Morgan Stanley Has Lowered Expectations for 10x Genomics (NASDAQ:TXG) Stock Price

10x Genomics (NASDAQ:TXG) had its price objective decreased by research analysts at Morgan Stanley from $30.00 to $28.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 81.35% from the stock’s current price.

A number of other research firms have also recently commented on TXG. JPMorgan Chase & Co. reduced their price objective on shares of 10x Genomics from $20.00 to $14.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. The Goldman Sachs Group decreased their price target on shares of 10x Genomics from $16.00 to $14.00 and set a “sell” rating on the stock in a research note on Wednesday, October 30th. UBS Group lowered their price target on shares of 10x Genomics from $25.00 to $20.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Citigroup reduced their price objective on 10x Genomics from $35.00 to $23.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Finally, Stephens reiterated an “overweight” rating and set a $30.00 target price on shares of 10x Genomics in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, 10x Genomics presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.86.

10x Genomics Stock Performance

Shares of NASDAQ:TXG opened at $15.44 on Monday. 10x Genomics has a 52-week low of $12.95 and a 52-week high of $51.22. The company has a market capitalization of $1.87 billion, a P/E ratio of -10.09 and a beta of 1.83. The company has a 50-day simple moving average of $15.02 and a 200 day simple moving average of $18.02.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings data 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 firm had revenue of $151.65 million for the quarter, compared to analyst estimates of $158.84 million. During the same quarter in the prior year, the company earned ($0.51) earnings per share. The business’s revenue for the quarter was down 1.3% compared to the same quarter last year. As a group, equities analysts forecast that 10x Genomics will post -1.4 earnings per share for the current year.

Institutional Trading of 10x Genomics

A number of institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC raised its stake in 10x Genomics by 2.7% during the third quarter. FMR LLC now owns 13,367,979 shares of the company’s stock worth $301,849,000 after acquiring an additional 357,470 shares in the last quarter. ARK Investment Management LLC grew 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 purchasing an additional 1,436,582 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in 10x Genomics by 3.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 6,373,212 shares of the company’s stock worth $143,907,000 after purchasing an additional 230,145 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in 10x Genomics during the 4th quarter worth approximately $26,308,000. Finally, Geode Capital Management LLC boosted its position in 10x Genomics by 2.4% in the third quarter. Geode Capital Management LLC now owns 1,815,710 shares of the company’s stock valued at $41,009,000 after buying an additional 42,777 shares in the last quarter. 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.