10x Genomics (NASDAQ:TXG) Sets New 1-Year High – Should You Buy?

10x Genomics (NASDAQ:TXG) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $49.59 and last traded at $49.5380, with a volume of 1606197 shares trading hands. The stock had previously closed at $46.32.

Analysts Set New Price Targets

TXG has been the subject of several research reports. Zacks Research downgraded shares of 10x Genomics from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Leerink Partners increased their price objective on shares of 10x Genomics from $23.00 to $40.00 and gave the company a “market perform” rating in a research note on Friday, July 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 10x Genomics in a report on Wednesday, June 24th. Bank of America lifted their target price on shares of 10x Genomics from $21.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, April 20th. Finally, Barclays increased their price target on shares of 10x Genomics from $30.00 to $40.00 and gave the stock an “overweight” rating in a research 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 assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $32.08.

10x Genomics Stock Up 6.7%

The company’s fifty day moving average price is $36.12 and its two-hundred day moving average price is $26.32. The company has a market cap of $6.28 billion, a price-to-earnings ratio of -290.76 and a beta of 2.05.

10x Genomics (NASDAQ:TXG) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.19. The firm had revenue of $150.84 million during the quarter, compared to the consensus estimate 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 for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.28) EPS. Research analysts forecast that 10x Genomics will post -0.78 earnings per share for the current year.

Insider Activity at 10x Genomics

In other 10x Genomics news, Director Shehnaaz Suliman sold 5,723 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $32.63, for a total transaction of $186,741.49. Following the transaction, the director owned 31,722 shares of the company’s stock, valued at approximately $1,035,088.86. This represents a 15.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Adam Taich sold 15,098 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total value of $368,995.12. Following the transaction, the chief financial officer directly owned 379,898 shares in the company, valued at $9,284,707.12. This trade represents a 3.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 91,309 shares of company stock worth $2,581,357. Company insiders own 8.84% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

Several hedge funds have recently added to or reduced their stakes in TXG. Geneos Wealth Management Inc. acquired a new stake in 10x Genomics in the fourth quarter worth $38,000. Larson Financial Group LLC lifted its holdings in shares of 10x Genomics by 164.4% in the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock valued at $39,000 after purchasing an additional 1,470 shares in the last quarter. Fifth Third Bancorp bought a new stake in 10x Genomics in the 1st quarter valued at approximately $50,000. Elevation Wealth Partners LLC lifted its position in shares of 10x Genomics by 332.3% in the second quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company’s stock worth $57,000 after purchasing an additional 1,143 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in shares of 10x Genomics by 85.9% during the 4th quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock worth $60,000 after buying an additional 1,695 shares during the last quarter. Institutional investors and hedge funds 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.