Pier 88 Investment Partners LLC Acquires 5,900 Shares of 10x Genomics, Inc. (NASDAQ:TXG)

Pier 88 Investment Partners LLC raised its stake in 10x Genomics, Inc. (NASDAQ:TXG) by 83.1% in the second quarter, Holdings Channel reports. The fund owned 13,000 shares of the company’s stock after purchasing an additional 5,900 shares during the quarter. Pier 88 Investment Partners LLC’s holdings in 10x Genomics were worth $253,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. ARK Investment Management LLC increased its position in 10x Genomics by 48.2% during the 2nd quarter. ARK Investment Management LLC now owns 9,313,763 shares of the company’s stock worth $181,153,000 after purchasing an additional 3,029,951 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of 10x Genomics by 69.6% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,143,067 shares of the company’s stock valued at $119,483,000 after acquiring an additional 2,521,289 shares during the last quarter. Venrock Management VI LLC bought a new position in 10x Genomics in the fourth quarter valued at about $117,894,000. Nikko Asset Management Americas Inc. boosted its stake in shares of 10x Genomics by 58.6% during the first quarter. Nikko Asset Management Americas Inc. now owns 3,621,778 shares of the company’s stock valued at $135,780,000 after purchasing an additional 1,338,248 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of 10x Genomics in the fourth quarter valued at approximately $36,262,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

10x Genomics Stock Down 6.9 %

Shares of NASDAQ TXG opened at $21.54 on Friday. The company has a market capitalization of $2.60 billion, a PE ratio of -9.66 and a beta of 1.85. The stock’s 50 day moving average price is $20.19 and its 200-day moving average price is $26.87. 10x Genomics, Inc. has a twelve month low of $15.28 and a twelve month high of $57.90.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.15. 10x Genomics had a negative return on equity of 28.23% and a negative net margin of 37.90%. The firm had revenue of $153.10 million during the quarter, compared to the consensus estimate of $150.90 million. As a group, research analysts expect that 10x Genomics, Inc. will post -1.35 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on TXG shares. Guggenheim reiterated a “neutral” rating on shares of 10x Genomics in a research report on Tuesday, June 25th. UBS Group dropped their price target on 10x Genomics from $30.00 to $25.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft cut shares of 10x Genomics from a “buy” rating to a “hold” rating and cut their price objective for the stock from $55.00 to $25.00 in a research report on Wednesday, July 10th. Stifel Nicolaus reduced their price target on shares of 10x Genomics from $53.00 to $25.00 and set a “buy” rating for the company in a research report on Tuesday, July 16th. Finally, Leerink Partners assumed coverage on shares of 10x Genomics in a research report on Tuesday, September 3rd. They issued an “outperform” rating and a $35.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.60.

Insider Buying and Selling

In other news, insider Benjamin J. Hindson sold 4,351 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 $98,028.03. Following the completion of the transaction, the insider now directly owns 345,704 shares of the company’s stock, valued at approximately $7,788,711.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other 10x Genomics news, insider Benjamin J. Hindson sold 4,351 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total value of $98,028.03. Following the completion of the sale, the insider now directly owns 345,704 shares of the company’s stock, valued at $7,788,711.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Serge Saxonov sold 6,749 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $22.53, for a total value of $152,054.97. Following the transaction, the chief executive officer now directly owns 882,467 shares in the company, valued at approximately $19,881,981.51. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 14,061 shares of company stock valued at $316,794. 10.03% of the stock is owned by insiders.

10x Genomics 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.