10x Genomics (NASDAQ:TXG) Shares Gap Down Following Weak Earnings

10x Genomics, Inc. (NASDAQ:TXG) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $12.00, but opened at $11.15. 10x Genomics shares last traded at $11.70, with a volume of 1,314,605 shares changing hands.

The company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.08). 10x Genomics had a negative net margin of 28.93% and a negative return on equity of 25.07%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Morgan Stanley dropped their price objective 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. JPMorgan Chase & Co. cut their price target on shares of 10x Genomics from $20.00 to $14.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Stifel Nicolaus decreased their price objective on 10x Genomics from $21.00 to $18.00 and set a “buy” rating for the company in a report on Thursday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of 10x Genomics in a report on Saturday, February 1st. Finally, UBS Group decreased their price target on 10x Genomics from $20.00 to $14.00 and set a “neutral” rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $21.21.

Institutional Trading of 10x Genomics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TXG. FMR LLC grew its position in 10x Genomics by 0.6% in the 4th quarter. FMR LLC now owns 13,454,434 shares of the company’s stock worth $193,206,000 after purchasing an additional 86,455 shares in the last quarter. Russell Investments Group Ltd. boosted its position in 10x Genomics by 70.1% in the fourth quarter. Russell Investments Group Ltd. now owns 16,818 shares of the company’s stock worth $242,000 after purchasing an additional 6,932 shares during the last quarter. Grant Private Wealth Management Inc bought a new position in 10x Genomics in the 4th quarter valued at $209,000. Bryce Point Capital LLC bought a new stake in shares of 10x Genomics in the 4th quarter worth approximately $448,000. Finally, Trexquant Investment LP grew its holdings in 10x Genomics by 196.2% during the fourth quarter. Trexquant Investment LP now owns 594,611 shares of the company’s stock valued at $8,539,000 after purchasing an additional 393,854 shares during the period. 84.68% of the stock is owned by institutional investors.

10x Genomics Stock Down 3.5 %

The stock has a 50-day simple moving average of $14.82 and a 200-day simple moving average of $17.47. The firm has a market capitalization of $1.40 billion, a PE ratio of -7.63 and a beta of 1.85.

10x Genomics Company Profile

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.