10x Genomics (NASDAQ:TXG) Shares Gap Up – Time to Buy?

10x Genomics, Inc. (NASDAQ:TXG)’s stock price 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 trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on TXG shares. Canaccord Genuity Group reduced their target price on 10x Genomics from $32.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, October 10th. Morgan Stanley reduced their price target 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. Stephens reiterated an “overweight” rating and issued a $30.00 target price on shares of 10x Genomics in a research note on Thursday, October 10th. UBS Group lowered their price target on shares of 10x Genomics from $25.00 to $20.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Finally, Barclays decreased their price objective on 10x Genomics from $21.00 to $19.00 and set an “overweight” rating for the company in a report 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 stock. According to data from MarketBeat, 10x Genomics has an average rating of “Moderate Buy” and a consensus target price of $23.86.

10x Genomics Stock Performance

The firm has a market cap of $1.91 billion, a PE ratio of -10.33 and a beta of 1.83. The company’s 50-day simple moving average is $15.08 and its two-hundred day simple moving average is $18.08.

10x Genomics (NASDAQ:TXG) last issued its quarterly earnings data on Tuesday, October 29th. The company reported ($0.30) EPS for the quarter, topping the consensus estimate 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 business 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 earned ($0.51) EPS. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. On average, analysts expect that 10x Genomics, Inc. will post -1.4 EPS for the current year.

Institutional Investors Weigh In On 10x Genomics

Several institutional investors and hedge funds have recently made changes to their positions in TXG. KBC Group NV boosted its position in shares of 10x Genomics by 38.8% in the third quarter. KBC Group NV now owns 3,225 shares of the company’s stock worth $73,000 after purchasing an additional 902 shares during the period. First Horizon Advisors Inc. boosted its stake in 10x Genomics by 53.3% during the third quarter. First Horizon Advisors Inc. now owns 2,910 shares of the company’s stock worth $66,000 after buying an additional 1,012 shares during the period. Blue Trust Inc. grew its holdings in 10x Genomics by 136.5% during the 3rd quarter. Blue Trust Inc. now owns 1,776 shares of the company’s stock valued at $40,000 after purchasing an additional 1,025 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of 10x Genomics by 451.8% in the third quarter. GAMMA Investing LLC now owns 1,545 shares of the company’s stock worth $35,000 after buying an additional 1,265 shares during the period. Finally, Capital Performance Advisors LLP bought a new stake in shares of 10x Genomics during the third quarter worth $35,000. 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.