10x Genomics (NASDAQ:TXG) Hits New 52-Week Low Following Analyst Downgrade

10x Genomics, Inc. (NASDAQ:TXG) reached a new 52-week low during trading on Thursday after Canaccord Genuity Group lowered their price target on the stock from $32.00 to $20.00. Canaccord Genuity Group currently has a buy rating on the stock. 10x Genomics traded as low as $15.14 and last traded at $15.14, with a volume of 586898 shares trading hands. The stock had previously closed at $20.81.

Other research analysts have also issued research reports about the company. Stifel Nicolaus dropped their target price on 10x Genomics from $53.00 to $25.00 and set a “buy” rating on the stock in a report on Tuesday, July 16th. UBS Group reduced their price objective on shares of 10x Genomics from $30.00 to $25.00 and set a “neutral” rating for the company in a research note on Tuesday, August 13th. Morgan Stanley dropped their price objective on 10x Genomics from $50.00 to $46.00 and set an “overweight” rating for the company in a research note on Tuesday, August 13th. Barclays lowered their target price on 10x Genomics from $36.00 to $24.00 and set an “overweight” rating on the stock in a report on Friday, June 28th. Finally, Leerink Partners started coverage on 10x Genomics in a research note on Tuesday, September 3rd. They issued an “outperform” rating and a $35.00 target price on the stock. One research analyst has rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $30.80.

Insider Buying and Selling

In related news, insider Benjamin J. Hindson sold 4,351 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total transaction of $98,028.03. Following the sale, the insider now directly owns 345,704 shares of the company’s stock, valued at approximately $7,788,711.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Benjamin J. Hindson sold 4,351 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $22.53, for a total transaction of $98,028.03. Following the sale, the insider now owns 345,704 shares in the company, valued at $7,788,711.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Justin J. Mcanear sold 2,961 shares of 10x Genomics stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $22.53, for a total value of $66,711.33. Following the completion of the transaction, the chief financial officer now owns 143,242 shares of the company’s stock, valued at approximately $3,227,242.26. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 14,061 shares of company stock valued at $316,794. Company insiders own 10.03% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

Large investors have recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of 10x Genomics by 58.6% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,621,778 shares of the company’s stock worth $135,925,000 after purchasing an additional 1,338,248 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of 10x Genomics by 1.0% in the first quarter. Vanguard Group Inc. now owns 9,101,536 shares of the company’s stock valued at $341,581,000 after acquiring an additional 90,204 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in 10x Genomics by 264.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 319,287 shares of the company’s stock worth $11,983,000 after purchasing an additional 231,697 shares in the last quarter. SG Americas Securities LLC lifted its position in 10x Genomics by 604.9% in the second quarter. SG Americas Securities LLC now owns 101,344 shares of the company’s stock worth $1,971,000 after purchasing an additional 86,967 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of 10x Genomics by 0.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 372,873 shares of the company’s stock valued at $20,866,000 after purchasing an additional 1,815 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

10x Genomics Trading Up 3.8 %

The firm has a 50-day moving average price of $21.43 and a 200-day moving average price of $23.47. The company has a market capitalization of $1.94 billion, a price-to-earnings ratio of -7.29 and a beta of 1.85.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.32) earnings per share for the quarter, beating the consensus estimate of ($0.47) by $0.15. The company had revenue of $153.10 million during the quarter, compared to analyst estimates of $150.90 million. 10x Genomics had a negative net margin of 37.90% and a negative return on equity of 28.23%. Equities research analysts predict that 10x Genomics, Inc. will post -1.32 EPS for the current fiscal year.

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.