Cinctive Capital Management LP Buys New Stake in 10x Genomics, Inc. (NASDAQ:TXG)

Cinctive Capital Management LP purchased a new position in shares of 10x Genomics, Inc. (NASDAQ:TXG) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 162,585 shares of the company’s stock, valued at approximately $3,671,000. Cinctive Capital Management LP owned approximately 0.13% of 10x Genomics as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. ARK Investment Management LLC boosted 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 purchasing an additional 3,029,951 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its position in 10x Genomics by 69.6% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,143,067 shares of the company’s stock valued at $119,483,000 after buying an additional 2,521,289 shares during the period. Deerfield Management Company L.P. Series C acquired a new position in shares of 10x Genomics in the second quarter worth $11,612,000. FMR LLC increased its position in shares of 10x Genomics by 2.7% during the third quarter. FMR LLC now owns 13,367,979 shares of the company’s stock worth $301,849,000 after acquiring an additional 357,470 shares during the period. Finally, Algert Global LLC increased its position in shares of 10x Genomics by 214.5% during the third quarter. Algert Global LLC now owns 370,958 shares of the company’s stock worth $8,376,000 after acquiring an additional 252,994 shares during the period. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

10x Genomics Price Performance

Shares of TXG opened at $16.47 on Tuesday. The firm has a fifty day moving average price of $16.89 and a 200 day moving average price of $19.50. 10x Genomics, Inc. has a 1-year low of $12.95 and a 1-year high of $57.90.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Leerink Partners began coverage on 10x Genomics in a report on Tuesday, September 3rd. They issued an “outperform” rating and a $35.00 target price for the company. Leerink Partnrs upgraded 10x Genomics to a “strong-buy” rating in a research note on Tuesday, September 3rd. Canaccord Genuity Group cut their target price on shares of 10x Genomics from $32.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, October 10th. Morgan Stanley decreased their price target on shares of 10x Genomics from $50.00 to $46.00 and set an “overweight” rating for the company in a research note on Tuesday, August 13th. Finally, Citigroup dropped their price objective on shares of 10x Genomics from $35.00 to $23.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, 10x Genomics has an average rating of “Moderate Buy” and an average target price of $29.19.

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.