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

10x Genomics, Inc. (NASDAQ:TXG)’s share price traded down 10% during mid-day trading on Thursday . The stock traded as low as $14.49 and last traded at $14.67. 365,930 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 1,797,244 shares. The stock had previously closed at $16.31.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Stephens reiterated an “overweight” rating and set a $30.00 price objective on shares of 10x Genomics in a report on Thursday, October 10th. JPMorgan Chase & Co. reduced 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. 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 report on Wednesday, October 30th. UBS Group reduced their target price 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, October 30th. Finally, Citigroup dropped their price target 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. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $23.86.

10x Genomics Price Performance

The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of -9.65 and a beta of 1.83. The stock has a 50-day moving average price of $14.98 and a 200-day moving average price of $17.89.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.30) EPS for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.04. 10x Genomics had a negative net margin of 28.93% and a negative return on equity of 25.07%. The business had revenue of $151.65 million for the quarter, compared to analyst estimates of $158.84 million. During the same quarter in the prior year, the business earned ($0.51) EPS. 10x Genomics’s quarterly revenue was down 1.3% on a year-over-year basis. Equities analysts forecast that 10x Genomics, Inc. will post -1.43 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. KBC Group NV increased its position in shares of 10x Genomics by 57.3% in the fourth quarter. KBC Group NV now owns 5,072 shares of the company’s stock worth $73,000 after purchasing an additional 1,847 shares during the period. Blue Trust Inc. increased its holdings in 10x Genomics by 73.1% in the 4th quarter. Blue Trust Inc. now owns 3,075 shares of the company’s stock valued at $44,000 after buying an additional 1,299 shares during the period. Sound Income Strategies LLC raised its position in shares of 10x Genomics by 65.2% in the 4th quarter. Sound Income Strategies LLC now owns 3,370 shares of the company’s stock valued at $48,000 after buying an additional 1,330 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of 10x Genomics by 209.8% during the 4th quarter. SG Americas Securities LLC now owns 73,046 shares of the company’s stock worth $1,049,000 after acquiring an additional 49,468 shares during the period. Finally, Nisa Investment Advisors LLC bought a new stake in shares of 10x Genomics during the 4th quarter worth approximately $237,000. 84.68% of the stock is owned by institutional investors.

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.