10x Genomics price target lowered to $12 from $14 at JPMorgan

JPMorgan analyst Rachel Vatnsdal lowered the firm’s price target on 10x Genomics (TXG) to $12 from $14 and keeps a Neutral rating on the shares post the Q4 report. The company’s “strong” Q4 performance is overshadowed by the National Institutes of Health funding overhang, the analyst tells investors in a research note. The firm maintains a constructive view on 10x’s positioning in the single cell and spatial markets, but remains on the sidelines given the newly introduced overhang from the NIH indirect costs cut in addition to near-term uncertainty around the commercial reorganization, and limited visibility into Xenium placements.