10x Genomics (NASDAQ:TXG) Stock Price Down 4.9% – Here’s Why

10x Genomics, Inc. (NASDAQ:TXG)’s stock price was down 4.9% during trading on Thursday . The stock traded as low as $14.24 and last traded at $14.24. Approximately 83,224 shares were traded during trading, a decline of 95% from the average daily volume of 1,786,313 shares. The stock had previously closed at $14.98.

Analyst Ratings Changes

Several equities analysts recently commented on TXG shares. Citigroup reduced their price objective on shares of 10x Genomics from $35.00 to $23.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. UBS Group cut their price target on shares of 10x Genomics from $25.00 to $20.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Stephens reissued an “overweight” rating and issued a $30.00 price target on shares of 10x Genomics in a research note on Thursday, October 10th. Canaccord Genuity Group cut their price target on shares of 10x Genomics from $32.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, October 10th. Finally, Barclays cut their price target on shares of 10x Genomics from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, November 1st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, 10x Genomics presently has an average rating of “Moderate Buy” and an average target price of $23.86.

10x Genomics Stock Performance

The company has a market cap of $1.79 billion, a PE ratio of -9.65 and a beta of 1.83. The stock’s 50 day moving average price is $14.99 and its 200-day moving average price is $18.00.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings results on Tuesday, October 29th. The company reported ($0.30) EPS for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.04. 10x Genomics had a negative net margin of 28.93% and a negative return on equity of 25.07%. The company had revenue of $151.65 million during the quarter, compared to analyst estimates of $158.84 million. During the same period in the prior year, the business posted ($0.51) EPS. The firm’s revenue was down 1.3% compared to the same quarter last year. On average, analysts anticipate that 10x Genomics, Inc. will post -1.43 EPS for the current year.

Institutional Investors Weigh In On 10x Genomics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its holdings in 10x Genomics by 355.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 355,488 shares of the company’s stock valued at $8,027,000 after buying an additional 277,355 shares during the last quarter. Lecap Asset Management Ltd. bought a new position in 10x Genomics in the 3rd quarter worth $877,000. Geode Capital Management LLC raised its holdings in 10x Genomics by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,815,710 shares of the company’s stock worth $41,009,000 after purchasing an additional 42,777 shares in the last quarter. Marshall Wace LLP bought a new position in 10x Genomics in the 2nd quarter worth $689,000. Finally, Point72 Asset Management L.P. bought a new position in 10x Genomics in the 3rd quarter worth $27,778,000. 84.68% of the stock is currently owned by institutional investors.

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.