10x Genomics (NASDAQ:TXG) Stock Price Down 11.2% Following Analyst Downgrade

10x Genomics, Inc. (NASDAQ:TXG) traded down 11.2% during trading on Thursday after Barclays lowered their price target on the stock from $15.00 to $12.00. Barclays currently has an overweight rating on the stock. 10x Genomics traded as low as $7.70 and last traded at $7.70. 766,312 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 2,142,351 shares. The stock had previously closed at $8.67.

A number of other research analysts have also recently weighed in on the company. Stifel Nicolaus cut their price target on 10x Genomics from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. Canaccord Genuity Group cut their target price on shares of 10x Genomics from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of 10x Genomics in a research report on Tuesday. Morgan Stanley dropped their price objective on shares of 10x Genomics from $28.00 to $26.00 and set an “overweight” rating for the company in a research note on Friday, February 14th. Finally, Leerink Partners lowered 10x Genomics from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $25.00 to $12.00 in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $19.79.

Insider Buying and Selling at 10x Genomics

In related news, insider Benjamin J. Hindson sold 4,573 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 value of $50,623.11. Following the transaction, the insider now directly owns 335,324 shares of the company’s stock, valued at approximately $3,712,036.68. This trade represents a 1.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Serge Saxonov sold 5,092 shares of the business’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $11.07, for a total value of $56,368.44. Following the sale, the chief executive officer now directly owns 879,482 shares of the company’s stock, valued at approximately $9,735,865.74. This trade represents a 0.58 % decrease in their position. The disclosure for this sale can be found here. 10.03% of the stock is owned by company insiders.

Hedge Funds Weigh In On 10x Genomics

Hedge funds and other institutional investors have recently modified their holdings of the company. Signaturefd LLC increased its position in 10x Genomics by 424.6% during the 4th quarter. Signaturefd LLC now owns 1,794 shares of the company’s stock worth $26,000 after purchasing an additional 1,452 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in 10x Genomics during the fourth quarter worth approximately $32,000. Blue Trust Inc. increased its position in shares of 10x Genomics by 73.1% in the fourth quarter. Blue Trust Inc. now owns 3,075 shares of the company’s stock worth $44,000 after acquiring an additional 1,299 shares in the last quarter. Sound Income Strategies LLC raised its stake in shares of 10x Genomics by 65.2% in the 4th quarter. Sound Income Strategies LLC now owns 3,370 shares of the company’s stock valued at $48,000 after acquiring an additional 1,330 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in 10x Genomics in the 4th quarter valued at $52,000. 84.68% of the stock is owned by institutional investors and hedge funds.

10x Genomics Price Performance

The firm has a 50-day simple moving average of $10.44 and a 200 day simple moving average of $13.96. The company has a market capitalization of $979.64 million, a PE ratio of -5.27 and a beta of 2.01.

10x Genomics (NASDAQ:TXG) last posted its earnings results on Wednesday, February 12th. The company reported ($0.40) earnings per share (EPS) 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%. Equities research analysts expect that 10x Genomics, Inc. will post -1.43 EPS for the current fiscal year.

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.