10x Genomics (NASDAQ:TXG) Shares Gap Up – Here’s What Happened

10x Genomics, Inc. (NASDAQ:TXG) shares gapped up prior to trading on Monday . The stock had previously closed at $15.58, but opened at $16.40. 10x Genomics shares last traded at $16.79, with a volume of 634,919 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts have commented on TXG shares. Barclays dropped their price target on 10x Genomics from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 1st. Canaccord Genuity Group dropped their target price on shares of 10x Genomics from $32.00 to $20.00 and set a “buy” rating on the stock in a research 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 report on Wednesday, October 30th. Stephens restated an “overweight” rating and set a $30.00 price objective on shares of 10x Genomics in a report on Thursday, October 10th. Finally, Morgan Stanley cut their price objective on shares of 10x Genomics from $30.00 to $28.00 and set an “overweight” rating for the company in a research report on Monday. One 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $23.86.

10x Genomics Stock Performance

The firm has a 50 day moving average price of $15.02 and a two-hundred day moving average price of $18.02. The company has a market capitalization of $1.87 billion, a P/E ratio of -10.09 and a beta of 1.83.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.04. The firm had revenue of $151.65 million for the quarter, compared to analysts’ expectations 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 was down 1.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.51) earnings per share. On average, equities analysts expect that 10x Genomics, Inc. will post -1.4 earnings per share for the current year.

Hedge Funds Weigh In On 10x Genomics

Several institutional investors have recently added to or reduced their stakes in the company. Mirador Capital Partners LP increased its holdings in shares of 10x Genomics by 39.2% during the fourth quarter. Mirador Capital Partners LP now owns 80,983 shares of the company’s stock worth $1,163,000 after buying an additional 22,792 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in 10x Genomics during the 4th quarter worth approximately $26,308,000. Green Alpha Advisors LLC acquired a new stake in 10x Genomics during the 4th quarter valued at $355,000. Diversified Trust Co acquired a new stake in 10x Genomics during the 4th quarter valued at $511,000. Finally, JPMorgan Chase & Co. raised its position in 10x Genomics by 355.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 355,488 shares of the company’s stock valued at $8,027,000 after purchasing an additional 277,355 shares during the last quarter. 84.68% of the stock is owned by 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.