Morgan Stanley Issues Pessimistic Forecast for 10x Genomics (NASDAQ:TXG) Stock Price

10x Genomics (NASDAQ:TXG - Free Report) had its price target decreased by Morgan Stanley from $30.00 to $28.00 in a research note issued to investors on Monday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Several other research firms also recently weighed in on TXG. Barclays dropped their price objective on 10x Genomics from $21.00 to $19.00 and set an "overweight" rating for the company in a research note on Friday, November 1st. Canaccord Genuity Group decreased their price objective on shares of 10x Genomics from $32.00 to $20.00 and set a "buy" rating on the stock in a research report on Thursday, October 10th. UBS Group dropped their target price on shares of 10x Genomics from $25.00 to $20.00 and set a "neutral" rating for the company in a report on Wednesday, October 30th. JPMorgan Chase & Co. reduced their price target on shares of 10x Genomics from $20.00 to $14.00 and set a "neutral" rating on the stock in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group reduced their target price on 10x Genomics from $16.00 to $14.00 and set a "sell" rating on the stock in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, 10x Genomics presently has an average rating of "Moderate Buy" and a consensus price target of $23.86.

10x Genomics Stock Up 0.8 %

NASDAQ TXG traded up $0.13 during trading hours on Monday, hitting $15.71. 2,991,785 shares of the stock were exchanged, compared to its average volume of 1,874,155. The stock has a 50-day moving average of $15.08 and a 200 day moving average of $18.08. 10x Genomics has a 12-month low of $12.95 and a 12-month high of $51.22. The company has a market cap of $1.90 billion, a price-to-earnings ratio of -10.27 and a beta of 1.83.

10x Genomics (NASDAQ:TXG - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.04. 10x Genomics had a negative return on equity of 25.07% and a negative net margin of 28.93%. The firm had revenue of $151.65 million during the quarter, compared to analysts' expectations of $158.84 million. During the same quarter in the prior year, the business posted ($0.51) earnings per share. 10x Genomics's revenue was down 1.3% compared to the same quarter last year. On average, equities research analysts expect that 10x Genomics will post -1.4 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Lecap Asset Management Ltd. acquired a new position in 10x Genomics during the 3rd quarter valued at about $877,000. Geode Capital Management LLC boosted its position in shares of 10x Genomics by 2.4% during the third quarter. Geode Capital Management LLC now owns 1,815,710 shares of the company's stock worth $41,009,000 after buying an additional 42,777 shares during the period. Marshall Wace LLP bought a new position in 10x Genomics in the 2nd quarter worth approximately $689,000. Point72 Asset Management L.P. acquired a new stake in 10x Genomics in the 3rd quarter valued at approximately $27,778,000. Finally, Benjamin F. Edwards & Company Inc. raised its stake in 10x Genomics by 10,124.9% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 44,785 shares of the company's stock valued at $871,000 after acquiring an additional 44,347 shares in the last quarter. Institutional investors and hedge funds own 84.68% 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.