10x Genomics (NASDAQ:TXG) Issues Earnings Results

10x Genomics (NASDAQ:TXG - Get Free Report) announced its quarterly earnings results on Tuesday. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.04, Briefing.com reports. 10x Genomics had a negative net margin of 37.90% and a negative return on equity of 28.23%. The company had revenue of $151.65 million for the quarter, compared to the consensus estimate of $158.84 million. During the same quarter in the prior year, the firm earned ($0.51) earnings per share. The company's revenue for the quarter was down 1.3% compared to the same quarter last year. 10x Genomics updated its FY 2024 guidance to EPS.

10x Genomics Trading Up 4.4 %

Shares of TXG traded up $0.70 during midday trading on Wednesday, reaching $16.49. 3,112,861 shares of the company were exchanged, compared to its average volume of 1,700,617. 10x Genomics has a 1-year low of $14.02 and a 1-year high of $57.90. The company has a market cap of $1.99 billion, a price-to-earnings ratio of -10.78 and a beta of 1.85. The stock has a 50-day moving average price of $20.12 and a 200-day moving average price of $21.49.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on TXG shares. Stephens reissued an "overweight" rating and set a $30.00 price target on shares of 10x Genomics in a research report on Thursday, October 10th. Citigroup dropped their price objective on 10x Genomics from $35.00 to $23.00 and set a "buy" rating for the company in a research report on Wednesday. Canaccord Genuity Group reduced their target price on shares of 10x Genomics from $32.00 to $20.00 and set a "buy" rating on the stock in a report on Thursday, October 10th. Jefferies Financial Group upgraded shares of 10x Genomics from a "hold" rating to a "buy" rating and set a $24.00 price target for the company in a report on Monday, July 22nd. Finally, Stifel Nicolaus reduced their price objective on shares of 10x Genomics from $53.00 to $25.00 and set a "buy" rating on the stock in a research note on Tuesday, July 16th. One equities research 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. Based on data from MarketBeat, 10x Genomics has an average rating of "Moderate Buy" and a consensus price target of $29.31.

Insider Activity at 10x Genomics

In other news, CEO Serge Saxonov sold 6,749 shares of the business's stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $22.53, for a total transaction of $152,054.97. Following the transaction, the chief executive officer now directly owns 882,467 shares of the company's stock, valued at approximately $19,881,981.51. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Serge Saxonov sold 6,749 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total value of $152,054.97. Following the completion of the transaction, the chief executive officer now owns 882,467 shares of the company's stock, valued at approximately $19,881,981.51. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Benjamin J. Hindson sold 4,351 shares of the firm's stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $22.53, for a total value of $98,028.03. Following the sale, the insider now owns 345,704 shares of the company's stock, valued at approximately $7,788,711.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 14,061 shares of company stock worth $316,794. 10.03% of the stock is currently owned by company insiders.

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.