10x Genomics (NASDAQ:TXG) Trading Down 10% – Here’s What Happened

10x Genomics, Inc. (NASDAQ:TXG) fell 10% during trading on Thursday . The stock traded as low as $14.49 and last traded at $14.67. 365,930 shares traded hands during trading, a decline of 80% from the average session volume of 1,797,244 shares. The stock had previously closed at $16.31.

Analyst Ratings Changes

A number of research firms have recently commented on TXG. Morgan Stanley dropped their target price on shares of 10x Genomics from $30.00 to $28.00 and set an “overweight” rating for the company in a report on Monday, January 13th. UBS Group dropped their price target on 10x Genomics from $25.00 to $20.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lowered their price objective on 10x Genomics from $20.00 to $14.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Weiss Ratings reissued a “sell (e+)” rating on shares of 10x Genomics in a report on Saturday, January 18th. Finally, Canaccord Genuity Group dropped their price target on shares of 10x Genomics from $32.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, October 10th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.86.

10x Genomics Price Performance

The stock has a fifty day simple moving average of $14.98 and a two-hundred day simple moving average of $17.89. The firm has a market capitalization of $1.80 billion, a P/E ratio of -9.65 and a beta of 1.83.

10x Genomics (NASDAQ:TXG) last issued its earnings results on Tuesday, October 29th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.04. The company had revenue of $151.65 million for the quarter, compared to analysts’ expectations of $158.84 million. 10x Genomics had a negative return on equity of 25.07% and a negative net margin of 28.93%. 10x Genomics’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same period last year, the business earned ($0.51) EPS. As a group, sell-side analysts expect that 10x Genomics, Inc. will post -1.43 EPS for the current fiscal year.

Institutional Trading of 10x Genomics

Hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC grew its holdings in 10x Genomics by 451.8% during the third quarter. GAMMA Investing LLC now owns 1,545 shares of the company’s stock valued at $35,000 after purchasing an additional 1,265 shares during the period. Capital Performance Advisors LLP bought a new position in shares of 10x Genomics during the 3rd quarter worth $35,000. Blue Trust Inc. increased its holdings in 10x Genomics by 136.5% in the 3rd quarter. Blue Trust Inc. now owns 1,776 shares of the company’s stock worth $40,000 after acquiring an additional 1,025 shares during the last quarter. Sound Income Strategies LLC bought a new stake in 10x Genomics in the 3rd quarter valued at about $46,000. Finally, Venturi Wealth Management LLC lifted its holdings in 10x Genomics by 1,108.9% during the third quarter. Venturi Wealth Management LLC now owns 2,442 shares of the company’s stock valued at $55,000 after purchasing an additional 2,240 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

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.