10x Genomics (NASDAQ:TXG) Reaches New 1-Year High – Still a Buy?

10x Genomics (NASDAQ:TXG) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $36.59 and last traded at $35.6930, with a volume of 178604 shares traded. The stock had previously closed at $34.76.

Analysts Set New Price Targets

A number of research analysts have commented on TXG shares. Barclays increased their price objective on 10x Genomics from $22.00 to $30.00 and gave the company an “overweight” rating in a research report on Tuesday, April 14th. Weiss Ratings restated a “sell (d-)” rating on shares of 10x Genomics in a research note on Friday, March 27th. Canaccord Genuity Group boosted their target price on shares of 10x Genomics from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Citigroup raised their price objective on 10x Genomics from $18.00 to $24.00 and gave the company a “neutral” rating in a research report on Tuesday, April 7th. Finally, JPMorgan Chase & Co. increased their price target on shares of 10x Genomics from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Tuesday, May 12th. Four analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $23.17.

10x Genomics Trading Up 0.7%

The business has a 50-day simple moving average of $25.61 and a 200 day simple moving average of $21.52. The stock has a market cap of $4.44 billion, a P/E ratio of -205.91 and a beta of 2.12.

10x Genomics (NASDAQ:TXG) last released its earnings results on Thursday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.19. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.86%. The company had revenue of $150.84 million for the quarter, compared to the consensus estimate of $146.41 million. During the same quarter in the previous year, the company earned ($0.28) EPS. 10x Genomics’s quarterly revenue was up 9.4% compared to the same quarter last year. As a group, equities analysts expect that 10x Genomics will post -0.79 earnings per share for the current year.

Insider Activity at 10x Genomics

In other 10x Genomics news, CFO Adam Taich sold 15,098 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $24.44, for a total value of $368,995.12. Following the completion of the sale, the chief financial officer directly owned 379,898 shares of the company’s stock, valued at $9,284,707.12. This trade represents a 3.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Serge Saxonov sold 10,718 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $24.71, for a total transaction of $264,841.78. Following the sale, the chief executive officer directly owned 1,138,380 shares in the company, valued at $28,129,369.80. The trade was a 0.93% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 71,309 shares of company stock worth $1,768,557. 8.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 10x Genomics

Institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada increased its stake in 10x Genomics by 806.4% during the 1st quarter. Royal Bank of Canada now owns 182,836 shares of the company’s stock valued at $1,597,000 after purchasing an additional 162,665 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of 10x Genomics by 163.5% in the first quarter. Goldman Sachs Group Inc. now owns 645,366 shares of the company’s stock worth $5,634,000 after buying an additional 400,430 shares in the last quarter. Focus Partners Wealth bought a new position in 10x Genomics during the first quarter valued at $92,000. Legal & General Group Plc increased its position in shares of 10x Genomics by 5.7% during the 2nd quarter. Legal & General Group Plc now owns 110,864 shares of the company’s stock valued at $1,284,000 after purchasing an additional 5,985 shares during the last quarter. Finally, American Century Companies Inc. purchased a new stake in 10x Genomics in the 2nd quarter worth about $933,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

10x Genomics Company Profile

10x Genomics, Inc is a biotechnology company specializing in advanced genomic analysis solutions that enable researchers to explore biology at unprecedented resolution. The company develops and manufactures integrated hardware, consumables and software products for single-cell sequencing and spatial genomics. Its flagship Chromium product line supports applications in single-cell RNA sequencing, immune profiling and genome assembly, while the Visium and Xenium platforms offer spatial transcriptomics and in situ analysis, respectively.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves a global customer base that includes academic institutions, pharmaceutical and biotechnology companies, and government research organizations.