10x Genomics Reports Quarterly Earnings Results, Falling Short of Expectations

10x Genomics (NASDAQ:TXG) has announced its quarterly earnings results, revealing a loss of ($0.40) earnings per share (EPS) for the quarter. This figure is below analysts' consensus estimate of ($0.32), missing the target by ($0.08), according to reports from Zacks. The company's financial performance showed a negative net margin of 28.93% and a negative return on equity of 25.07%.

Stock Performance

On the day of the earnings announcement, shares of TXG saw a slight increase of 1.5%, trading up $0.18 to reach $12.00. During the trading session, the stock recorded a volume of 4,201,812 shares, significantly higher than its average volume of 2,328,019. Currently, 10x Genomics has a market capitalization of $1.45 billion, a price-to-earnings ratio of -7.84, and a beta of 1.85. The stock has fluctuated between a twelve-month low of $11.55 and a high of $51.22.

Analyst Reactions

Several analysts are reevaluating their positions on 10x Genomics following the earnings report. For instance, Morgan Stanley has adjusted its price target for the stock from $30.00 to $28.00 while maintaining an "overweight" rating. Conversely, UBS Group has cut its price target from $25.00 to $20.00, reflecting a "neutral" stance. Similarly, JPMorgan reduced its price target from $20.00 to $14.00, while Goldman Sachs lowered it from $16.00 to $14.00, both issuing a "neutral" and "sell" rating respectively. Barclays also decreased its target from $19.00 to $18.00 but kept an "overweight" rating. Among analysts, there is a mix of opinions with one sell rating, seven holds, eight buys, and one strong buy, resulting in an overall consensus rating of "Moderate Buy" and a target price of $23.79.

About 10x Genomics

10x Genomics, Inc. is a life science technology firm specializing in the development and sale of instruments, consumables, and software used to analyze biological systems across various regions, including America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company's product offerings include several Chromium instruments, microfluidic chips, slides, reagents, and other consumables necessary for genetic and biological research.

Earnings, Stocks, 10xGenomics