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

10x Genomics (NASDAQ:TXG) announced its quarterly earnings results on Tuesday. The company reported ($0.50) earnings per share for the quarter, hitting 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 analysts’ expectations of $142.24 million. During the same quarter in the previous year, the business posted ($0.44) earnings per share. 10x Genomics’s quarterly revenue was up 5.0% on a year-over-year basis. 10x Genomics updated its FY 2024 guidance to EPS.

10x Genomics Stock Performance

Shares of NASDAQ:TXG traded down $1.06 during midday trading on Thursday, reaching $25.86. 541,493 shares of the company’s stock traded hands, compared to its average volume of 1,533,749. 10x Genomics has a 1 year low of $24.60 and a 1 year high of $63.57. The company has a market cap of $3.08 billion, a P/E ratio of -12.07 and a beta of 1.94. The company has a fifty day simple moving average of $36.94 and a two-hundred day simple moving average of $42.40.

Analysts Set New Price Targets

A number of research firms have weighed in on TXG. Bank of America cut their price objective on shares of 10x Genomics from $45.00 to $36.00 and set a “neutral” rating on the stock in a research report on Wednesday. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of 10x Genomics from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Thursday, April 18th. Stifel Nicolaus lowered their price objective on shares of 10x Genomics from $63.00 to $53.00 and set a “buy” rating for the company in a research note on Wednesday. TD Cowen lowered shares of 10x Genomics from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $57.00 to $32.00 in a research note on Wednesday. Finally, Barclays decreased their price target on shares of 10x Genomics from $55.00 to $45.00 and set an “overweight” rating for the company in a research report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, 10x Genomics presently has an average rating of “Moderate Buy” and a consensus target price of $48.50.

Insider Activity

In other news, CEO Serge Saxonov sold 4,660 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $44.00, for a total transaction of $205,040.00. Following the transaction, the chief executive officer now owns 842,900 shares in the company, valued at approximately $37,087,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other 10x Genomics news, CEO Serge Saxonov sold 4,660 shares of 10x Genomics stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $44.00, for a total value of $205,040.00. Following the completion of the transaction, the chief executive officer now directly owns 842,900 shares of the company’s stock, valued at approximately $37,087,600. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Justin J. Mcanear sold 1,865 shares of 10x Genomics stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $46.34, for a total value of $86,424.10. Following the completion of the transaction, the chief financial officer now directly owns 95,240 shares of the company’s stock, valued at $4,413,421.60. The disclosure for this sale can be found here. Insiders have sold 12,959 shares of company stock worth $592,806 in the last quarter. Corporate insiders own 10.65% 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.