10x Genomics (NASDAQ:TXG) Shares Gap Down After Analyst Downgrade

10x Genomics, Inc. (NASDAQ:TXG)’s stock price gapped down prior to trading on Wednesday after Deutsche Bank Aktiengesellschaft downgraded the stock from a buy rating to a hold rating. The stock had previously closed at $18.25, but opened at $16.69. Deutsche Bank Aktiengesellschaft now has a $25.00 price target on the stock, down from their previous price target of $55.00. 10x Genomics shares last traded at $15.60, with a volume of 786,507 shares trading hands.

A number of other brokerages have also weighed in on TXG. Barclays cut their target price on shares of 10x Genomics from $36.00 to $24.00 and set an “overweight” rating on the stock in a research report on Friday, June 28th. Guggenheim restated a “neutral” rating on shares of 10x Genomics in a research report on Tuesday, June 25th. Canaccord Genuity Group cut their target price on shares of 10x Genomics from $65.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. The Goldman Sachs Group cut their target price on shares of 10x Genomics from $26.00 to $16.00 and set a “sell” rating on the stock in a research report on Tuesday. Finally, Jefferies Financial Group initiated coverage on shares of 10x Genomics in a report on Monday, June 3rd. They set a “hold” rating and a $24.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $41.92.

Insider Activity at 10x Genomics

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 value of $118,511.10. Following the completion of the sale, the chief executive officer now directly owns 889,641 shares of the company’s stock, valued at $21,618,276.30. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 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 value of $118,511.10. Following the completion of the sale, the chief executive officer now directly owns 889,641 shares of the company’s stock, valued at $21,618,276.30. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Benjamin J. Hindson sold 4,087 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 $99,314.10. Following the completion of the sale, the insider now directly owns 350,055 shares of the company’s stock, 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 worth $289,170 over the last quarter. Company insiders own 10.03% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. UMB Bank n.a. increased its position in shares of 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 in the last quarter. Van ECK Associates Corp increased 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 worth $107,000 after acquiring an additional 362 shares in the last quarter. AIA Group Ltd increased its position in shares of 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 acquiring an additional 365 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of 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 acquiring an additional 371 shares in the last quarter. Finally, Treasurer of the State of North Carolina increased its position in shares of 10x Genomics by 1.0% during 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 acquiring an additional 400 shares in the last quarter. 84.68% of the stock is owned by institutional investors.

10x Genomics Stock Up 8.1 %

The firm’s 50-day moving average price is $21.91 and its 200 day moving average price is $34.78. The company has a market capitalization of $2.02 billion, a P/E ratio of -7.62 and a beta of 1.84.

10x Genomics (NASDAQ:TXG) last posted its earnings results on Tuesday, April 30th. The company reported ($0.50) EPS for the quarter, hitting 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 company had revenue of $141.01 million during the quarter, compared to the consensus estimate of $142.24 million. During the same period in the previous year, the firm posted ($0.44) earnings per share. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. As a group, equities research analysts expect that 10x Genomics, Inc. will post -1.53 EPS for the current year.

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.