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

10x Genomics, Inc. (NASDAQ:TXG) shares dropped 10% during trading on Thursday . The stock traded as low as $14.49 and last traded at $14.67. Approximately 365,930 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 1,797,244 shares. The stock had previously closed at $16.31.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on TXG shares. JPMorgan Chase & Co. dropped their price target on 10x Genomics from $20.00 to $14.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. Stephens reiterated an “overweight” rating and issued a $30.00 target price on shares of 10x Genomics in a report on Thursday, October 10th. The Goldman Sachs Group reduced their price target on shares of 10x Genomics from $16.00 to $14.00 and set a “sell” rating for the company in a research report on Wednesday, October 30th. Canaccord Genuity Group lowered their price objective on shares of 10x Genomics from $32.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, October 10th. Finally, Morgan Stanley reduced their price objective on shares of 10x Genomics from $30.00 to $28.00 and set an “overweight” rating for the company in a report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.86.

10x Genomics Stock Down 0.6 %

The business has a 50 day moving average price of $15.02 and a two-hundred day moving average price of $17.85.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings data on Tuesday, October 29th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.04. The firm had revenue of $151.65 million during the quarter, compared to the consensus estimate of $158.84 million. 10x Genomics had a negative return on equity of 25.07% and a negative net margin of 28.93%. The business’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.51) EPS. As a group, research analysts forecast that 10x Genomics, Inc. will post -1.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of TXG. China Universal Asset Management Co. Ltd. purchased a new position in 10x Genomics in the fourth quarter valued at approximately $326,000. KBC Group NV lifted its position in shares of 10x Genomics by 57.3% during the 4th quarter. KBC Group NV now owns 5,072 shares of the company’s stock valued at $73,000 after buying an additional 1,847 shares during the last quarter. Blue Trust Inc. grew its stake in shares of 10x Genomics by 73.1% during the 4th quarter. Blue Trust Inc. now owns 3,075 shares of the company’s stock worth $44,000 after acquiring an additional 1,299 shares during the period. Sound Income Strategies LLC increased its holdings in 10x Genomics by 65.2% in the 4th quarter. Sound Income Strategies LLC now owns 3,370 shares of the company’s stock worth $48,000 after acquiring an additional 1,330 shares during the last quarter. Finally, SG Americas Securities LLC raised its stake in 10x Genomics by 209.8% in the 4th quarter. SG Americas Securities LLC now owns 73,046 shares of the company’s stock valued at $1,049,000 after acquiring an additional 49,468 shares during the period. 84.68% of the stock is 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.