10x Genomics (NASDAQ:TXG) Price Target Lowered to $20.00 at Citigroup

10x Genomics (NASDAQ:TXG) had its price target reduced by Citigroup from $23.00 to $20.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target would suggest a potential upside of 76.76% from the stock’s current price.

A number of other research firms have also recently issued reports on TXG. UBS Group reduced their target price on shares of 10x Genomics from $20.00 to $14.00 and set a “neutral” rating for the company in a research note on Thursday. Stifel Nicolaus reduced their target price on shares of 10x Genomics from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday. JPMorgan Chase & Co. reduced their target price on shares of 10x Genomics from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday. Barclays reduced their price objective on shares of 10x Genomics from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Monday. Finally, The Goldman Sachs Group reduced their price objective on shares of 10x Genomics from $16.00 to $14.00 and set a “sell” rating for the company in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $20.86.

10x Genomics Price Performance

TXG traded down $0.69 on Thursday, reaching $11.32. 3,501,745 shares of the company traded hands, compared to its average volume of 2,366,092. The stock’s 50 day moving average price is $14.82 and its 200-day moving average price is $17.47. 10x Genomics has a 52-week low of $10.80 and a 52-week high of $51.22. The company has a market cap of $1.37 billion, a price-to-earnings ratio of -7.39 and a beta of 1.85.

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 28.93% and a negative return on equity of 25.07%. As a group, equities research analysts forecast that 10x Genomics will post -1.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On 10x Genomics

Hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew 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 worth $8,027,000 after acquiring an additional 277,355 shares during the last quarter. Lecap Asset Management Ltd. acquired a new position in 10x Genomics during the 3rd quarter valued at about $877,000. Geode Capital Management LLC raised its position in shares of 10x Genomics by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,815,710 shares of the company’s stock valued at $41,009,000 after acquiring an additional 42,777 shares during the period. SG Americas Securities LLC raised its position in shares of 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. Finally, Point72 Asset Management L.P. acquired a new stake in shares of 10x Genomics in the 3rd quarter valued at approximately $27,778,000. 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.