Canaccord Genuity Group Has Lowered Expectations for 10x Genomics (NASDAQ:TXG) Stock Price

10x Genomics (NASDAQ:TXG) had its target price decreased by stock analysts at Canaccord Genuity Group from $20.00 to $18.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 50.75% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on TXG. Morgan Stanley cut their price target on 10x Genomics from $30.00 to $28.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of 10x Genomics in a research note on Saturday, February 1st. The Goldman Sachs Group reduced their price objective on 10x Genomics from $16.00 to $14.00 and set a “sell” rating for the company in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lowered their target price on 10x Genomics from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Citigroup decreased their price objective on 10x Genomics from $23.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $20.71.

10x Genomics Stock Performance

Shares of TXG traded down $0.06 during mid-day trading on Thursday, hitting $11.94. 5,937,482 shares of the company traded hands, compared to its average volume of 2,453,139. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of -7.80 and a beta of 1.85. The stock has a 50-day moving average price of $14.82 and a two-hundred day moving average price of $17.47. 10x Genomics has a 1 year low of $10.80 and a 1 year high of $51.22.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings results on Wednesday, February 12th. The company reported ($0.40) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.08). 10x Genomics had a negative net margin of 28.93% and a negative return on equity of 25.07%. On average, analysts forecast that 10x Genomics will post -1.43 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Signaturefd LLC raised its holdings in shares of 10x Genomics by 424.6% in the fourth quarter. Signaturefd LLC now owns 1,794 shares of the company’s stock worth $26,000 after buying an additional 1,452 shares during the period. Capital Performance Advisors LLP bought a new position in 10x Genomics in the 3rd quarter valued at $35,000. GAMMA Investing LLC increased its stake in 10x Genomics by 451.8% in the third quarter. GAMMA Investing LLC now owns 1,545 shares of the company’s stock worth $35,000 after purchasing an additional 1,265 shares during the period. Blue Trust Inc. lifted its position in shares of 10x Genomics by 136.5% during the third quarter. Blue Trust Inc. now owns 1,776 shares of the company’s stock worth $40,000 after purchasing an additional 1,025 shares during the last quarter. Finally, Sound Income Strategies LLC boosted its stake in shares of 10x Genomics by 65.2% during the fourth quarter. Sound Income Strategies LLC now owns 3,370 shares of the company’s stock valued at $48,000 after purchasing an additional 1,330 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

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.