10x Genomics (NASDAQ:TXG) Downgraded by TD Cowen to Hold

TD Cowen downgraded shares of 10x Genomics (NASDAQ:TXG) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning, Marketbeat.com reports. The firm currently has $32.00 target price on the stock, down from their prior target price of $57.00.

Several other equities research analysts have also recently issued reports on the stock. Stifel Nicolaus lowered their price objective on shares of 10x Genomics from $68.00 to $63.00 and set a buy rating for the company in a research report on Friday, February 16th. Deutsche Bank Aktiengesellschaft lowered their price target on 10x Genomics from $60.00 to $55.00 and set a buy rating for the company in a report on Thursday, April 18th. Canaccord Genuity Group reduced their price objective on 10x Genomics from $65.00 to $50.00 and set a buy rating on the stock in a report on Monday, April 29th. Finally, Barclays lowered their target price on 10x Genomics from $55.00 to $45.00 and set an overweight rating for the company in a report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $48.50.

10x Genomics Price Performance

Shares of TXG stock opened at $27.48 on Wednesday. The company has a market cap of $3.27 billion, a PE ratio of -12.32 and a beta of 1.94. 10x Genomics has a 1 year low of $24.60 and a 1 year high of $63.57. The stock’s 50 day simple moving average is $35.81 and its two-hundred day simple moving average is $42.10.

10x Genomics (NASDAQ:TXG) last announced its earnings results on Tuesday, April 30th. The company reported ($0.50) earnings per share for the quarter, meeting the consensus estimate of ($0.50). 10x Genomics had a negative net margin of 42.20% and a negative return on equity of 30.85%. The business had revenue of $141.01 million for the quarter, compared to the consensus estimate of $142.24 million. During the same quarter in the prior year, the firm posted ($0.44) earnings per share. The business’s revenue for the quarter was up 5.0% on a year-over-year basis. Equities research analysts expect that 10x Genomics will post -1.56 EPS for the current year.

Insider Buying and Selling at 10x Genomics

In related news, CEO Serge Saxonov sold 1,000 shares of the business’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $49.53, for a total transaction of $49,530.00. Following the completion of the transaction, the chief executive officer now directly owns 855,381 shares in the company, valued at $42,367,020.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other 10x Genomics news, CFO Justin J. Mcanear sold 1,865 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $46.34, for a total value of $86,424.10. Following the sale, the chief financial officer now owns 95,240 shares in the company, valued at approximately $4,413,421.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Serge Saxonov sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $49.53, for a total transaction of $49,530.00. Following the sale, the chief executive officer now directly owns 855,381 shares in the company, valued at approximately $42,367,020.93. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,959 shares of company stock worth $592,806. Company insiders own 10.65% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

Several hedge funds have recently modified their holdings of TXG. 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 valued at $26,000 after buying an additional 371 shares in the last quarter. UMB Bank n.a. raised its position 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 acquiring an additional 266 shares during the period. Harvest Fund Management Co. Ltd purchased a new position in 10x Genomics during the fourth quarter valued at $66,000. Van ECK Associates Corp grew its position in shares of 10x Genomics by 23.4% in the fourth quarter. Van ECK Associates Corp now owns 1,908 shares of the company’s stock valued at $107,000 after purchasing an additional 362 shares during the period. Finally, Powell Investment Advisors LLC purchased a new stake in shares of 10x Genomics during the fourth quarter worth about $200,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

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.