10x Genomics (NASDAQ:TXG) Shares Gap Down on Analyst Downgrade

10x Genomics, Inc. (NASDAQ:TXG) shares gapped down prior to trading on Thursday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $60.00 to $55.00. The stock had previously closed at $29.16, but opened at $27.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. 10x Genomics shares last traded at $27.89, with a volume of 409,343 shares changing hands.

TXG has been the topic of a number of other research reports. Barclays dropped their price objective on 10x Genomics from $55.00 to $45.00 and set an “overweight” rating on the stock in a report on Wednesday, April 10th. Stifel Nicolaus lowered their price target on 10x Genomics from $68.00 to $63.00 and set a “buy” rating on the stock in a report on Friday, February 16th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $60.22.

Insider Buying and Selling at 10x Genomics

In other news, CEO Serge Saxonov sold 1,000 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $49.53, for a total value of $49,530.00. Following the completion of the sale, the chief executive officer now directly owns 855,381 shares of the company’s stock, valued at $42,367,020.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Serge Saxonov sold 1,000 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $49.53, for a total value of $49,530.00. Following the completion of the sale, the chief executive officer now directly owns 855,381 shares of the company’s stock, valued at $42,367,020.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Justin J. Mcanear sold 1,865 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $46.34, for a total value of $86,424.10. Following the completion of the sale, the chief financial officer now directly owns 95,240 shares of the company’s stock, valued at $4,413,421.60. The disclosure for this sale can be found here. Insiders have sold a total of 12,959 shares of company stock worth $592,806 over the last 90 days. Insiders own 10.65% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

Institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC boosted its stake in 10x Genomics by 113.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock worth $26,000 after buying an additional 371 shares in the last quarter. Atlas Capital Advisors LLC boosted its stake in 10x Genomics by 41.7% during the second quarter. Atlas Capital Advisors LLC now owns 935 shares of the company’s stock worth $42,000 after buying an additional 275 shares in the last quarter. UMB Bank n.a. boosted its stake in 10x Genomics by 51.6% during the fourth quarter. UMB Bank n.a. now owns 782 shares of the company’s stock worth $44,000 after buying an additional 266 shares in the last quarter. Comerica Bank acquired a new stake in 10x Genomics during the third quarter worth $64,000. Finally, Harvest Fund Management Co. Ltd acquired a new stake in 10x Genomics during the fourth quarter worth $66,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

10x Genomics Price Performance

The stock’s 50 day simple moving average is $40.19 and its two-hundred day simple moving average is $43.01. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of -13.34 and a beta of 1.90.

10x Genomics (NASDAQ:TXG) last issued its earnings results on Thursday, February 15th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.05). 10x Genomics had a negative net margin of 41.17% and a negative return on equity of 28.82%. The firm had revenue of $183.98 million during the quarter, compared to analyst estimates of $182.73 million. During the same quarter in the prior year, the firm posted ($0.15) EPS. The firm’s revenue for the quarter was up 17.8% on a year-over-year basis. As a group, analysts predict that 10x Genomics, Inc. will post -1.47 earnings per share for the current year.

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.