83. Approximately 1,111,755 shares were traded during mid-day trading, an increase of 2% from the average daily volume of 1,086,528 shares. The stock had previously closed at $14.19.

Analyst Ratings Changes

Several analysts recently commented on the stock. JPMorgan Chase & Co. reduced their target price on shares of 10x Genomics from $20.00 to $14.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. Canaccord Genuity Group decreased their target price on 10x Genomics from $32.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, October 10th. Citigroup lowered their target price on 10x Genomics from $35.00 to $23.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. UBS Group decreased their price objective on 10x Genomics from $25.00 to $20.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group lowered their price objective on 10x Genomics from $16.00 to $14.00 and set a “sell” rating on the stock in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $25.14.

10x Genomics Trading Up 9.9 %

The company’s 50-day moving average is $15.12 and its 200-day moving average is $18.23. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of -10.20 and a beta of 1.84.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings data on Tuesday, October 29th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.04. 10x Genomics had a negative return on equity of 25.07% and a negative net margin of 28.93%. The business had revenue of $151.65 million during the quarter, compared to the consensus estimate of $158.84 million. During the same period in the prior year, the company earned ($0.51) EPS. 10x Genomics’s revenue for the quarter was down 1.3% on a year-over-year basis. Equities research analysts forecast that 10x Genomics, Inc. will post -1.4 EPS for the current year.

Institutional Investors Weigh In On 10x Genomics

A number of hedge funds have recently made changes to their positions in the stock. KBC Group NV lifted its stake in 10x Genomics by 38.8% in the 3rd quarter. KBC Group NV now owns 3,225 shares of the company’s stock valued at $73,000 after purchasing an additional 902 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of 10x Genomics by 134.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,637 shares of the company’s stock valued at $32,000 after acquiring an additional 939 shares in the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of 10x Genomics by 53.3% during the 3rd quarter. First Horizon Advisors Inc. now owns 2,910 shares of the company’s stock valued at $66,000 after acquiring an additional 1,012 shares in the last quarter. Blue Trust Inc. grew its position in 10x Genomics by 136.5% during the 3rd quarter. Blue Trust Inc. now owns 1,776 shares of the company’s stock worth $40,000 after acquiring an additional 1,025 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in 10x Genomics by 451.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,545 shares of the company’s stock worth $35,000 after purchasing an additional 1,265 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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.