|Over a month ago|
10x Genomics downgraded to Sell from Neutral at Goldman Sachs » 04:3708/1808/18/22
Goldman Sachs analyst…
Goldman Sachs analyst Matthew Sykes downgraded 10x Genomics to Sell from Neutral with a price target of $35, down from $55, which represents 18% downside from current levels. The analyst expects a "materially slower cadence" to the company's sales growth rate in 2023 and 2024 versus consensus as it transitions to a multi-market, multi-product company. The growth rate for 10x's single cell analysis business is below what analysts have modeled over the next few years as its penetration into the academic market "has hit a ceiling amongst the high utilization, core lab customers," Sykes tells investors in a research note. He adds that the company's spatial and in situ offerings "are not yet of the size to help offset the deceleration in their core business."
Illumina miss 'surprising' given backlog, says Piper Sandler » 16:4108/1108/11/22
ILMN, PACB, TXG
Piper Sandler analyst…
Piper Sandler analyst David Westenberg notes that Illumina just reported revenues, earnings and guidance that came in "well below consensus," which he calls "surprising" given the company's "rich" backlog of NovaSeq instruments and consumables. The analyst, who sees the miss potentially signaling that new orders in excess of backlog filling slowed "dramatically," argues that "the silver lining, if any," is that most of the other single products genomics companies, such as Pacific Biosciences (PACB) and 10x Genomics (TXG), also noted transitory headwinds from the macro environment. Westenberg, who thinks Illumina continues to have a strong competitive position, has an Overweight rating on the shares, which are down $51.49, or 23%, to $175.95 in after-hours trading.
10x Genomics price target lowered to $70 from $100 at Morgan Stanley » 08:4508/1008/10/22
Morgan Stanley analyst…
Morgan Stanley analyst Tejas Savant lowered the firm's price target on 10x Genomics to $70 from $100 and keeps an Overweight rating on the shares after the company reported Q2 results in line with its preannouncement and cut guidance, which was "unsurprising" following the preliminary release. The meaningful outlook reset should be "a clearing event for the stock," said Savant, who likes the setup into 2023 and beyond with Fixed RNA Profiling and CytAssist seeing strong initial traction and Xenium on track for year-end.
10x Genomics price target raised to $55 from $50 at Cowen » 07:3508/0908/09/22
Cowen analyst Dan Brennan…
Cowen analyst Dan Brennan raised the firm's price target on 10x Genomics to $55 from $50 and keeps an Outperform rating on the shares. The analyst said preannouncing a 2Q miss the focus was on the extent of a 2022 guidance cut which looks reasonable and clarity on the issues where a recovery where visibility remains low.
10x Genomics price target lowered to $65 from $100 at Citi » 06:3508/0908/09/22
Citi analyst Patrick…
Citi analyst Patrick Donnelly lowered the firm's price target on 10x Genomics to $65 from $100 and keeps a Buy rating on the shares post the Q2 results. Particular focus was the lowered fiscal 2022 revenue guidance, which management attributed to China COVID lockdowns, currency headwinds, and the post-pandemic growth ramp tracking below expectations, Donnelly tells investors in a research note. The analyst believes the guidance reduction was broadly expected, but views the updated guidance cut of $100M as worse than anticipated.
10x Genomics updated FY22 revenue view to $500M-$520M, consensus $571.06M » 16:1208/0808/08/22
10x Genomics is updating…
10x Genomics is updating its outlook for the FY22. The company now expects revenue to be in the range of $500M-$520M, representing 2% to 6% growth over FY21.
10x Genomics reports Q2 EPS (57c), consensus (39c) » 16:1008/0808/08/22
Reports Q2 revenue…
Reports Q2 revenue $114.6M, consensus $117.19M. Cash and cash equivalents and marketable securities were $499.7M as of June 30. "Our results this quarter fell short of our expectations as we navigated some macro headwinds, particularly outside of the United States," said Serge Saxonov, Co-founder and CEO of 10x Genomics. "Our topline growth this year will be slower than our previous expectations, but we firmly believe the underlying opportunity for our single cell and spatial technologies is as strong as ever. We are driving our innovation engine and building on our broad commercial reach so we can deliver on the full potential of this tremendous opportunity."
Singular Genomics appoints Ropp as Chief Commercial Officer » 07:4808/0208/02/22
Singular Genomics Systems…
Singular Genomics Systems (OMIC) announced the appointment of Sam Ropp, Ph.D., as Chief Commercial Officer. In this role, Dr. Ropp will oversee the company's commercial function, including commercialization of the G4 Sequencing Platform. He will report to Drew Spaventa, Chief Executive Officer and Founder of Singular Genomics. The company also announced the appointment of Jeff Bullard as Head of Sales for North America. Ropp joins Singular from 10x Genomics (TXG), most recently serving as Senior Vice President of Global Sales. Bullard joins Singular from 10x Genomics, where he most recently served as the Senior Director of Sales-Americas.
Street Wrap: Today's Top 15 Upgrades, Downgrades, Initiations » 10:0007/2507/25/22
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Canaccord starts 10x Genomics at Buy, sees multiple avenues for long-term growth » 07:1807/2507/25/22
As previously reported,…
As previously reported, Canaccord analyst Kyle Mikson initiated coverage of 10x Genomics with a Buy rating and $55 price target. 10x Genomics has historically show "impressive execution" in its single cell analysis business and he believes 10x will continue to generate solid growth in its single cell segment as its spatial biology and in situ businesses accelerate, Mikson tells investors. While acknowledging that the company may be adversely affected in a recessionary environment given 10x Genomics' academic-heavy customer base, he believes shares are "attractive at current levels" given that shares offer about 57% upside potential to his price target, Mikson added.