10x Genomics (NASDAQ:TXG) Shares Gap Down to $19.88

Shares of 10x Genomics, Inc. (NASDAQ:TXG) gapped down prior to trading on Tuesday . The stock had previously closed at $19.88, but opened at $19.40. 10x Genomics shares last traded at $19.42, with a volume of 77,225 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on TXG shares. Jefferies Financial Group started coverage on shares of 10x Genomics in a research report on Monday, June 3rd. They set a “hold” rating and a $24.00 price objective for the company. Bank of America decreased their price objective on shares of 10x Genomics from $45.00 to $36.00 and set a “neutral” rating for the company in a research report on Wednesday, May 1st. Guggenheim reaffirmed a “neutral” rating on shares of 10x Genomics in a research report on Tuesday. UBS Group decreased their price objective on shares of 10x Genomics from $52.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday, May 1st. Finally, Stifel Nicolaus decreased their price objective on shares of 10x Genomics from $63.00 to $53.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $46.62.

10x Genomics Price Performance

The firm’s 50-day moving average is $24.38 and its 200 day moving average is $37.68. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of -8.90 and a beta of 1.87.

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 during the quarter, compared to the consensus estimate of $142.24 million. During the same period in the prior year, the firm earned ($0.44) earnings per share. The business’s quarterly revenue was up 5.0% compared to the same quarter last year. On average, sell-side analysts forecast that 10x Genomics, Inc. will post -1.53 EPS for the current year.

Insider Activity

In other 10x Genomics news, CEO Serge Saxonov sold 4,877 shares of 10x Genomics stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $24.30, for a total transaction of $118,511.10. Following the sale, the chief executive officer now owns 889,641 shares in the company, valued at $21,618,276.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other 10x Genomics news, CEO Serge Saxonov sold 4,877 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $24.30, for a total value of $118,511.10. Following the transaction, the chief executive officer now directly owns 889,641 shares of the company’s stock, valued at $21,618,276.30. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Benjamin J. Hindson sold 4,087 shares of 10x Genomics stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $24.30, for a total transaction of $99,314.10. Following the transaction, the insider now directly owns 350,055 shares in the company, valued at $8,506,336.50. The disclosure for this sale can be found here. Insiders have sold a total of 11,900 shares of company stock valued at $289,170 over the last 90 days. 10.03% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 10x Genomics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TXG. UMB Bank n.a. grew its stake in 10x Genomics by 51.6% in the 4th quarter. UMB Bank n.a. now owns 782 shares of the company’s stock valued at $44,000 after buying an additional 266 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of 10x Genomics by 23.4% during 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 in the last quarter. AIA Group Ltd increased its holdings in 10x Genomics by 0.9% during the fourth quarter. AIA Group Ltd now owns 41,369 shares of the company’s stock worth $2,315,000 after buying an additional 365 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings 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 during the last quarter. Finally, Treasurer of the State of North Carolina increased its stake in shares of 10x Genomics by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 40,717 shares of the company’s stock worth $2,279,000 after purchasing an additional 400 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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.