Morgan Stanley Lowers 10x Genomics (NASDAQ:TXG) Price Target to $28.00

10x Genomics (NASDAQ:TXG) had its target price lowered by investment analysts at Morgan Stanley from $30.00 to $28.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s price target would suggest a potential upside of 72.20% from the stock’s current price.

Several other brokerages have also issued reports on TXG. JPMorgan Chase & Co. decreased their price target 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. UBS Group cut 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. Citigroup decreased their price objective on 10x Genomics from $35.00 to $23.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Barclays decreased their price target on shares of 10x Genomics from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, November 1st. Finally, The Goldman Sachs Group lowered their price target 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 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat, 10x Genomics currently has an average rating of “Moderate Buy” and an average price target of $23.86.

10x Genomics Stock Up 4.4 %

NASDAQ:TXG traded up $0.68 on Monday, reaching $16.26. The stock had a trading volume of 1,352,200 shares, compared to its average volume of 1,617,387. The company has a market capitalization of $1.97 billion, a P/E ratio of -10.63 and a beta of 1.83. 10x Genomics has a 1-year low of $12.95 and a 1-year high of $51.22. The stock has a fifty day moving average price of $15.08 and a 200-day moving average price of $18.08.

10x Genomics (NASDAQ:TXG) last posted 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. The firm 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%. 10x Genomics’s revenue was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.51) EPS. Sell-side analysts predict that 10x Genomics will post -1.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On 10x Genomics

A number of institutional investors have recently added to or reduced their stakes in TXG. Arizona State Retirement System raised its holdings in 10x Genomics by 9.4% in the 2nd quarter. Arizona State Retirement System now owns 26,617 shares of the company’s stock valued at $518,000 after buying an additional 2,287 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its holdings in shares of 10x Genomics by 41.7% during the second quarter. State of New Jersey Common Pension Fund D now owns 84,118 shares of the company’s stock worth $1,636,000 after purchasing an additional 24,761 shares during the period. Federated Hermes Inc. bought a new stake in shares of 10x Genomics in the second quarter worth $136,000. Renaissance Technologies LLC increased its holdings in 10x Genomics by 301.1% in the second quarter. Renaissance Technologies LLC now owns 210,200 shares of the company’s stock valued at $4,088,000 after purchasing an additional 157,800 shares during the period. Finally, Primecap Management Co. CA raised its position in 10x Genomics by 135.3% during the 2nd quarter. Primecap Management Co. CA now owns 186,800 shares of the company’s stock worth $3,633,000 after purchasing an additional 107,400 shares during 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.