What Happened?
Shares of biotech company 10x Genomics (NASDAQ: TXG) jumped 14.3% in the afternoon session after the company reported third-quarter financial results that beat Wall Street's expectations and provided an upbeat revenue forecast for the fourth quarter.
For the third quarter, revenue came in at $149 million, exceeding the consensus estimate of $142.4 million. The company's loss per share of $0.22 was also narrower than the $0.28 loss analysts had predicted. Looking ahead, 10x Genomics projected fourth-quarter revenue to be in the range of $154 million to $158 million. The midpoint of this guidance surpassed analysts' forecasts, signaling confidence in its performance. Overall, the strong results and positive outlook appeared to drive investor optimism.
The shares closed the day at $15.25, up 17.4% from previous close.
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What Is The Market Telling Us
10x Genomics’s shares are extremely volatile and have had 48 moves greater than 5% over the last year. But moves this big are rare even for 10x Genomics and indicate this news significantly impacted the market’s perception of the business.
The previous big move we wrote about was 18 days ago when the stock gained 6% on the news that BofA Securities maintained its "Buy" rating on the stock, even while lowering its price target. The firm adjusted its price target on 10x Genomics to $13.00 from $15.00. While a price target reduction can sometimes signal concern, investors appeared to focus on the reaffirmed positive rating. This suggested continued confidence from the analyst firm in the stock's potential.
10x Genomics is up 7.5% since the beginning of the year, and at $15.26 per share, it is trading close to its 52-week high of $16.47 from December 2024. Investors who bought $1,000 worth of 10x Genomics’s shares 5 years ago would now be looking at an investment worth $113.74.
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