JPMorgan Chase & Co. Cuts 10x Genomics (NASDAQ:TXG) Price Target to $14.00

10x Genomics (NASDAQ:TXG) had its target price cut by JPMorgan Chase & Co. from $20.00 to $14.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other analysts also recently issued reports on the stock. Morgan Stanley dropped their price objective on shares of 10x Genomics from $50.00 to $46.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th. The Goldman Sachs Group dropped their price objective on shares of 10x Genomics from $16.00 to $14.00 and set a “sell” rating for the company in a report on Wednesday. Jefferies Financial Group raised shares of 10x Genomics from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research note on Monday, July 22nd. Barclays lowered their price target on shares of 10x Genomics from $24.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, October 15th. Finally, Stephens reissued an “overweight” rating and issued a $30.00 price target on shares of 10x Genomics in a research note on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $29.19.

10x Genomics Price Performance

TXG opened at $16.33 on Wednesday. The company has a fifty day moving average price of $19.85 and a 200-day moving average price of $21.33. The firm has a market capitalization of $1.97 billion, a P/E ratio of -10.67 and a beta of 1.85. 10x Genomics has a one year low of $14.02 and a one year high of $57.90.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings data on Tuesday, October 29th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.04. 10x Genomics had a negative net margin of 28.93% and a negative return on equity of 25.07%. The company had revenue of $151.65 million during the quarter, compared to the consensus estimate of $158.84 million. During the same period in the previous year, the firm posted ($0.51) EPS. The firm’s revenue was down 1.3% compared to the same quarter last year. On average, analysts expect that 10x Genomics will post -1.35 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Benjamin J. Hindson sold 4,351 shares of 10x Genomics stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $22.53, for a total value of $98,028.03. Following the sale, the insider now owns 345,704 shares in the company, valued at $7,788,711.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Justin J. Mcanear sold 2,961 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 value 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 represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Benjamin J. Hindson sold 4,351 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 $98,028.03. Following the sale, the insider now directly owns 345,704 shares in the company, valued at approximately $7,788,711.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 14,061 shares of company stock valued at $316,794 over the last quarter. 10.03% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in TXG. Capital Performance Advisors LLP bought a new stake in shares of 10x Genomics during the third quarter valued at approximately $35,000. ARK Investment Management LLC boosted its holdings in shares of 10x Genomics by 15.4% during the 3rd quarter. ARK Investment Management LLC now owns 10,750,345 shares of the company’s stock valued at $242,743,000 after buying an additional 1,436,582 shares in the last quarter. Interchange Capital Partners LLC purchased a new stake in shares of 10x Genomics in the 3rd quarter worth about $285,000. Wealth Enhancement Advisory Services LLC increased its stake in shares of 10x Genomics by 84.0% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 23,952 shares of the company’s stock worth $541,000 after acquiring an additional 10,935 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in 10x Genomics during the 3rd quarter valued at about $438,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

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.