The Goldman Sachs Group Lowers 10x Genomics (NASDAQ:TXG) Price Target to $26.00

10x Genomics (NASDAQ:TXG) had its target price reduced by The Goldman Sachs Group from $30.00 to $26.00 in a report released on Wednesday morning, Benzinga reports. They currently have a sell rating on the stock.

TXG has been the topic of a number of other research reports. Barclays reduced their target price 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 reduced their price objective on 10x Genomics from $63.00 to $53.00 and set a buy rating on the stock in a research note on Wednesday. Canaccord Genuity Group lowered their target price on 10x Genomics from $65.00 to $50.00 and set a buy rating for the company in a research note on Monday, April 29th. Bank of America reduced their price target on shares of 10x Genomics from $45.00 to $36.00 and set a neutral rating on the stock in a research note on Wednesday. Finally, TD Cowen cut shares of 10x Genomics from a buy rating to a hold rating and lowered their price objective for the stock from $57.00 to $32.00 in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $48.50.

10x Genomics Stock Performance

Shares of NASDAQ TXG opened at $27.48 on Wednesday. 10x Genomics has a 52 week low of $24.60 and a 52 week high of $63.57. The stock’s fifty day moving average is $36.16 and its 200 day moving average is $42.18. The stock has a market capitalization of $3.27 billion, a P/E ratio of -12.24 and a beta of 1.94.

10x Genomics (NASDAQ:TXG) last issued its earnings results on Tuesday, April 30th. The company reported ($0.50) EPS for the quarter, meeting the consensus estimate of ($0.50). The company had revenue of $141.01 million during the quarter, compared to analysts’ expectations of $142.24 million. 10x Genomics had a negative net margin of 42.20% and a negative return on equity of 30.85%. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.44) EPS. Equities research analysts forecast that 10x Genomics will post -1.47 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Serge Saxonov sold 4,660 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $44.00, for a total transaction of $205,040.00. Following the completion of the transaction, the chief executive officer now owns 842,900 shares of the company’s stock, valued at $37,087,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other 10x Genomics news, CEO Serge Saxonov sold 4,660 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $44.00, for a total value of $205,040.00. Following the sale, the chief executive officer now owns 842,900 shares in the company, valued at approximately $37,087,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Benjamin J. Hindson sold 2,613 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $46.34, for a total value of $121,086.42. Following the transaction, the insider now owns 283,059 shares of the company’s stock, valued at $13,116,954.06. The disclosure for this sale can be found here. Insiders have sold 12,959 shares of company stock valued at $592,806 in the last ninety days. 10.65% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC raised its stake in 10x Genomics by 56.4% during the third quarter. FMR LLC now owns 12,666,998 shares of the company’s stock worth $522,514,000 after buying an additional 4,565,400 shares during the last quarter. Venrock Management VI LLC acquired a new stake in 10x Genomics during the 4th quarter worth about $117,894,000. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in 10x Genomics by 58.6% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,621,778 shares of the company’s stock worth $135,925,000 after acquiring an additional 1,338,248 shares during the period. Nikko Asset Management Americas Inc. raised its position 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 worth $135,780,000 after acquiring an additional 1,338,248 shares in the last quarter. Finally, ARK Investment Management LLC lifted its stake in shares of 10x Genomics by 35.0% in the 4th quarter. ARK Investment Management LLC now owns 4,041,287 shares of the company’s stock valued at $226,150,000 after purchasing an additional 1,047,827 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

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.