10x Genomics (NASDAQ:TXG) Reaches New 12-Month Low – Here’s Why

10x Genomics, Inc. (NASDAQ:TXG)’s share price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $13.67 and last traded at $13.73, with a volume of 314522 shares. The stock had previously closed at $14.12.

Analyst Ratings Changes

Several equities analysts recently commented on TXG shares. JPMorgan Chase & Co. cut their target price on shares of 10x Genomics from $20.00 to $14.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. The Goldman Sachs Group cut their price objective on shares of 10x Genomics from $16.00 to $14.00 and set a “sell” rating for the company in a research report on Wednesday, October 30th. Jefferies Financial Group raised 10x Genomics from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Monday, July 22nd. Barclays cut their price target on 10x Genomics from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, November 1st. Finally, Leerink Partners started coverage on 10x Genomics in a report on Tuesday, September 3rd. They set an “outperform” rating and a $35.00 price objective on the stock. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, 10x Genomics presently has an average rating of “Moderate Buy” and a consensus price target of $29.19.

10x Genomics Stock Performance

The company’s 50-day moving average is $18.59 and its 200-day moving average is $20.56. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of -9.23 and a beta of 1.87.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings results on Tuesday, October 29th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.04. 10x Genomics had a negative net margin of 28.93% and a negative return on equity of 25.07%. The business had revenue of $151.65 million for the quarter, compared to analysts’ expectations of $158.84 million. During the same period in the prior year, the firm earned ($0.51) earnings per share. 10x Genomics’s revenue was down 1.3% compared to the same quarter last year. On average, analysts predict that 10x Genomics, Inc. will post -1.4 EPS for the current year.

Insider Activity

In other news, CFO Justin J. Mcanear sold 2,961 shares of 10x Genomics stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $22.53, for a total transaction of $66,711.33. Following the completion of the sale, the chief financial officer now owns 143,242 shares in the company, valued at $3,227,242.26. The trade was a 2.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Serge Saxonov sold 6,749 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $22.53, for a total transaction of $152,054.97. Following the completion of the transaction, the chief executive officer now owns 882,467 shares in the company, valued at $19,881,981.51. This represents a 0.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,061 shares of company stock valued at $316,794. Company insiders own 10.03% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

Hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC grew its holdings in shares of 10x Genomics by 113.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock valued at $26,000 after buying an additional 371 shares during the period. GAMMA Investing LLC increased its stake in 10x Genomics by 451.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,545 shares of the company’s stock worth $35,000 after purchasing an additional 1,265 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in 10x Genomics during the 3rd quarter worth approximately $35,000. First Horizon Advisors Inc. lifted its stake in 10x Genomics by 74.1% in the second quarter. First Horizon Advisors Inc. now owns 1,898 shares of the company’s stock valued at $37,000 after buying an additional 808 shares in the last quarter. Finally, Covestor Ltd boosted its holdings in shares of 10x Genomics by 501.7% in the first quarter. Covestor Ltd now owns 1,047 shares of the company’s stock valued at $39,000 after buying an additional 873 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

About 10x Genomics

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.