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

10x Genomics (NASDAQ:TXG) had its price target trimmed by Citigroup from $35.00 to $23.00 in a research note released on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other brokerages have also commented on TXG. Barclays cut their price target on 10x Genomics from $24.00 to $21.00 and set an “overweight” rating on the stock in a 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 target on the stock in a research report on Monday, July 22nd. 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. Stephens reissued an “overweight” rating and set a $30.00 price target on shares of 10x Genomics in a research report on Thursday, October 10th. Finally, UBS Group reduced their price target on 10x Genomics from $25.00 to $20.00 and set a “neutral” rating for the company in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $29.19.

10x Genomics Stock Up 1.9 %

Shares of TXG stock opened at $16.33 on Wednesday. The firm has a fifty day moving average of $19.85 and a 200-day moving average of $21.33. The firm has a market capitalization of $1.97 billion, a price-to-earnings ratio of -10.67 and a beta of 1.85. 10x Genomics has a 12-month low of $14.02 and a 12-month high of $57.90.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings data on Tuesday, October 29th. The company reported ($0.30) earnings per share 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 quarter in the previous year, the business posted ($0.51) EPS. 10x Genomics’s revenue for the quarter was down 1.3% on a year-over-year basis. Research analysts expect that 10x Genomics will post -1.35 earnings per share for the current year.

Insider Buying and Selling at 10x Genomics

In other 10x Genomics news, CEO Serge Saxonov sold 6,749 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 $152,054.97. Following the sale, the chief executive officer now owns 882,467 shares in the company, valued at $19,881,981.51. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Serge Saxonov sold 6,749 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 882,467 shares in the company, valued at approximately $19,881,981.51. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Justin J. Mcanear sold 2,961 shares of the 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 $66,711.33. Following the transaction, the chief financial officer now owns 143,242 shares in the company, valued at approximately $3,227,242.26. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,061 shares of company stock worth $316,794 over the last 90 days. Company insiders own 10.03% of the company’s stock.

Hedge Funds Weigh In On 10x Genomics

A number of large investors have recently made changes to their positions in TXG. Allspring Global Investments Holdings LLC increased its stake in 10x Genomics by 113.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock worth $26,000 after acquiring an additional 371 shares during the period. First Horizon Advisors Inc. increased its stake in 10x Genomics by 74.1% during the 2nd quarter. First Horizon Advisors Inc. now owns 1,898 shares of the company’s stock worth $37,000 after acquiring an additional 808 shares during the period. Covestor Ltd increased its stake in 10x Genomics by 501.7% during the 1st quarter. Covestor Ltd now owns 1,047 shares of the company’s stock worth $39,000 after acquiring an additional 873 shares during the period. Blue Trust Inc. increased its stake in 10x Genomics by 136.5% during the 3rd quarter. Blue Trust Inc. now owns 1,776 shares of the company’s stock worth $40,000 after acquiring an additional 1,025 shares during the period. Finally, GAMMA Investing LLC increased its stake in 10x Genomics by 451.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,545 shares of the company’s stock worth $35,000 after acquiring an additional 1,265 shares during the period. 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.