10x Genomics (NASDAQ:TXG) Hits New 12-Month Low After Analyst Downgrade

10x Genomics, Inc. (NASDAQ:TXG) reached a new 52-week low on Monday, following a downgrade from Barclays, which reduced its price target from $19.00 to $18.00. Despite this downgrade, Barclays maintains an overweight rating on the stock. During the trading day, shares of 10x Genomics fell as low as $12.37 before closing at $12.59, with a total volume of 1,016,713 shares exchanged. This marks a significant decline from the previous closing price of $14.25.

Several other research analysts have also recently adjusted their outlook on 10x Genomics. Morgan Stanley reduced its price target from $30.00 to $28.00 while maintaining an “overweight” rating as of January 13. Similarly, UBS Group lowered its target on 10x Genomics from $25.00 to $20.00, providing a “neutral” rating on October 30. The Goldman Sachs Group marked its target down from $16.00 to $14.00, classifying the stock as a “sell” on the same day. JPMorgan Chase & Co. also revised its target from $20.00 to $14.00 and issued a “neutral” rating. Furthermore, Weiss Ratings reiterated a “sell (e+)” rating for the company on February 1. Presently, one analyst rates the stock as a sell, seven analysts give it a hold rating, eight assign a buy rating, and one assigns a strong buy rating. According to MarketBeat.com, the overall consensus rating is “Moderate Buy” with a price target average of $23.79.

Institutional Investors and Hedge Funds' Positions

Recent adjustments by institutional investors and hedge funds have also impacted 10x Genomics. In the third quarter, Handelsbanken Fonder AB increased its holdings by 17.0%, now owning 28,200 shares valued at $637,000 after buying 4,100 additional shares. GAMMA Investing LLC made a significant move, boosting its stake by 451.8%, now holding 1,545 shares worth $35,000 after acquiring 1,265 shares. CWM LLC also increased its holdings by 444.5%, owning 22,810 shares valued at $515,000 after buying 18,621 additional shares. Sound Income Strategies LLC took a new position worth about $46,000 in the same quarter. Lastly, VitalStone Financial LLC’s holdings soared by an astonishing 43,183.3%, now owning 15,582 shares worth $352,000 after acquiring 15,546 shares. Together, hedge funds and institutional investors own approximately 84.68% of 10x Genomics stock.

Performance Overview

The stock of 10x Genomics has seen a notable decline of 15.4%. Its fifty-day moving average stands at $14.98, while the two-hundred-day moving average is $17.56. The company has a market capitalization of around $1.46 billion, with a price-to-earnings ratio of -7.88 and a beta of 1.85, indicating a higher volatility compared to the market.

Company Overview

As a life sciences technology company, 10x Genomics focuses on developing and selling instruments, consumables, and software designed for analyzing biological systems. The company operates in various regions, including the Americas, Europe, the Middle East, Africa, China, and Asia Pacific. Its product offerings include chromium instruments, microfluidic chips, reagents, and other necessary consumables.

10xGenomics, stocks, analyst