10x Genomics (NASDAQ:TXG) Stock Falls 7.1% – Time to Sell?

10x Genomics (NASDAQ:TXG) shares traded down 7.1% during mid-day trading on Monday. The company traded as low as $75.63 and last traded at $74.9030. 847,170 shares traded hands during trading, a decline of 71% from the average daily volume of 2,967,076 shares. The stock had previously closed at $80.65.

Analysts Set New Price Targets

A number of equities research analysts have commented on TXG shares. Citigroup increased their target price on 10x Genomics from $45.00 to $50.00 and gave the company a “neutral” rating in a report on Friday, August 7th. TD Cowen reissued a “hold” rating on shares of 10x Genomics in a report on Wednesday, July 15th. Argus initiated coverage on 10x Genomics in a research report on Monday, September 28th. They issued a “buy” rating and a $110.00 price objective on the stock. Barclays upped their price objective on 10x Genomics from $52.00 to $110.00 and gave the company an “overweight” rating in a research report on Wednesday, October 7th. Finally, Royal Bank Of Canada assumed coverage on 10x Genomics in a research note on Tuesday, September 1st. They set a “sector perform” rating and a $70.00 price objective on the stock. Six investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $63.27.

10x Genomics Stock Performance

The company has a market cap of $9.48 billion, a price-to-earnings ratio of -123.46 and a beta of 1.99. The stock’s fifty day simple moving average is $68.66 and its two-hundred day simple moving average is $43.83.

10x Genomics (NASDAQ:TXG) last issued its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.10. 10x Genomics had a negative return on equity of 9.33% and a negative net margin of 12.18%. The business had revenue of $151.04 million during the quarter, compared to analysts’ expectations of $146.67 million. During the same quarter in the previous year, the business earned $0.28 EPS. The company’s revenue for the quarter was down 12.7% on a year-over-year basis. Analysts predict that 10x Genomics will post -0.75 EPS for the current fiscal year.

Insider Activity at 10x Genomics

In other news, CFO Adam Taich sold 46,388 shares of the stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $64.57, for a total transaction of $2,995,273.16. Following the completion of the transaction, the chief financial officer directly owned 316,344 shares in the company, valued at approximately $20,426,332.08. This represents a 12.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John R. Stuelpnagel sold 20,000 shares of the stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $61.75, for a total transaction of $1,235,000.00. Following the transaction, the director owned 328,436 shares in the company, valued at $20,280,923. This trade represents a 5.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 179,333 shares of company stock valued at $11,810,070. 8.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On 10x Genomics

A number of institutional investors have recently modified their holdings of the stock. Sei Investments Co. lifted its position in shares of 10x Genomics by 113.5% during the first quarter. Sei Investments Co. now owns 44,679 shares of the company’s stock worth $949,000 after purchasing an additional 23,748 shares during the last quarter. Squarepoint Ops LLC acquired a new position in 10x Genomics in the second quarter worth about $2,069,000. Proficio Capital Partners LLC acquired a new position in 10x Genomics in the second quarter worth about $781,000. HB Wealth Management LLC acquired a new position in 10x Genomics in the second quarter worth about $285,000. Finally, Hsbc Holdings PLC bought a new stake in 10x Genomics in the first quarter valued at about $5,945,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

About 10x Genomics

10x Genomics, Inc is a life sciences technology company that develops tools for analyzing biological systems at high resolution. Its platforms are used by academic and government research institutions, pharmaceutical and biotechnology companies, and other organizations studying genomics, cell biology, immunology, neuroscience, and disease mechanisms.

The company’s product portfolio includes the Chromium platform for single-cell and other multiomics analyses, the Visium platform for spatial analysis of tissue, and the Xenium platform for high-plex in situ analysis of gene expression.