10x Genomics (NASDAQ:TXG) Shares Up 8.3% – Should You Buy?

10x Genomics, Inc. (NASDAQ:TXG)’s share price shot up 8.3% on Friday . The stock traded as high as $13.07 and last traded at $12.93. 1,251,023 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 2,408,836 shares. The stock had previously closed at $11.94.

Analyst Upgrades and Downgrades

TXG has been the topic of a number of research reports. Canaccord Genuity Group decreased their price target on 10x Genomics from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday. Leerink Partners lowered 10x Genomics from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $25.00 to $12.00 in a research note on Thursday. Citigroup dropped their target price on 10x Genomics from $23.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday. Morgan Stanley cut their price target on shares of 10x Genomics from $28.00 to $26.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, UBS Group lowered their price objective 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. One analyst has rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $20.57.

10x Genomics Stock Performance

The company’s 50-day moving average price is $14.68 and its 200-day moving average price is $17.35.

10x Genomics (NASDAQ:TXG) last announced its quarterly 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 return on equity of 25.07% and a negative net margin of 28.93%. As a group, research analysts anticipate that 10x Genomics, Inc. will post -1.43 earnings per share for the current year.

Hedge Funds Weigh In On 10x Genomics

Several hedge funds have recently added to or reduced their stakes in the stock. Signaturefd LLC lifted its position in shares of 10x Genomics by 424.6% during the 4th quarter. Signaturefd LLC now owns 1,794 shares of the company’s stock worth $26,000 after buying an additional 1,452 shares during the last quarter. Capital Performance Advisors LLP purchased a new stake in 10x Genomics in the third quarter valued at $35,000. GAMMA Investing LLC lifted its position in 10x Genomics by 451.8% in the third quarter. GAMMA Investing LLC now owns 1,545 shares of the company’s stock valued at $35,000 after acquiring an additional 1,265 shares during the last quarter. Blue Trust Inc. boosted its stake in 10x Genomics by 136.5% in the third quarter. Blue Trust Inc. now owns 1,776 shares of the company’s stock valued at $40,000 after acquiring an additional 1,025 shares in the last quarter. Finally, Sound Income Strategies LLC grew its holdings in shares of 10x Genomics by 65.2% during the fourth quarter. Sound Income Strategies LLC now owns 3,370 shares of the company’s stock worth $48,000 after purchasing an additional 1,330 shares during the last quarter. 84.68% of the stock is currently owned by hedge funds and other 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.