10x Genomics (NASDAQ:TXG) Price Target Cut to $50.00 by Analysts at Canaccord Genuity Group

10x Genomics (NASDAQ:TXG) had its target price decreased by Canaccord Genuity Group from $65.00 to $50.00 in a report published on Monday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

TXG has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft decreased their price target on shares of 10x Genomics from $60.00 to $55.00 and set a buy rating on the stock in a research note on Thursday, April 18th. Stifel Nicolaus decreased their target price on shares of 10x Genomics from $68.00 to $63.00 and set a buy rating on the stock in a research note on Friday, February 16th. Finally, Barclays decreased their target price on shares of 10x Genomics from $55.00 to $45.00 and set an overweight rating on the stock in a research note on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, 10x Genomics has a consensus rating of Moderate Buy and a consensus price target of $48.50.

10x Genomics Trading Down 8.1 %

Shares of 10x Genomics stock opened at $26.92 on Monday. The firm has a market capitalization of $3.21 billion, a PE ratio of -12.41 and a beta of 1.90. 10x Genomics has a twelve month low of $24.60 and a twelve month high of $63.57. The firm’s 50-day moving average price is $36.94 and its 200 day moving average price is $42.40.

10x Genomics (NASDAQ:TXG) last issued its quarterly 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 for the quarter, compared to analyst estimates of $142.24 million. 10x Genomics had a negative net margin of 41.17% and a negative return on equity of 28.82%. 10x Genomics’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period last year, the company posted ($0.44) EPS. On average, sell-side analysts predict that 10x Genomics will post -1.47 EPS for the current fiscal year.

Insider Transactions at 10x Genomics

In related news, insider Benjamin J. Hindson sold 2,613 shares of 10x Genomics 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 $121,086.42. Following the completion of the sale, the insider now owns 283,059 shares in the company, valued at approximately $13,116,954.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Benjamin J. Hindson sold 2,613 shares of 10x Genomics 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 $121,086.42. Following the completion of the sale, the insider now owns 283,059 shares in the company, valued at approximately $13,116,954.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Serge Saxonov sold 2,821 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $46.34, for a total transaction of $130,725.14. Following the completion of the transaction, the chief executive officer now directly owns 847,560 shares of the company’s stock, valued at approximately $39,275,930.40. The disclosure for this sale can be found here. Insiders sold 12,959 shares of company stock worth $592,806 in the last 90 days. Insiders own 10.65% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC lifted its position in shares of 10x Genomics by 113.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock worth $26,000 after purchasing an additional 371 shares during the last quarter. UMB Bank n.a. lifted its position in shares of 10x Genomics by 51.6% during the 4th quarter. UMB Bank n.a. now owns 782 shares of the company’s stock worth $44,000 after purchasing an additional 266 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in shares of 10x Genomics during the 4th quarter worth $66,000. Van ECK Associates Corp lifted its position in shares of 10x Genomics by 23.4% during the 4th quarter. Van ECK Associates Corp now owns 1,908 shares of the company’s stock worth $107,000 after purchasing an additional 362 shares during the last quarter. Finally, Powell Investment Advisors LLC purchased a new stake in shares of 10x Genomics during the 4th quarter worth $200,000. Hedge funds and other 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.