The Goldman Sachs Group Lowers 10x Genomics (NASDAQ:TXG) Price Target to $6.50

10x Genomics (NASDAQ:TXG) had its price target reduced by The Goldman Sachs Group from $7.50 to $6.50 in a research note issued to investors on Monday morning,Benzinga reports. The Goldman Sachs Group currently has a sell rating on the stock.

TXG has been the topic of a number of other research reports. Canaccord Genuity Group lowered their price target on 10x Genomics from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Monday. Leerink Partners cut 10x Genomics from an “outperform” rating to a “market perform” rating and cut their price target for the company from $25.00 to $12.00 in a research note on Thursday, February 13th. Morgan Stanley cut their target price on 10x Genomics from $28.00 to $26.00 and set an “overweight” rating for the company in a research note on Friday, February 14th. JPMorgan Chase & Co. dropped their price target on 10x Genomics from $12.00 to $9.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Finally, Barclays decreased their price objective on 10x Genomics from $15.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $17.65.

10x Genomics Stock Down 5.5%

NASDAQ:TXG opened at $9.12 on Monday. 10x Genomics has a 12-month low of $6.78 and a 12-month high of $27.49. The firm has a market capitalization of $1.12 billion, a P/E ratio of -6.00 and a beta of 1.94. The stock’s fifty day simple moving average is $8.83 and its 200-day simple moving average is $12.45.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.09. 10x Genomics had a negative return on equity of 25.40% and a negative net margin of 29.90%. The firm had revenue of $154.88 million for the quarter, compared to the consensus estimate of $131.91 million. During the same quarter last year, the business posted ($0.50) EPS. The company’s revenue for the quarter was down 2.3% on a year-over-year basis. As a group, equities research analysts expect that 10x Genomics will post -1.43 earnings per share for the current year.

Insider Activity

In related news, Director Alan Mateo bought 40,000 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was bought at an average cost of $11.14 per share, with a total value of $445,600.00. Following the completion of the purchase, the director now owns 61,691 shares of the company’s stock, valued at approximately $687,237.74. The trade was a 184.41% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Serge Saxonov sold 5,092 shares of 10x Genomics stock in a transaction on Monday, February 24th. The stock was sold at an average price of $11.07, for a total transaction 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 $9,735,865.74. The trade was a 0.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 9.39% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TXG. JPMorgan Chase & Co. raised its holdings in shares of 10x Genomics by 355.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 355,488 shares of the company’s stock valued at $8,027,000 after purchasing an additional 277,355 shares in the last quarter. Entropy Technologies LP lifted its stake in shares of 10x Genomics by 285.6% in the 4th quarter. Entropy Technologies LP now owns 37,595 shares of the company’s stock valued at $540,000 after purchasing an additional 27,844 shares during the period. SG Americas Securities LLC lifted its stake in shares of 10x Genomics by 209.8% in the 4th quarter. SG Americas Securities LLC now owns 73,046 shares of the company’s stock valued at $1,049,000 after purchasing an additional 49,468 shares during the period. Alberta Investment Management Corp acquired a new position in 10x Genomics during the fourth quarter worth $3,206,000. Finally, China Universal Asset Management Co. Ltd. acquired a new position in 10x Genomics during the fourth quarter worth $326,000. Institutional investors own 84.68% of the company’s stock.

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.