10x Genomics (NASDAQ:TXG) Hits New 12-Month High – What’s Next?

10x Genomics (NASDAQ:TXG)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $40.56 and last traded at $39.7140, with a volume of 618917 shares traded. The stock had previously closed at $39.01.

Analysts Set New Price Targets

Several analysts recently commented on TXG shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 10x Genomics in a research note on Wednesday, June 24th. Canaccord Genuity Group lifted their price objective on 10x Genomics from $22.00 to $32.00 and gave the company a “buy” rating in a report on Monday, April 20th. Piper Sandler boosted their target price on shares of 10x Genomics from $20.00 to $42.00 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. William Blair raised shares of 10x Genomics from a “market perform” rating to an “outperform” rating in a report on Tuesday, March 31st. Finally, Barclays lifted their price target on shares of 10x Genomics from $30.00 to $40.00 and gave the company an “overweight” rating in a report on Wednesday, June 24th. Four investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $25.92.

10x Genomics Trading Up 2.8%

The stock has a fifty day moving average of $28.07 and a two-hundred day moving average of $22.88. The stock has a market capitalization of $5.09 billion, a price-to-earnings ratio of -235.55 and a beta of 2.05.

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

Insider Activity at 10x Genomics

In other news, Director Shehnaaz Suliman sold 5,723 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $32.63, for a total transaction of $186,741.49. Following the transaction, the director directly owned 31,722 shares in the company, valued at approximately $1,035,088.86. This represents a 15.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Benjamin J. Hindson sold 11,595 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total transaction of $283,381.80. Following the sale, the insider directly owned 502,000 shares in the company, valued at $12,268,880. This trade represents a 2.26% decrease in their ownership of the stock. 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. Insiders have sold 96,309 shares of company stock worth $2,704,157 in the last 90 days. Corporate insiders own 8.84% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Geneos Wealth Management Inc. acquired a new stake in shares of 10x Genomics in the 4th quarter valued at $38,000. Larson Financial Group LLC lifted its stake in shares of 10x Genomics by 164.4% during the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock valued at $39,000 after acquiring an additional 1,470 shares during the period. Fifth Third Bancorp acquired a new position in shares of 10x Genomics during the first quarter valued at $50,000. Van ECK Associates Corp boosted its holdings in 10x Genomics by 85.9% in the fourth quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock valued at $60,000 after acquiring an additional 1,695 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in 10x Genomics by 203.9% in the second quarter. EverSource Wealth Advisors LLC now owns 7,490 shares of the company’s stock valued at $87,000 after acquiring an additional 5,025 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

About 10x Genomics

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.