10x Genomics ( (TXG) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
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10x Genomics shares slumped after management blamed weak demand on a tougher macro environment and disruption from a recent overhaul of its commercial sales team, which drove a steep 46 percent drop in instrument revenue. The company’s third-quarter results came in below Wall Street forecasts for both sales and earnings, rattling investor confidence.
Adding to the pressure on the stock, 10x Genomics cut its full-year 2024 revenue outlook to between $595 million and $605 million, down from a prior range of $640 million to $660 million. The reduced guidance signals slower growth ahead and may prompt analysts to reassess their models and price targets for the genomics tools maker.
More about 10x Genomics
YTD Price Performance: 55.43%
Average Trading Volume: 2,525,263
Technical Sentiment Signal: Buy
Current Market Cap: $3.24B
For further insights into TXG stock on TipRanks’ Stock Analysis page.
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