What Happened?
Shares of biotech company 10x Genomics (NASDAQ:TXG) jumped 4.8% in the morning session after Canaccord Genuity maintained its 'Buy' rating and raised its price target on the company's shares.
The firm increased its price target from $19.00 to $20.00, signaling continued confidence in the company's performance. This move followed other recent positive analyst sentiment. Just a week earlier, Barclays also increased its price target on the stock to $22 from $17, maintaining an 'Overweight' rating. The Barclays analyst cited expectations of stabilizing end-market demand and improving conditions for research funding as reasons for the positive outlook on the life sciences tools sector.
Is now the time to buy 10x Genomics? Access our full analysis report here.
What Is The Market Telling Us
10x Genomics’s shares are extremely volatile and have had 49 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 11 days ago when the stock dropped 6.3% on the news that Citigroup downgraded the stock to Neutral from Buy. The analyst firm adjusted its rating on the life science tools and diagnostics company, signaling a less optimistic outlook on its near-term performance. While Citigroup kept its price target for 10x Genomics unchanged at $18, the downgrade from a "Buy" rating was the key factor influencing investor sentiment. Such a change from an analyst can often lead investors to reconsider their position in a stock.
10x Genomics is up 18.8% since the beginning of the year, but at $16.86 per share, it is still trading 16.3% below its 52-week high of $20.13 from November 2025. Investors who bought $1,000 worth of 10x Genomics’s shares 5 years ago would now be looking at an investment worth $112.64.
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