10x Genomics (NASDAQ:TXG) Reaches New 52-Week High – What’s Next?

10x Genomics (NASDAQ:TXG) reached a new 52-week high during trading on Wednesday . The company traded as high as $61.25 and last traded at $60.32, with a volume of 590332 shares trading hands. The stock had previously closed at $55.63.

Wall Street Analysts Forecast Growth

TXG has been the subject of several research analyst reports. Canaccord Genuity Group boosted their target price on shares of 10x Genomics from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. TD Cowen reissued a “hold” rating on shares of 10x Genomics in a report on Wednesday, July 15th. Barclays upped their target price on 10x Genomics from $30.00 to $40.00 and gave the company an “overweight” rating in a report on Wednesday, June 24th. Morgan Stanley increased their target price on 10x Genomics from $37.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Finally, Citigroup lifted their price target on 10x Genomics from $45.00 to $50.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Five research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $38.31.

10x Genomics Stock Up 8.3%

The stock has a market capitalization of $7.85 billion, a P/E ratio of -102.07 and a beta of 2.03. The firm’s 50-day simple moving average is $43.00 and its 200 day simple moving average is $29.41.

10x Genomics (NASDAQ:TXG) last issued its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.10. The firm had revenue of $151.04 million during the quarter, compared to analysts’ expectations of $146.67 million. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. The firm’s revenue for the quarter was down 12.7% compared to the same quarter last year. During the same period last year, the firm posted $0.28 earnings per share. As a group, equities analysts anticipate that 10x Genomics will post -0.79 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Benjamin J. Hindson sold 11,595 shares of 10x Genomics stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $24.44, for a total value of $283,381.80. Following the transaction, the insider owned 502,000 shares of the company’s stock, valued at approximately $12,268,880. This trade represents a 2.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director John R. Stuelpnagel sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $57.75, for a total transaction of $1,155,000.00. Following the sale, the director directly owned 348,436 shares of the company’s stock, valued at $20,122,179. This represents a 5.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 111,309 shares of company stock worth $3,736,357. Corporate insiders own 8.84% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

Several hedge funds have recently made changes to their positions in TXG. Sei Investments Co. lifted its stake in 10x Genomics by 113.5% in the first quarter. Sei Investments Co. now owns 44,679 shares of the company’s stock valued at $949,000 after acquiring an additional 23,748 shares during the last quarter. Simplify Asset Management Inc. acquired a new position in shares of 10x Genomics during the 4th quarter worth $7,926,000. Clough Capital Partners L P bought a new position in shares of 10x Genomics during the 4th quarter valued at $9,955,000. Caprock Group LLC lifted its stake in shares of 10x Genomics by 59.4% in the 4th quarter. Caprock Group LLC now owns 190,913 shares of the company’s stock valued at $3,114,000 after purchasing an additional 71,110 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. acquired a new stake in shares of 10x Genomics in the 4th quarter valued at $571,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

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.