10x Genomics (NASDAQ:TXG) Stock Price Down 5.7% – Here’s Why

10x Genomics, Inc. (NASDAQ:TXG) fell 5.7% on Tuesday . The stock traded as low as $9.85 and last traded at $9.80. 1,508,885 shares were traded during mid-day trading, a decline of 25% from the average session volume of 2,007,915 shares. The stock had previously closed at $10.39.

Analyst Ratings Changes

TXG has been the topic of several analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of 10x Genomics in a report on Saturday, March 22nd. Leerink Partners downgraded shares of 10x Genomics from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $25.00 to $12.00 in a research note on Thursday, February 13th. Stifel Nicolaus cut their price target on shares of 10x Genomics from $21.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Citigroup decreased their price objective on shares of 10x Genomics from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Finally, Leerink Partnrs downgraded 10x Genomics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $20.21.

10x Genomics Trading Down 1.8 %

The stock’s 50-day moving average price is $12.35 and its 200-day moving average price is $15.26. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of -6.19 and a beta of 1.93.

10x Genomics (NASDAQ:TXG) last released its earnings results on Wednesday, February 12th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.08). 10x Genomics had a negative net margin of 29.90% and a negative return on equity of 25.40%. As a group, analysts predict that 10x Genomics, Inc. will post -1.43 earnings per share for the current year.

Insider Activity at 10x Genomics

In other news, insider Benjamin J. Hindson sold 4,573 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $11.07, for a total value of $50,623.11. Following the completion of the sale, the insider now directly owns 335,324 shares in the company, valued at $3,712,036.68. This trade represents a 1.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Alan Mateo bought 40,000 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The stock was purchased at an average cost of $11.14 per share, with a total value of $445,600.00. Following the completion of the transaction, the director now directly owns 61,691 shares in the company, valued at $687,237.74. This represents a 184.41 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 10.03% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On 10x Genomics

Several hedge funds and other institutional investors have recently modified their holdings of TXG. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of 10x Genomics by 19.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 28,497 shares of the company’s stock worth $409,000 after purchasing an additional 4,545 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of 10x Genomics by 69.1% in the fourth quarter. Mackenzie Financial Corp now owns 53,390 shares of the company’s stock valued at $767,000 after purchasing an additional 21,817 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in 10x Genomics during the 4th quarter worth $32,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in 10x Genomics by 10.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,116,573 shares of the company’s stock worth $30,394,000 after purchasing an additional 193,588 shares in the last quarter. Finally, Voloridge Investment Management LLC increased its position in shares of 10x Genomics by 12.1% during the fourth quarter. Voloridge Investment Management LLC now owns 1,585,965 shares of the company’s stock valued at $22,774,000 after acquiring an additional 171,161 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

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.