10x Genomics (NASDAQ:TXG) Shares Gap Up to $16.99

10x Genomics, Inc. (NASDAQ:TXG) shares gapped up prior to trading on Friday . The stock had previously closed at $16.99, but opened at $17.45. 10x Genomics shares last traded at $17.77, with a volume of 72,784 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TXG. Bank of America cut their price objective on shares of 10x Genomics from $45.00 to $36.00 and set a “neutral” rating for the company in a report on Wednesday, May 1st. Guggenheim reaffirmed a “neutral” rating on shares of 10x Genomics in a report on Tuesday, June 25th. Deutsche Bank Aktiengesellschaft cut shares of 10x Genomics from a “buy” rating to a “hold” rating and cut their price objective for the company from $55.00 to $25.00 in a report on Wednesday. Jefferies Financial Group initiated coverage on shares of 10x Genomics in a research note on Monday, June 3rd. They set a “hold” rating and a $24.00 target price for the company. Finally, TD Cowen cut shares of 10x Genomics from a “buy” rating to a “hold” rating and cut their target price for the stock from $57.00 to $32.00 in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $41.92.

10x Genomics Stock Performance

The company has a market cap of $2.05 billion, a PE ratio of -7.62 and a beta of 1.84. The firm’s 50 day moving average is $21.91 and its 200-day moving average is $34.78.

10x Genomics (NASDAQ:TXG) last posted 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). The company had revenue of $141.01 million for the quarter, compared to analyst estimates of $142.24 million. 10x Genomics had a negative net margin of 42.20% and a negative return on equity of 30.85%. 10x Genomics’s revenue was up 5.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.44) EPS. On average, analysts predict that 10x Genomics, Inc. will post -1.53 EPS for the current year.

Insider Transactions at 10x Genomics

In other news, CEO Serge Saxonov sold 4,877 shares of the company’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 in the company, valued at approximately $21,618,276.30. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Serge Saxonov sold 4,877 shares of the company’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 transaction of $118,511.10. Following the sale, the chief executive officer now directly owns 889,641 shares of the company’s stock, valued at approximately $21,618,276.30. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Justin J. Mcanear sold 2,936 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $24.30, for a total transaction of $71,344.80. Following the completion of the sale, the chief financial officer now directly owns 146,203 shares in the company, valued at $3,552,732.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,900 shares of company stock worth $289,170. 10.03% of the stock is currently owned by insiders.

Institutional Investors Weigh In On 10x Genomics

Large investors have recently modified their holdings of the company. Venrock Management VI LLC purchased a new position in shares of 10x Genomics in the 4th quarter valued at $117,894,000. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of 10x Genomics by 58.6% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,621,778 shares of the company’s stock valued at $135,925,000 after buying an additional 1,338,248 shares during the last quarter. Nikko Asset Management Americas Inc. boosted its stake in 10x Genomics by 58.6% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 3,621,778 shares of the company’s stock worth $135,780,000 after purchasing an additional 1,338,248 shares during the period. ARK Investment Management LLC boosted its stake in 10x Genomics by 35.0% during the 4th quarter. ARK Investment Management LLC now owns 4,041,287 shares of the company’s stock worth $226,150,000 after purchasing an additional 1,047,827 shares during the period. Finally, SVB Wealth LLC boosted its stake in 10x Genomics by 92.1% during the 4th quarter. SVB Wealth LLC now owns 1,446,552 shares of the company’s stock worth $80,949,000 after purchasing an additional 693,422 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

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.