10x Genomics (NASDAQ:TXG) Shares Up 11.6% - Here's What Happened

10x Genomics, Inc. (NASDAQ:TXG - Get Free Report) was up 11.6% during trading on Friday . The stock traded as high as $15.84 and last traded at $15.83. Approximately 1,111,755 shares traded hands during mid-day trading, an increase of 2% from the average daily volume of 1,086,528 shares. The stock had previously closed at $14.19.

Analyst Ratings Changes

Several equities research analysts have issued reports on TXG shares. Stephens reiterated an "overweight" rating and set a $30.00 price objective on shares of 10x Genomics in a research note on Thursday, October 10th. Barclays decreased their price target on shares of 10x Genomics from $21.00 to $19.00 and set an "overweight" rating for the company in a research report on Friday, November 1st. The Goldman Sachs Group cut their price objective on 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 reduced their price objective on 10x Genomics from $25.00 to $20.00 and set a "neutral" rating on the stock in a research note on Wednesday, October 30th. Finally, Canaccord Genuity Group lowered their target price on 10x Genomics from $32.00 to $20.00 and set a "buy" rating for the company in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, 10x Genomics currently has a consensus rating of "Moderate Buy" and a consensus target price of $25.14.

10x Genomics Trading Up 9.9 %

The stock has a market capitalization of $1.89 billion, a P/E ratio of -10.20 and a beta of 1.84. The stock's 50 day simple moving average is $15.11 and its 200 day simple moving average is $18.27.

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

Hedge Funds Weigh In On 10x Genomics

Hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC lifted its holdings in shares of 10x Genomics by 134.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,637 shares of the company's stock worth $32,000 after purchasing an additional 939 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of 10x Genomics by 19.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,971 shares of the company's stock valued at $427,000 after acquiring an additional 3,603 shares during the period. CIBC Asset Management Inc grew its position in shares of 10x Genomics by 32.0% during the second quarter. CIBC Asset Management Inc now owns 95,259 shares of the company's stock worth $1,853,000 after acquiring an additional 23,112 shares during the last quarter. Arizona State Retirement System grew its position in shares of 10x Genomics by 9.4% during the second quarter. Arizona State Retirement System now owns 26,617 shares of the company's stock worth $518,000 after acquiring an additional 2,287 shares during the last quarter. Finally, North Star Asset Management Inc. increased its holdings in shares of 10x Genomics by 21.8% in the 2nd quarter. North Star Asset Management Inc. now owns 53,149 shares of the company's stock worth $1,034,000 after acquiring an additional 9,514 shares during the period. 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.