10x Genomics (NASDAQ:TXG) Price Target Cut to $14.00 by Analysts at JPMorgan Chase & Co.

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

Other equities analysts have also issued research reports about the company. Barclays decreased their target price on 10x Genomics from $24.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, October 15th. Jefferies Financial Group raised shares of 10x Genomics from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a report on Monday, July 22nd. Stephens restated an “overweight” rating and issued a $30.00 target price on shares of 10x Genomics in a report on Thursday, October 10th. Morgan Stanley cut their target price on shares of 10x Genomics from $50.00 to $46.00 and set an “overweight” rating for the company in a research report on Tuesday, August 13th. Finally, Bank of America lowered their price target on 10x Genomics from $36.00 to $25.00 and set a “neutral” rating on the stock in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, 10x Genomics has a consensus rating of “Moderate Buy” and an average target price of $29.19.

10x Genomics Stock Performance

Shares of 10x Genomics stock opened at $16.33 on Wednesday. The company has a 50-day simple moving average of $19.85 and a two-hundred day simple moving average of $21.33. 10x Genomics has a 52-week low of $14.02 and a 52-week high of $57.90. The stock has a market capitalization of $1.97 billion, a PE ratio of -10.67 and a beta of 1.85.

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 business had revenue of $151.65 million for the quarter, compared to analysts’ expectations of $158.84 million. During the same period in the prior year, the firm posted ($0.51) EPS. The firm’s quarterly revenue was down 1.3% on a year-over-year basis. As a group, equities research analysts forecast that 10x Genomics will post -1.35 EPS for the current fiscal year.

Insider Transactions at 10x Genomics

In related news, insider Benjamin J. Hindson sold 4,351 shares of the company’s 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 completion of the transaction, the insider now owns 345,704 shares of the company’s stock, valued at approximately $7,788,711.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Serge Saxonov sold 6,749 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 value of $152,054.97. Following the sale, the chief executive officer now directly owns 882,467 shares of the company’s stock, valued at approximately $19,881,981.51. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Benjamin J. Hindson sold 4,351 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was 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 $7,788,711.12. This trade represents a 0.00 % 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. 10.03% of the stock is currently owned by company insiders.

Institutional Trading of 10x Genomics

Several hedge funds have recently made changes to their positions in TXG. ARK Investment Management LLC raised its stake in shares of 10x Genomics by 48.2% in the second quarter. ARK Investment Management LLC now owns 9,313,763 shares of the company’s stock valued at $181,153,000 after acquiring an additional 3,029,951 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings 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 worth $119,483,000 after purchasing an additional 2,521,289 shares during the period. Nikko Asset Management Americas Inc. lifted its holdings in shares of 10x Genomics by 58.6% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 3,621,778 shares of the company’s stock worth $135,780,000 after buying an additional 1,338,248 shares during the period. Deerfield Management Company L.P. Series C bought a new position in shares of 10x Genomics during the 2nd quarter worth $11,612,000. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of 10x Genomics by 17.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,657,227 shares of the company’s stock valued at $137,257,000 after buying an additional 553,053 shares during the period. 84.68% of the stock is currently 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.