10x Genomics (NASDAQ:TXG) Announces Earnings Results

10x Genomics (NASDAQ:TXG) released its quarterly earnings results on Tuesday. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.04, Briefing.com reports. The firm had revenue of $151.65 million for the quarter, compared to analyst estimates of $158.84 million. 10x Genomics had a negative net margin of 37.90% and a negative return on equity of 28.23%. The business’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.51) EPS. 10x Genomics updated its FY 2024 guidance to EPS.

10x Genomics Trading Up 5.9 %

10x Genomics stock traded up $0.93 during midday trading on Wednesday, hitting $16.72. The stock had a trading volume of 1,305,680 shares, compared to its average volume of 1,692,004. The stock has a market cap of $2.01 billion, a P/E ratio of -8.27 and a beta of 1.85. 10x Genomics has a 12 month low of $14.02 and a 12 month high of $57.90. The business has a fifty day moving average price of $20.25 and a 200 day moving average price of $21.52.

Insider Activity at 10x Genomics

In other news, CFO Justin J. Mcanear sold 2,961 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total transaction of $66,711.33. Following the completion of the transaction, the chief financial officer now directly owns 143,242 shares in the company, valued at approximately $3,227,242.26. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other 10x Genomics news, CEO Serge Saxonov sold 6,749 shares of the company’s 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 sale, the chief executive officer now directly owns 882,467 shares in the company, valued at $19,881,981.51. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Justin J. Mcanear sold 2,961 shares of the company’s 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 $66,711.33. Following the completion of the sale, the chief financial officer now owns 143,242 shares of the company’s stock, valued at $3,227,242.26. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 14,061 shares of company stock valued at $316,794 over the last three months. 10.03% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on TXG shares. Bank of America cut their target price on 10x Genomics from $36.00 to $25.00 and set a “neutral” rating on the stock in a research report on Thursday, July 18th. Leerink Partnrs upgraded shares of 10x Genomics to a “strong-buy” rating in a research note on Tuesday, September 3rd. UBS Group dropped their price target on shares of 10x Genomics from $25.00 to $20.00 and set a “neutral” rating for the company in a research note on Wednesday. Stephens restated an “overweight” rating and issued a $30.00 price target on shares of 10x Genomics in a research note on Thursday, October 10th. Finally, Barclays dropped their price target on shares of 10x Genomics from $24.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $30.27.

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.