10x Genomics Clears Analyst Target, Insiders Keep Selling
10x Genomics shares have rallied to $65.12, surpassing the analyst consensus price target of $49.54, after August earnings prompted upgrades citing Atera product demand and raised guidance. Even so, i
10x Genomics Clears Analyst Target, Insiders Keep Selling
NEW YORK, August 23 —
10x Genomics, Inc. (TXG) has rallied past its analyst consensus price target on an Atera demand narrative, but the people who built the company sold at $24 to $36 in May and June and resumed selling at $57 to $58 in August, with substantial net insider selling and zero purchases in 90 days.
- Revenue fell 12.7% TTM to $620 million; shares at $65.12 sit 31% above the $49.54 analyst consensus target.
- CEO sold at $24, $36 in May-June; $4.17 million net insider selling in 90 days; zero purchases.
- Four consecutive EPS beats, including a 240% August surprise; forward P/E at 320x on trailing EPS of -$0.59.
The Beat That Revenue Can't Confirm
10x Genomics makes instruments, consumables, and software across three platforms: Chromium for single-cell analysis, Visium for spatial tissue biology, and Xenium for in situ RNA detection, selling to academic, biopharma, and government labs. The August 8-K showed a 240% EPS beat, the fourth consecutive positive surprise, prompting analyst upgrades that cited Atera demand lifting guidance. But trailing revenue of $620 million is falling 12.7%, and trailing EPS remains -$0.59. The DCF calculator frames what Atera needs to deliver: a 320x forward P/E demands an inflection not yet visible in the income statement.
The C-Suite Sold at Half the Current Price
CEO Serge Saxonov sold 28,893 shares in late May at $24 to $25, per Form 4 filings, then 30,000 more in late June at $33 to $36. CFO Adam Taich sold 15,098 shares on May 22 at $24.44, alongside Saxonov's largest May transaction. In August, Director John R. Stuelpnagel sold 20,000 shares at $57 to $59, the largest single insider transaction in the 90-day period. Net insider selling totals $4.17 million with no purchases. The C-suite held the Atera story in May and sold below that figure. The board joined in August. No one has bought.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| TXG | $8.5B | 320.3x | +362.8% |
| TWST | $9.1B | n/a | +431.5% |
| BEAM | $3.1B | n/a | +81.0% |
| PACB | $420M | n/a | +2.3% |
| VCYT | $3.4B | 21.7x | +43.2% |
| GH | $22.9B | n/a | +175.8% |
What Atera Has to Prove
Short interest at 17.6% of the float reflects a divided market. The balance sheet offers real durability: $470 million in net cash, $180 million in trailing free cash flow, and 70.1% gross margins give the company runway while Atera scales. The decisive number is next quarter's revenue. Four consecutive EPS beats haven't reversed the 12.7% TTM decline, and the stock at 320x forward P/E prices in reversal, not continuation. Revenue stabilization next quarter validates the upgrade thesis. Another decline at $65.12, already 31% above analyst consensus, leaves little room for error. Run the free TXG deep-dive →
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
10x Genomics shares have rallied to $65.12, surpassing the analyst consensus price target of $49.54, after August earnings prompted upgrades citing Atera product demand and raised guidance. Even so, insiders who sold heavily at $24–36 in May and June have resumed open-market selling at $57–58 in August — a pattern the market has not yet answered.