Canaccord Genuity Group Trims 10x Genomics (NASDAQ:TXG) Target Price to $50.00

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

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

10x Genomics Trading Down 8.1 %

Shares of TXG opened at $26.92 on Monday. The company has a market capitalization of $3.21 billion, a price-to-earnings ratio of -12.41 and a beta of 1.90. The stock has a 50 day moving average of $36.94 and a 200 day moving average of $42.40. 10x Genomics has a 12 month low of $24.60 and a 12 month high of $63.57.

10x Genomics (NASDAQ:TXG) last issued its quarterly earnings results on Tuesday, April 30th. The company reported ($0.50) EPS for the quarter, meeting analysts’ consensus estimates of ($0.50). The company had revenue of $141.01 million during the quarter, compared to the consensus estimate of $142.24 million. 10x Genomics had a negative return on equity of 28.82% and a negative net margin of 41.17%. 10x Genomics’s revenue was up 5.0% on a year-over-year basis. During the same period last year, the business posted ($0.44) earnings per share. As a group, equities research analysts predict that 10x Genomics will post -1.47 earnings per share for the current year.

Insider Transactions at 10x Genomics

In other news, insider Benjamin J. Hindson sold 2,613 shares of the company’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 completion of the transaction, the insider now directly owns 283,059 shares in the company, valued at approximately $13,116,954.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Serge Saxonov sold 2,821 shares of the business’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 $130,725.14. Following the completion of the sale, the chief executive officer now owns 847,560 shares of the company’s stock, valued at approximately $39,275,930.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Benjamin J. Hindson sold 2,613 shares of the business’s stock in a transaction dated 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 directly owns 283,059 shares of the company’s stock, valued at approximately $13,116,954.06. The disclosure for this sale can be found here. In the last three months, insiders sold 12,959 shares of company stock worth $592,806. 10.65% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC raised its position in 10x Genomics by 113.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock valued at $26,000 after purchasing an additional 371 shares during the last quarter. UMB Bank n.a. grew its holdings 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 acquiring an additional 266 shares during the period. Harvest Fund Management Co. Ltd purchased a new position in shares of 10x Genomics during the 4th quarter worth approximately $66,000. Van ECK Associates Corp grew its stake in shares of 10x Genomics by 23.4% in the 4th quarter. Van ECK Associates Corp now owns 1,908 shares of the company’s stock worth $107,000 after buying an additional 362 shares during the last quarter. Finally, Powell Investment Advisors LLC purchased a new stake in shares of 10x Genomics in the 4th quarter worth approximately $200,000. 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.