10x Genomics (NASDAQ:TXG) Shares Down 5.2% – Here’s Why

Shares of 10x Genomics, Inc. (NASDAQ:TXG) were down 5.2% on Thursday . The company traded as low as $15.25 and last traded at $15.25. Approximately 111,828 shares were traded during trading, a decline of 94% from the average daily volume of 1,728,208 shares. The stock had previously closed at $16.08.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Leerink Partnrs raised shares of 10x Genomics to a “strong-buy” rating in a research report on Tuesday, September 3rd. Canaccord Genuity Group decreased their price target on 10x Genomics from $32.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, October 10th. The Goldman Sachs Group dropped their price objective on shares of 10x Genomics from $16.00 to $14.00 and set a “sell” rating on the stock in a research note on Wednesday, October 30th. 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 research note on Wednesday, October 30th. Finally, UBS Group dropped their price target on shares of 10x Genomics from $25.00 to $20.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.19.

10x Genomics Price Performance

The firm has a market cap of $1.76 billion, a PE ratio of -9.80 and a beta of 1.84. The business has a 50-day moving average price of $15.94 and a two-hundred day moving average price of $19.08.

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, topping analysts’ consensus estimates of ($0.34) by $0.04. The company had revenue of $151.65 million during the quarter, compared to analysts’ expectations of $158.84 million. 10x Genomics had a negative net margin of 28.93% and a negative return on equity of 25.07%. The firm’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.51) earnings per share. Equities analysts expect that 10x Genomics, Inc. will post -1.4 earnings per share for the current fiscal year.

Institutional Trading of 10x Genomics

Hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC grew its stake in shares of 10x Genomics by 2.7% during the 3rd quarter. FMR LLC now owns 13,367,979 shares of the company’s stock valued at $301,849,000 after buying an additional 357,470 shares during the period. ARK Investment Management LLC grew its position in 10x Genomics by 15.4% during the third quarter. ARK Investment Management LLC now owns 10,750,345 shares of the company’s stock valued at $242,743,000 after acquiring an additional 1,436,582 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its stake in 10x Genomics by 3.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 6,373,212 shares of the company’s stock worth $143,907,000 after acquiring an additional 230,145 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of 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 purchasing an additional 2,521,289 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of 10x Genomics by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,815,710 shares of the company’s stock worth $41,009,000 after purchasing an additional 42,777 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

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.