10x Genomics (NASDAQ:TXG) Price Target Lowered to $23.00 at Citigroup

10x Genomics (NASDAQ:TXG) had its price target reduced by Citigroup from $35.00 to $23.00 in a report released on Wednesday, Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other equities research analysts have also commented on TXG. The Goldman Sachs Group reduced their price target on shares of 10x Genomics from $16.00 to $14.00 and set a “sell” rating for the company in a report on Wednesday. UBS Group reduced their price target on shares of 10x Genomics from $25.00 to $20.00 and set a “neutral” rating for the company in a report on Wednesday. Deutsche Bank Aktiengesellschaft lowered shares of 10x Genomics from a “buy” rating to a “hold” rating and reduced their price target for the company from $55.00 to $25.00 in a report on Wednesday, July 10th. Barclays reduced their price target on shares of 10x Genomics from $24.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 15th. Finally, Leerink Partnrs upgraded shares of 10x Genomics to a “strong-buy” rating in a report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $29.31.

10x Genomics Price Performance

Shares of TXG opened at $16.49 on Wednesday. 10x Genomics has a 1-year low of $14.02 and a 1-year high of $57.90. The company has a 50-day moving average of $20.12 and a 200 day moving average of $21.49. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of -10.78 and a beta of 1.85.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings data on Tuesday, October 29th. The company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.04. 10x Genomics had a negative net margin of 37.90% and a negative return on equity of 28.23%. The company had revenue of $151.65 million during the quarter, compared to analyst estimates of $158.84 million. During the same quarter last year, the business posted ($0.51) EPS. The firm’s revenue for the quarter was down 1.3% on a year-over-year basis. On average, equities analysts anticipate that 10x Genomics will post -1.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 10x Genomics news, CFO Justin J. Mcanear sold 2,961 shares of the business’s 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 $66,711.33. Following the sale, the chief financial officer now owns 143,242 shares of the company’s stock, valued at approximately $3,227,242.26. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, 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 sale, the chief executive officer now directly owns 882,467 shares of the company’s stock, valued at $19,881,981.51. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Justin J. Mcanear sold 2,961 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 transaction of $66,711.33. Following the completion of the sale, the chief financial officer now directly owns 143,242 shares in the company, valued at $3,227,242.26. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,061 shares of company stock valued at $316,794. Insiders own 10.03% of the company’s stock.

Institutional Trading of 10x Genomics

Several large investors have recently made changes to their positions in TXG. Allspring Global Investments Holdings LLC boosted its holdings in shares of 10x Genomics by 113.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock valued at $26,000 after acquiring an additional 371 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of 10x Genomics by 58.6% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,621,778 shares of the company’s stock valued at $135,925,000 after purchasing an additional 1,338,248 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of 10x Genomics by 264.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 319,287 shares of the company’s stock valued at $11,983,000 after purchasing an additional 231,697 shares during the period. Capstone Investment Advisors LLC lifted its stake in shares of 10x Genomics by 191.6% in the 1st quarter. Capstone Investment Advisors LLC now owns 16,115 shares of the company’s stock valued at $605,000 after purchasing an additional 10,589 shares during the period. Finally, Nikko Asset Management Americas Inc. lifted its stake in shares of 10x Genomics by 58.6% in the 1st 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 during the period. 84.68% of the stock is owned by hedge funds and other 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.