Canaccord Genuity Group Lowers 10x Genomics (NASDAQ:TXG) Price Target to $18.00

10x Genomics (NASDAQ:TXG - Get Free Report) had its target price cut by stock analysts at Canaccord Genuity Group from $20.00 to $18.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price target would indicate a potential upside of 46.22% from the stock's current price.

Other equities research analysts also recently issued research reports about the company. Leerink Partners downgraded 10x Genomics from an "outperform" rating to a "market perform" rating and dropped their target price for the stock from $25.00 to $12.00 in a research report on Thursday. Stifel Nicolaus reduced their target price on 10x Genomics from $21.00 to $18.00 and set a "buy" rating on the stock in a research note on Thursday. UBS Group reduced their target price on 10x Genomics from $20.00 to $14.00 and set a "neutral" rating on the stock in a research note on Thursday. Morgan Stanley decreased their price objective on 10x Genomics from $30.00 to $28.00 and set an "overweight" rating on the stock in a report on Monday, January 13th. Finally, JPMorgan Chase & Co. decreased their price objective on 10x Genomics from $14.00 to $12.00 and set a "neutral" rating on the stock in a report on Thursday. One analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $20.57.

10x Genomics Trading Up 3.1 %

Shares of TXG stock traded up $0.37 during trading on Thursday, hitting $12.31. The company's stock had a trading volume of 4,354,670 shares, compared to its average volume of 1,977,831. The company has a market cap of $1.49 billion, a PE ratio of -8.05 and a beta of 1.85. The business has a fifty day moving average of $14.60 and a 200-day moving average of $17.28. 10x Genomics has a 52 week low of $10.80 and a 52 week high of $51.22.

10x Genomics (NASDAQ:TXG - Get Free Report) last released its earnings results on Wednesday, February 12th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.08). 10x Genomics had a negative net margin of 28.93% and a negative return on equity of 25.07%. As a group, research analysts predict that 10x Genomics will post -1.43 EPS for the current year.

Institutional Investors Weigh In On 10x Genomics

A number of hedge funds have recently added to or reduced their stakes in TXG. RA Capital Management L.P. purchased a new stake in 10x Genomics during the 4th quarter valued at $47,092,000. Assenagon Asset Management S.A. bought a new position in 10x Genomics in the 4th quarter worth $26,308,000. ARK Investment Management LLC boosted its holdings in 10x Genomics by 15.4% in the 3rd quarter. ARK Investment Management LLC now owns 10,750,345 shares of the company's stock worth $242,743,000 after buying an additional 1,436,582 shares during the period. Point72 Asset Management L.P. bought a new position in 10x Genomics in the 3rd quarter worth $27,778,000. Finally, D. E. Shaw & Co. Inc. bought a new position in 10x Genomics in the 4th quarter worth $17,499,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

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.