Canaccord Genuity Group Trims 10x Genomics (NASDAQ:TXG) Target Price to $32.00

10x Genomics (NASDAQ:TXG) had its target price trimmed by Canaccord Genuity Group from $50.00 to $32.00 in a research report released on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts also recently weighed in on TXG. Jefferies Financial Group upgraded 10x Genomics from a hold rating to a buy rating and set a $24.00 price objective for the company in a research report on Monday, July 22nd. TD Cowen downgraded 10x Genomics from a buy rating to a hold rating and dropped their price objective for the stock from $57.00 to $32.00 in a research report on Wednesday, May 1st. Guggenheim restated a neutral rating on shares of 10x Genomics in a research report on Tuesday, June 25th. UBS Group dropped their price objective on 10x Genomics from $52.00 to $30.00 and set a neutral rating for the company in a research report on Wednesday, May 1st. Finally, The Goldman Sachs Group dropped their price objective on 10x Genomics from $26.00 to $16.00 and set a sell rating for the company in a research report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, 10x Genomics currently has an average rating of Hold and an average price target of $36.29.

10x Genomics Price Performance

Shares of NASDAQ TXG opened at $20.22 on Tuesday. The stock’s fifty day moving average price is $20.21 and its two-hundred day moving average price is $32.02. 10x Genomics has a one year low of $15.28 and a one year high of $63.57. The firm has a market cap of $2.41 billion, a price-to-earnings ratio of -9.07 and a beta of 1.84.

10x Genomics (NASDAQ:TXG) last released its earnings results on Tuesday, April 30th. The company reported ($0.50) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.50). The firm had revenue of $141.01 million during the quarter, compared to the consensus estimate of $142.24 million. 10x Genomics had a negative return on equity of 30.85% and a negative net margin of 42.20%. The company’s revenue was up 5.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.44) EPS. On average, equities analysts anticipate that 10x Genomics will post -1.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Benjamin J. Hindson sold 4,087 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $24.30, for a total transaction of $99,314.10. Following the completion of the sale, the insider now owns 350,055 shares of the company’s stock, valued at $8,506,336.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other 10x Genomics news, CEO Serge Saxonov sold 4,877 shares of the firm’s stock in a transaction that occurred 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 owns 889,641 shares of the company’s stock, valued at $21,618,276.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benjamin J. Hindson sold 4,087 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $24.30, for a total value of $99,314.10. Following the completion of the sale, the insider now directly owns 350,055 shares of the company’s stock, valued at approximately $8,506,336.50. The disclosure for this sale can be found here. Insiders sold 11,900 shares of company stock valued at $289,170 over the last 90 days. Company insiders own 10.03% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

A number of hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its holdings in shares of 10x Genomics by 113.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock valued at $26,000 after purchasing an additional 371 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of 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 purchasing an additional 808 shares in the last quarter. Covestor Ltd lifted 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 purchasing an additional 873 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of 10x Genomics by 51.6% in the fourth quarter. UMB Bank n.a. now owns 782 shares of the company’s stock valued at $44,000 after purchasing an additional 266 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of 10x Genomics in the fourth quarter valued at approximately $66,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

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.