10x Genomics (NASDAQ:TXG) Reaches New 12-Month Low Following Analyst Downgrade

10x Genomics, Inc. (NASDAQ:TXG - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Monday after Citigroup lowered their price target on the stock from $23.00 to $20.00. Citigroup currently has a buy rating on the stock. 10x Genomics traded as low as $12.37 and last traded at $12.59, with a volume of 1016713 shares trading hands. The stock had previously closed at $14.25.

Several other research analysts have also issued reports on the stock. Stifel Nicolaus cut their target price on shares of 10x Genomics from $21.00 to $18.00 and set a "buy" rating on the stock in a research note on Thursday. The Goldman Sachs Group cut their price objective on shares of 10x Genomics from $16.00 to $14.00 and set a "sell" rating on the stock in a research report on Wednesday, October 30th. UBS Group decreased their target price on 10x Genomics from $20.00 to $14.00 and set a "neutral" rating for the company in a research report on Thursday. Leerink Partners lowered 10x Genomics from an "outperform" rating to a "market perform" rating and cut their price target for the stock from $25.00 to $12.00 in a report on Thursday. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of 10x Genomics in a research note on Saturday, February 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $20.86.

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Institutional Investors Weigh In On 10x Genomics

A number of institutional investors have recently added to or reduced their stakes in TXG. Assenagon Asset Management S.A. bought a new position in 10x Genomics during the fourth quarter valued at about $26,308,000. ARK Investment Management LLC grew its stake in shares of 10x Genomics by 15.4% during the 3rd quarter. ARK Investment Management LLC now owns 10,750,345 shares of the company's stock worth $242,743,000 after acquiring an additional 1,436,582 shares during the period. Point72 Asset Management L.P. purchased a new stake in 10x Genomics in the 3rd quarter worth about $27,778,000. SVB Wealth LLC bought a new stake in 10x Genomics in the 4th quarter valued at about $7,505,000. Finally, Trexquant Investment LP lifted its holdings in 10x Genomics by 196.2% during the fourth quarter. Trexquant Investment LP now owns 594,611 shares of the company's stock valued at $8,539,000 after purchasing an additional 393,854 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

10x Genomics Stock Down 1.9 %

The stock has a market cap of $1.42 billion, a P/E ratio of -7.69 and a beta of 1.85. The business's 50-day simple moving average is $14.82 and its two-hundred day simple moving average is $17.47.

10x Genomics (NASDAQ:TXG - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The company reported ($0.40) EPS for the quarter, missing the consensus estimate 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%. Analysts anticipate that 10x Genomics, Inc. will post -1.43 earnings per share for the current fiscal year.

About 10x Genomics

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.