The Goldman Sachs Group Cuts 10x Genomics (NASDAQ:TXG) Price Target to $14.00

10x Genomics (NASDAQ:TXG) had its price objective reduced by The Goldman Sachs Group from $16.00 to $14.00 in a report published on Wednesday, Benzinga reports. They currently have a sell rating on the stock.

Several other equities research analysts have also weighed in on TXG. Leerink Partners initiated coverage on 10x Genomics in a report on Tuesday, September 3rd. They issued an “outperform” rating and a $35.00 target price for the company. Stephens restated an “overweight” rating and issued a $30.00 target price on shares of 10x Genomics in a report on Thursday, October 10th. Leerink Partnrs upgraded 10x Genomics to a “strong-buy” rating in a report on Tuesday, September 3rd. Barclays dropped their price target on 10x Genomics from $24.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 15th. Finally, Morgan Stanley dropped their price target on 10x Genomics from $50.00 to $46.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.19.

10x Genomics Price Performance

Shares of 10x Genomics stock opened at $16.33 on Wednesday. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of -10.67 and a beta of 1.85. 10x Genomics has a 52-week low of $14.02 and a 52-week high of $57.90. The stock has a 50-day simple moving average of $19.85 and a 200-day simple moving average of $21.33.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.04. 10x Genomics had a negative return on equity of 25.07% and a negative net margin of 28.93%. The business had revenue of $151.65 million during the quarter, compared to analyst estimates of $158.84 million. During the same period in the previous year, the company earned ($0.51) EPS. The firm’s revenue was down 1.3% on a year-over-year basis. As a group, equities research analysts predict that 10x Genomics will post -1.35 earnings per share for the current year.

Insider Transactions at 10x Genomics

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. ARK Investment Management LLC boosted its stake in 10x Genomics by 48.2% in the second quarter. ARK Investment Management LLC now owns 9,313,763 shares of the company’s stock valued at $181,153,000 after acquiring an additional 3,029,951 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of 10x Genomics by 69.6% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,143,067 shares of the company’s stock worth $119,483,000 after purchasing an additional 2,521,289 shares during the period. Nikko Asset Management Americas Inc. grew its stake in shares of 10x Genomics by 58.6% during the first 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. Deerfield Management Company L.P. Series C bought a new stake in 10x Genomics in the second quarter valued at about $11,612,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in 10x Genomics by 17.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,657,227 shares of the company’s stock valued at $137,257,000 after buying an additional 553,053 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

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.