10x Genomics (NASDAQ:TXG) Reaches New 12-Month Low – What’s Next?

10x Genomics, Inc. (NASDAQ:TXG) shares reached a new 52-week low during trading on Friday . The stock traded as low as $13.67 and last traded at $13.73, with a volume of 314522 shares. The stock had previously closed at $14.12.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group dropped their target price on 10x Genomics from $16.00 to $14.00 and set a “sell” rating for the company in a report on Wednesday, October 30th. Leerink Partnrs upgraded shares of 10x Genomics to a “strong-buy” rating in a report on Tuesday, September 3rd. Canaccord Genuity Group decreased their target price on shares of 10x Genomics from $32.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, October 10th. UBS Group dropped their price target on shares of 10x Genomics from $25.00 to $20.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of 10x Genomics from $20.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $29.19.

10x Genomics Stock Performance

The stock has a market cap of $1.61 billion, a P/E ratio of -8.72 and a beta of 1.87. The firm has a 50-day moving average price of $18.42 and a 200-day moving average price of $20.39.

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 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 the consensus estimate of $158.84 million. During the same quarter in the prior year, the company earned ($0.51) earnings per share. The firm’s quarterly revenue was down 1.3% compared to the same quarter last year. On average, research analysts predict that 10x Genomics, Inc. will post -1.4 earnings per share for the current year.

Insider Buying and Selling

In other 10x Genomics news, CEO Serge Saxonov sold 6,749 shares of 10x Genomics stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total transaction of $152,054.97. Following the completion of the transaction, the chief executive officer now owns 882,467 shares in the company, valued at approximately $19,881,981.51. The trade was a 0.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Justin J. Mcanear sold 2,961 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total value of $66,711.33. Following the completion of the sale, the chief financial officer now directly owns 143,242 shares in the company, valued at approximately $3,227,242.26. This represents a 2.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 14,061 shares of company stock valued at $316,794 over the last quarter. Corporate insiders own 10.03% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. 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 valued at $26,000 after acquiring an additional 371 shares in the last quarter. First Horizon Advisors Inc. increased its holdings in shares of 10x Genomics by 74.1% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,898 shares of the company’s stock worth $37,000 after purchasing an additional 808 shares in the last quarter. Covestor Ltd raised its stake in shares of 10x Genomics by 501.7% in the first quarter. Covestor Ltd now owns 1,047 shares of the company’s stock worth $39,000 after purchasing an additional 873 shares during the last quarter. KBC Group NV raised its stake in shares of 10x Genomics by 38.8% in the third quarter. KBC Group NV now owns 3,225 shares of the company’s stock worth $73,000 after purchasing an additional 902 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of 10x Genomics by 136.5% during the third quarter. Blue Trust Inc. now owns 1,776 shares of the company’s stock valued at $40,000 after purchasing an additional 1,025 shares in the last quarter. 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.