10x Genomics (NASDAQ:TXG) Announces Quarterly Earnings Results, Meets Expectations

10x Genomics (NASDAQ:TXG) announced its quarterly earnings data on Tuesday. The company reported ($0.50) EPS for the quarter, meeting the consensus estimate of ($0.50), Yahoo Finance reports. 10x Genomics had a negative net margin of 42.20% and a negative return on equity of 30.43%. The company had revenue of $141.01 million for the quarter, compared to the consensus estimate of $142.24 million. During the same period in the prior year, the firm posted ($0.44) EPS. 10x Genomics’s revenue for the quarter was up 5.0% on a year-over-year basis. 10x Genomics updated its FY 2024 guidance to EPS.

10x Genomics Price Performance

Shares of TXG stock traded down $0.94 during mid-day trading on Thursday, hitting $25.98. The company had a trading volume of 508,922 shares, compared to its average volume of 1,533,212. 10x Genomics has a 52-week low of $24.60 and a 52-week high of $63.57. The stock’s 50 day moving average price is $36.94 and its 200-day moving average price is $42.40. The company has a market capitalization of $3.10 billion, a P/E ratio of -12.07 and a beta of 1.94.

Insider Transactions at 10x Genomics

In other news, CEO Serge Saxonov sold 1,000 shares of the business’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $49.53, for a total value of $49,530.00. Following the transaction, the chief executive officer now owns 855,381 shares of the company’s stock, valued at $42,367,020.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Benjamin J. Hindson sold 2,613 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $46.34, for a total transaction of $121,086.42. Following the sale, the insider now owns 283,059 shares of the company’s stock, valued at $13,116,954.06. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Serge Saxonov sold 1,000 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $49.53, for a total transaction of $49,530.00. Following the sale, the chief executive officer now directly owns 855,381 shares in the company, valued at approximately $42,367,020.93. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,959 shares of company stock valued at $592,806. 10.65% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Stifel Nicolaus cut their price objective on shares of 10x Genomics from $63.00 to $53.00 and set a “buy” rating on the stock in a research report on Wednesday. Canaccord Genuity Group dropped their price target on shares of 10x Genomics from $65.00 to $50.00 and set a “buy” rating on the stock in a report on Monday. The Goldman Sachs Group dropped their price target on shares of 10x Genomics from $30.00 to $26.00 and set a “sell” rating on the stock in a report on Wednesday. Deutsche Bank Aktiengesellschaft dropped their price target on shares of 10x Genomics from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Thursday, April 18th. Finally, Barclays dropped their price target on shares of 10x Genomics from $55.00 to $45.00 and set an “overweight” rating on the stock in a report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $48.50.

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.