10x Genomics (NASDAQ:TXG) Price Target Lowered to $23.00 at Citigroup

10x Genomics (NASDAQ:TXG) had its price target lowered by research analysts at Citigroup from $35.00 to $23.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target suggests a potential upside of 43.48% from the stock’s current price.

A number of other equities analysts also recently commented on TXG. Deutsche Bank Aktiengesellschaft downgraded 10x Genomics from a “buy” rating to a “hold” rating and decreased their target price for the company from $55.00 to $25.00 in a report on Wednesday, July 10th. UBS Group decreased their target price on 10x Genomics from $25.00 to $20.00 and set a “neutral” rating for the company in a report on Wednesday. Stephens restated an “overweight” rating and set a $30.00 target price on shares of 10x Genomics in a report on Thursday, October 10th. JPMorgan Chase & Co. decreased their price objective on 10x Genomics from $20.00 to $14.00 and set a “neutral” rating for the company in a report on Wednesday. Finally, Leerink Partners assumed coverage on 10x Genomics in a report on Tuesday, September 3rd. They issued an “outperform” rating and a $35.00 price objective for the company. One 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 issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $29.31.

10x Genomics Price Performance

Shares of TXG opened at $16.03 on Wednesday. The firm has a market cap of $1.93 billion, a P/E ratio of -10.48 and a beta of 1.85. The stock has a 50 day simple moving average of $19.99 and a two-hundred day simple moving average of $21.45. 10x Genomics has a 1 year low of $14.02 and a 1 year high of $57.90.

10x Genomics (NASDAQ:TXG) last issued its earnings results on Tuesday, October 29th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.04. The business had revenue of $151.65 million during the quarter, compared to analyst estimates of $158.84 million. 10x Genomics had a negative return on equity of 28.23% and a negative net margin of 37.90%. 10x Genomics’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.51) earnings per share. On average, equities analysts anticipate that 10x Genomics will post -1.35 earnings per share for the current year.

Insiders Place Their Bets

In other 10x Genomics news, insider Benjamin J. Hindson sold 4,351 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total value of $98,028.03. Following the transaction, the insider now directly owns 345,704 shares of the company’s stock, valued at approximately $7,788,711.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Benjamin J. Hindson sold 4,351 shares of 10x Genomics stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total transaction of $98,028.03. Following the transaction, the insider now directly owns 345,704 shares of the company’s stock, valued at $7,788,711.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 value of $66,711.33. Following the transaction, the chief financial officer now directly owns 143,242 shares in the company, valued at approximately $3,227,242.26. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,061 shares of company stock valued at $316,794. Insiders own 10.03% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. ARK Investment Management LLC raised its stake in 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 purchasing an additional 1,436,582 shares during the period. Vanguard Group Inc. raised its stake in 10x Genomics by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 9,101,536 shares of the company’s stock valued at $341,581,000 after purchasing an additional 90,204 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its stake in 10x Genomics by 69.6% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,143,067 shares of the company’s stock valued at $119,483,000 after purchasing an additional 2,521,289 shares during the period. Price T Rowe Associates Inc. MD raised its stake in 10x Genomics by 17.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,657,227 shares of the company’s stock valued at $137,257,000 after purchasing an additional 553,053 shares during the period. Finally, Nikko Asset Management Americas Inc. raised 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 valued at $135,780,000 after purchasing an additional 1,338,248 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

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.