Morgan Stanley Cuts 10x Genomics (NASDAQ:TXG) Price Target to $46.00

10x Genomics (NASDAQ:TXG) had its price target reduced by equities researchers at Morgan Stanley from $50.00 to $46.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 134.10% from the company’s current price.

Other research analysts have also issued research reports about the stock. Guggenheim restated a “neutral” rating on shares of 10x Genomics in a report on Tuesday, June 25th. Deutsche Bank Aktiengesellschaft downgraded shares of 10x Genomics from a “buy” rating to a “hold” rating and lowered their price objective for the company from $55.00 to $25.00 in a research report on Wednesday, July 10th. Wolfe Research reaffirmed a “peer perform” rating on shares of 10x Genomics in a research report on Thursday, June 27th. UBS Group lowered their price objective on shares of 10x Genomics from $52.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday, May 1st. Finally, Bank of America lowered their price objective on shares of 10x Genomics from $36.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $31.85.

10x Genomics Stock Performance

NASDAQ TXG opened at $19.65 on Tuesday. 10x Genomics has a one year low of $15.28 and a one year high of $57.90. The company’s 50 day moving average price is $19.46 and its 200 day moving average price is $29.89. The firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of -8.81 and a beta of 1.84.

Insider Buying and Selling

In other news, CEO Serge Saxonov sold 4,877 shares of 10x Genomics stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $24.30, for a total transaction of $118,511.10. Following the completion of the sale, the chief executive officer now directly owns 889,641 shares in the company, valued at approximately $21,618,276.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Serge Saxonov sold 4,877 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $24.30, for a total transaction of $118,511.10. Following the completion of the transaction, the chief executive officer now directly owns 889,641 shares in the company, valued at $21,618,276.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Benjamin J. Hindson sold 4,087 shares of the company’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $24.30, for a total value of $99,314.10. Following the completion of the sale, the insider now owns 350,055 shares in the company, valued at $8,506,336.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,900 shares of company stock valued at $289,170. 10.03% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On 10x Genomics

Hedge funds have recently added to or reduced their stakes in the stock. Venrock Management VI LLC acquired a new position in shares of 10x Genomics during the 4th quarter worth approximately $117,894,000. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of 10x Genomics by 32.9% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,283,530 shares of the company’s stock valued at $127,786,000 after acquiring an additional 565,059 shares during the period. Bleakley Financial Group LLC acquired a new position in shares of 10x Genomics during the 4th quarter worth $234,000. Vanguard Group Inc. raised its holdings in shares of 10x Genomics by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 9,101,536 shares of the company’s stock worth $341,581,000 after buying an additional 90,204 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of 10x Genomics by 264.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 319,287 shares of the company’s stock worth $11,983,000 after buying an additional 231,697 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.