Neutral on 10x Genomics: Solid Competitive Position but Cautious Spending and Unclear Growth Keep Rating at Hold

Analyst Michael Ryskin from Bank of America Securities reiterated a Hold rating on 10x Genomics and increased the price target to $21.00 from $18.00.

Michael Ryskin has given his Hold rating due to a combination of factors tied to both execution and visibility. He notes that recent quarterly results tracked in line with prior indications and that management reinstated 2026 guidance, helped by a clearer U.S. funding backdrop and recent NIH budget approval, which collectively point to a more stable but not yet accelerating environment.

At the same time, he emphasizes that customer spending remains cautious, with muted capital equipment budgets, an unfavorable product mix from Flex-related pricing, and wide guidance ranges that highlight ongoing uncertainty. While Ryskin views 10x Genomics’ competitive position in single-cell and spatial as solid and sees strategic upside from initiatives such as the Scale acquisition and AI-related programs, he is waiting for clearer, sustained revenue acceleration before moving to a more positive stance, supporting his Neutral rating and $21 price objective.

Based on the recent corporate insider activity of 27 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of TXG in relation to earlier this year.