Morgan Stanley Cuts 10x Genomics (NASDAQ:TXG) Price Target to $18.00

10x Genomics (NASDAQ:TXG) had its price objective cut by Morgan Stanley from $26.00 to $18.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research analysts have also recently weighed in on the stock. Canaccord Genuity Group dropped their price target on shares of 10x Genomics from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, May 12th. Barclays lowered their target price on 10x Genomics from $15.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. JPMorgan Chase & Co. reduced their price target on 10x Genomics from $12.00 to $9.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. The Goldman Sachs Group lowered their price objective on 10x Genomics from $7.50 to $6.50 and set a “sell” rating on the stock in a research report on Monday, May 12th. Finally, Leerink Partnrs downgraded 10x Genomics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $15.81.

10x Genomics Price Performance

TXG stock opened at $8.32 on Monday. 10x Genomics has a 1 year low of $6.78 and a 1 year high of $24.76. The company has a market cap of $1.02 billion, a P/E ratio of -5.47 and a beta of 1.94. The stock’s fifty day moving average price is $8.68 and its 200-day moving average price is $12.21.

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 analysts’ consensus estimates of ($0.45) by $0.09. The business had revenue of $154.88 million during the quarter, compared to the consensus estimate of $131.91 million. 10x Genomics had a negative return on equity of 25.40% and a negative net margin of 29.90%. The business’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.50) EPS. As a group, analysts expect that 10x Genomics will post -1.43 earnings per share for the current year.

Insider Buying and Selling at 10x Genomics

In related news, insider Benjamin J. Hindson sold 4,573 shares of the business’s 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 sale, the insider now directly owns 335,324 shares in the company, valued at approximately $3,712,036.68. The trade was a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Serge Saxonov sold 5,092 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 879,482 shares of the company’s stock, valued at $9,735,865.74. This represents a 0.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 9.39% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC raised its stake in 10x Genomics by 0.6% during the fourth quarter. FMR LLC now owns 13,454,434 shares of the company’s stock valued at $193,206,000 after purchasing an additional 86,455 shares in the last quarter. ARK Investment Management LLC grew its stake in shares of 10x Genomics by 7.5% in the 1st quarter. ARK Investment Management LLC now owns 12,845,713 shares of the company’s stock worth $112,143,000 after buying an additional 901,656 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of 10x Genomics by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 11,118,086 shares of the company’s stock worth $97,061,000 after buying an additional 184,537 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of 10x Genomics by 235.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,103,768 shares of the company’s stock valued at $62,016,000 after buying an additional 4,987,195 shares in the last quarter. Finally, Millennium Management LLC raised its position in shares of 10x Genomics by 434.5% during the 1st quarter. Millennium Management LLC now owns 5,377,492 shares of the company’s stock valued at $46,946,000 after buying an additional 4,371,327 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other 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.