10x Genomics (NASDAQ: TXG) has seen its price target increased from $13.00 to $15.00 by JPMorgan Chase & Co. in a research note published on Friday. The investment firm maintains a neutral rating on the stock, which reflects a cautious outlook amid a competitive market.
Analysts from various institutions have recently evaluated 10x Genomics, with mixed reviews. On September 11, 2023, Piper Sandler initiated coverage with a “neutral” rating and the same target price of $15.00. Meanwhile, Zacks Research upgraded the stock from a “hold” to a “strong-buy” rating in a note issued on October 9, 2023.
In a separate report, Barclays raised its price objective on 10x Genomics to $17.00 while assigning an “overweight” rating. Conversely, Morgan Stanley lowered its target price from $18.00 to $17.00, maintaining its “overweight” rating. Deutsche Bank Aktiengesellschaft also set a target of $14.00 and assigned a “hold” rating earlier in August.
Current consensus ratings show that one analyst rates the stock as a strong buy, six as buy, seven as hold, and two as sell. According to data from MarketBeat.com, the overall consensus rating stands at “hold” with an average target price of $14.58.
Financial Performance and Forecast
In its latest earnings report, 10x Genomics announced results on November 6, 2023, revealing an earnings per share (EPS) of ($0.22), which surpassed analyst expectations of ($0.27) by $0.05. The company reported revenues of $149.00 million, exceeding forecasts of $142.50 million, although this represented a 1.7% decline compared to the same quarter last year.
The company has issued guidance for the fourth quarter of 2025, anticipating an EPS of ($1.43) for the current fiscal year. Despite the challenges, analysts are closely monitoring the company’s financial trajectory.
Insider Trading Activity
In other news, insider trading activity has been notable. On August 22, 2023, Benjamin J. Hindson, an insider, sold 7,486 shares at an average price of $13.79, totaling approximately $103,231.94. Following this transaction, he retained 440,888 shares, worth about $6,079,845.52. This sale represented a 1.67% decrease in his ownership.
Additionally, CFO Adam Taich sold 22,315 shares on the same day, also at an average price of $13.79, amounting to around $307,723.85. After this transaction, his remaining holdings were valued at approximately $4,264,874.67, reflecting a 6.73% decrease in his position.
Over the past 90 days, insiders have sold a total of 39,149 shares worth $539,865. Currently, corporate insiders hold 9.39% of the company’s stock.
Institutional Investment Trends
Institutional investments in 10x Genomics have also seen fluctuations. Allworth Financial LP increased its holdings by 150.4% during the second quarter, now owning 2,271 shares valued at approximately $26,000. Other firms, such as GAMMA Investing LLC and True Wealth Design LLC, have similarly boosted their stakes significantly.
Overall, hedge funds and institutional investors collectively own 84.68% of 10x Genomics, indicating strong institutional confidence in the company’s future despite recent challenges.
As 10x Genomics continues to navigate the evolving market landscape, the coming months will be critical for investors and analysts alike as they assess the company’s performance and strategic direction.
