UBS Group Initiates Coverage on 10x Genomics (NASDAQ:TXG)

Equities research analysts at UBS Group assumed coverage on shares of 10x Genomics (NASDAQ:TXG) in a report released on Wednesday, MarketBeat Ratings reports. The firm set a “neutral” rating and a $68.00 price target on the stock. UBS Group’s target price points to a potential upside of 5.42% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Morgan Stanley increased their price target on shares of 10x Genomics from $37.00 to $40.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th. JPMorgan Chase & Co. upped their target price on shares of 10x Genomics from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 12th. Citigroup increased their target price on 10x Genomics from $45.00 to $50.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Stifel Nicolaus set a $50.00 target price on 10x Genomics in a research note on Friday, August 7th. Finally, Canaccord Genuity Group raised their price target on 10x Genomics from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Five equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, 10x Genomics currently has a consensus rating of “Hold” and an average target price of $44.00.

10x Genomics Trading Down 1.7%

Shares of TXG traded down $1.10 during trading hours on Wednesday, reaching $64.50. 120,475 shares of the company’s stock traded hands, compared to its average volume of 2,844,766. 10x Genomics has a 12 month low of $11.16 and a 12 month high of $66.94. The stock has a market cap of $8.40 billion, a PE ratio of -109.87 and a beta of 2.08. The firm’s 50 day simple moving average is $51.97 and its 200-day simple moving average is $34.09.

10x Genomics (NASDAQ:TXG) last announced its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.10. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. The business had revenue of $151.04 million for the quarter, compared to the consensus estimate of $146.67 million. During the same period last year, the firm posted $0.28 earnings per share. 10x Genomics’s quarterly revenue was down 12.7% on a year-over-year basis. As a group, analysts expect that 10x Genomics will post -0.75 earnings per share for the current fiscal year.

Insider Activity

In other 10x Genomics news, CEO Serge Saxonov sold 30,000 shares of 10x Genomics stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $34.44, for a total transaction of $1,033,200.00. Following the transaction, the chief executive officer directly owned 1,108,380 shares of the company’s stock, valued at approximately $38,172,607.20. This trade represents a 2.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Adam Taich sold 17,166 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $63.02, for a total transaction of $1,081,801.32. Following the completion of the sale, the chief financial officer owned 362,732 shares of the company’s stock, valued at approximately $22,859,370.64. The trade was a 4.52% 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. In the last three months, insiders sold 137,945 shares of company stock valued at $7,539,588. Insiders own 8.84% of the company’s stock.

Institutional Trading of 10x Genomics

Several hedge funds have recently added to or reduced their stakes in TXG. California State Teachers Retirement System grew its stake in shares of 10x Genomics by 3,700.4% during the second quarter. California State Teachers Retirement System now owns 4,679,895 shares of the company’s stock valued at $179,427,000 after buying an additional 4,556,753 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of 10x Genomics by 241.3% in the 2nd quarter. AQR Capital Management LLC now owns 4,137,801 shares of the company’s stock valued at $47,916,000 after acquiring an additional 2,925,372 shares during the last quarter. Millennium Management LLC boosted its holdings in 10x Genomics by 84.7% during the 3rd quarter. Millennium Management LLC now owns 5,437,969 shares of the company’s stock valued at $63,570,000 after acquiring an additional 2,494,142 shares during the period. Wellington Management Group LLP boosted its holdings in 10x Genomics by 126.6% during the 3rd quarter. Wellington Management Group LLP now owns 4,285,628 shares of the company’s stock valued at $50,099,000 after acquiring an additional 2,394,355 shares during the period. Finally, Quantinno Capital Management LP grew its position in 10x Genomics by 207.2% during the 2nd quarter. Quantinno Capital Management LP now owns 2,233,526 shares of the company’s stock worth $25,864,000 after acquiring an additional 1,506,530 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

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.