The Goldman Sachs Group Lowers 10x Genomics (NASDAQ:TXG) Price Target to $16.00

10x Genomics (NASDAQ:TXG) had its price objective cut by research analysts at The Goldman Sachs Group from $26.00 to $16.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a “sell” rating on the stock. The Goldman Sachs Group’s target price suggests a potential upside of 1.85% from the company’s previous close.

A number of other equities analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft dropped their target price on 10x Genomics from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Thursday, April 18th. UBS Group lowered their price target on 10x Genomics from $52.00 to $30.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. Stifel Nicolaus reduced their target price on shares of 10x Genomics from $63.00 to $53.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. Guggenheim restated a “neutral” rating on shares of 10x Genomics in a report on Tuesday, June 25th. Finally, TD Cowen lowered 10x Genomics from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $57.00 to $32.00 in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $41.92.

10x Genomics Stock Down 13.9 %

TXG opened at $15.71 on Tuesday. The company has a market cap of $1.87 billion, a P/E ratio of -7.04 and a beta of 1.84. 10x Genomics has a 52-week low of $15.28 and a 52-week high of $63.57. The company has a 50 day moving average of $22.10 and a two-hundred day moving average of $34.90.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings data on Tuesday, April 30th. The company reported ($0.50) earnings per share for the quarter, hitting the consensus estimate of ($0.50). The company had revenue of $141.01 million during the quarter, compared to analyst estimates of $142.24 million. 10x Genomics had a negative net margin of 42.20% and a negative return on equity of 30.85%. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period last year, the business earned ($0.44) EPS. Research analysts anticipate that 10x Genomics will post -1.53 earnings per share for the current year.

Insider Buying and Selling

In other 10x Genomics news, CEO Serge Saxonov sold 4,877 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $24.30, for a total value of $118,511.10. Following the completion of the sale, the chief executive officer now directly owns 889,641 shares of the company’s stock, valued at $21,618,276.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other 10x Genomics news, CFO Justin J. Mcanear sold 2,936 shares of 10x Genomics stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $24.30, for a total transaction of $71,344.80. Following the completion of the sale, the chief financial officer now directly owns 146,203 shares in the company, valued at $3,552,732.90. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Serge Saxonov sold 4,877 shares of the company’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $24.30, for a total transaction of $118,511.10. Following the completion of the transaction, the chief executive officer now owns 889,641 shares of the company’s stock, valued at $21,618,276.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,900 shares of company stock worth $289,170. 10.03% of the stock is owned by insiders.

Institutional Trading of 10x Genomics

Several hedge funds have recently added to or reduced their stakes in the business. SVB Wealth LLC lifted its holdings in 10x Genomics by 92.1% in the 4th quarter. SVB Wealth LLC now owns 1,446,552 shares of the company’s stock worth $80,949,000 after buying an additional 693,422 shares during the period. Venrock Management VI LLC bought a new position in shares of 10x Genomics during the fourth quarter valued at approximately $117,894,000. Sumitomo Mitsui Trust Holdings Inc. increased its position in 10x Genomics by 32.9% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,283,530 shares of the company’s stock valued at $127,786,000 after buying an additional 565,059 shares in the last quarter. Bleakley Financial Group LLC bought a new position in 10x Genomics in the 4th quarter worth about $234,000. Finally, ARK Investment Management LLC grew its holdings in shares of 10x Genomics by 35.0% during the fourth quarter. ARK Investment Management LLC now owns 4,041,287 shares of the company’s stock valued at $226,150,000 after buying an additional 1,047,827 shares during the last quarter. 84.68% of the stock is 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.