10x Genomics (NASDAQ:TXG) Shares Down 11.2% Following Analyst Downgrade

10x Genomics, Inc. (NASDAQ:TXG)’s share price was down 11.2% during mid-day trading on Thursday after Barclays lowered their price target on the stock from $15.00 to $12.00. Barclays currently has an overweight rating on the stock. 10x Genomics traded as low as $7.70 and last traded at $7.70. Approximately 766,312 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 2,142,351 shares. The stock had previously closed at $8.67.

TXG has been the subject of a number of other research reports. Canaccord Genuity Group reduced their price objective on 10x Genomics from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. JPMorgan Chase & Co. reduced their price target on shares of 10x Genomics from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, February 13th. Stifel Nicolaus dropped their price objective on shares of 10x Genomics from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 13th. Weiss Ratings reissued a “sell (e+)” rating on shares of 10x Genomics in a research note on Tuesday. Finally, UBS Group dropped their price target on shares of 10x Genomics from $20.00 to $14.00 and set a “neutral” rating on the stock in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, 10x Genomics currently has a consensus rating of “Hold” and an average target price of $19.79.

Insider Activity at 10x Genomics

In related news, CEO Serge Saxonov sold 5,092 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $11.07, for a total value of $56,368.44. Following the completion of the transaction, the chief executive officer now directly owns 879,482 shares of the company’s stock, valued at approximately $9,735,865.74. This trade represents a 0.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benjamin J. Hindson sold 4,573 shares of 10x Genomics stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $11.07, for a total value of $50,623.11. Following the transaction, the insider now owns 335,324 shares of the company’s stock, valued at $3,712,036.68. The trade was a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders own 10.03% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its stake in 10x Genomics by 355.0% in the third quarter. JPMorgan Chase & Co. now owns 355,488 shares of the company’s stock valued at $8,027,000 after acquiring an additional 277,355 shares during the last quarter. Entropy Technologies LP grew its holdings in shares of 10x Genomics by 285.6% during the fourth quarter. Entropy Technologies LP now owns 37,595 shares of the company’s stock worth $540,000 after purchasing an additional 27,844 shares during the last quarter. Geode Capital Management LLC raised its holdings in 10x Genomics by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,815,710 shares of the company’s stock valued at $41,009,000 after buying an additional 42,777 shares during the last quarter. SG Americas Securities LLC grew its holdings in 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 last quarter. Finally, Alberta Investment Management Corp acquired a new stake in shares of 10x Genomics in the fourth quarter valued at about $3,206,000. 84.68% of the stock is owned by institutional investors and hedge funds.

10x Genomics Stock Performance

The stock’s 50 day moving average price is $10.70 and its 200 day moving average price is $14.15. The company has a market capitalization of $936.22 million, a P/E ratio of -5.06 and a beta of 2.01.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings results on Wednesday, February 12th. The company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.08). 10x Genomics had a negative return on equity of 25.40% and a negative net margin of 29.90%. On average, analysts expect that 10x Genomics, Inc. will post -1.43 earnings per share for the current fiscal year.

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.