10x Genomics (NASDAQ:TXG) Stock Price Down 5.7% – Time to Sell?

10x Genomics, Inc. (NASDAQ:TXG)’s share price fell 5.7% during trading on Tuesday . The stock traded as low as $9.85 and last traded at $9.80. 1,508,885 shares traded hands during mid-day trading, a decline of 25% from the average session volume of 2,007,915 shares. The stock had previously closed at $10.39.

Analyst Upgrades and Downgrades

Several research firms have weighed in on TXG. JPMorgan Chase & Co. dropped their target price on shares of 10x Genomics from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, February 13th. Leerink Partners cut shares of 10x Genomics from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $25.00 to $12.00 in a research note on Thursday, February 13th. Barclays cut their price objective on 10x Genomics from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Monday, February 10th. Citigroup lowered their target price on 10x Genomics from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Finally, Leerink Partnrs cut 10x Genomics from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 13th. One analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $20.21.

10x Genomics Price Performance

The company’s 50-day moving average is $12.57 and its 200-day moving average is $15.38. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -6.41 and a beta of 1.93.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings results on Wednesday, February 12th. The company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.08). 10x Genomics had a negative net margin of 29.90% and a negative return on equity of 25.40%. Sell-side analysts anticipate that 10x Genomics, Inc. will post -1.43 earnings per share for the current year.

Insiders Place Their Bets

In other 10x Genomics news, Director Alan Mateo acquired 40,000 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was bought at an average cost of $11.14 per share, for a total transaction of $445,600.00. Following the completion of the purchase, the director now directly owns 61,691 shares in the company, valued at $687,237.74. This represents a 184.41 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Serge Saxonov sold 5,092 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $11.07, for a total transaction of $56,368.44. Following the completion of the sale, the chief executive officer now directly owns 879,482 shares of the company’s stock, valued at $9,735,865.74. The trade was a 0.58 % decrease in their position. The disclosure for this sale can be found here. 10.03% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Commerce Bank raised its holdings in shares of 10x Genomics by 17.1% during the 3rd quarter. Commerce Bank now owns 13,296 shares of the company’s stock valued at $300,000 after buying an additional 1,946 shares during the period. First Horizon Advisors Inc. raised its stake in shares of 10x Genomics by 53.3% during the third quarter. First Horizon Advisors Inc. now owns 2,910 shares of the company’s stock valued at $66,000 after purchasing an additional 1,012 shares during the period. Cerity Partners LLC lifted its position in shares of 10x Genomics by 42.3% during the third quarter. Cerity Partners LLC now owns 36,367 shares of the company’s stock worth $821,000 after purchasing an additional 10,815 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of 10x Genomics during the third quarter worth $204,000. Finally, FMR LLC boosted its stake in shares of 10x Genomics by 2.7% in the third quarter. FMR LLC now owns 13,367,979 shares of the company’s stock valued at $301,849,000 after purchasing an additional 357,470 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.