Morgan Stanley analyst Yuko Oku has maintained their bullish stance on TXG stock, giving a Buy rating yesterday.
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Yuko Oku has given his Buy rating due to a combination of factors that highlight the promising trajectory of 10x Genomics. The company is experiencing encouraging trends in its consumables segment, particularly in Single Cell and Spatial Biology products. Despite facing challenges with instrument sales, the increased adoption of new products and the growth in Spatial consumables, driven by the utilization of Xenium technology, are positive indicators. Additionally, the acquisition of Scale offers potential synergies with 10x Genomics’ existing portfolio, enhancing its position in the Single Cell market.
Furthermore, Yuko Oku believes in the long-term potential of 10x Genomics’ innovative technologies, which are crucial for advancing biological research. The company’s commitment to financial discipline, evidenced by recent litigation settlements, strengthens its financial standing. Moreover, 10x Genomics is well-positioned to achieve operating profit breakeven, making it an attractive investment despite the current macroeconomic challenges.
In another report released yesterday, Canaccord Genuity also maintained a Buy rating on the stock with a $16.00 price target.
Based on the recent corporate insider activity of 28 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.