10X Genomics stock plunges to 52-week low of $11.89

In a stark reflection of the challenges facing the biotech sector, 10X Genomics Inc (NASDAQ:TXG) stock has tumbled to a 52-week low, touching down at $11.89. According to InvestingPro data, technical indicators suggest the stock is in oversold territory, with the company maintaining a healthy balance sheet featuring a current ratio of 4.9. This latest price level underscores a precipitous decline for the company, which has seen its stock value erode by an alarming 75.65% over the past year. Investors have been grappling with a mix of industry-wide pressures and company-specific headwinds, leading to a sustained sell-off that has now culminated in this new low watermark for the company’s shares. The 52-week low serves as a stark indicator of the market’s reevaluation of 10X Genomics’ prospects amidst a challenging economic landscape for growth-dependent biotech firms. Despite the current market sentiment, analyst price targets range from $14 to $28, suggesting potential upside, while InvestingPro’s Fair Value analysis indicates the stock may be undervalued. Get access to 10+ additional ProTips and comprehensive valuation metrics with InvestingPro’s detailed research report.

In other recent news, 10X Genomics announced preliminary fourth-quarter sales surpassing analyst expectations. Despite a year-on-year revenue decrease, the company reported a sequential increase in sales to approximately $165.0 million. This figure was notably higher than the consensus revenue estimate of $153 million. TD Cowen’s analyst Dan Brennan commented on the company’s performance, suggesting that the higher-than-expected results should be well-received.

On a different note, the company secured a permanent injunction against Bruker (NASDAQ:BRKR) Corporation’s GeoMx products. The U.S. District Court for the District of Delaware will officially enter the injunction in January 2025, prohibiting Bruker from manufacturing, using, selling, or offering to sell its GeoMx Digital Spatial Profiler and related instruments, reagents, and services within the United States for RNA and protein detection.

In other developments, shares in lab-tool equipment companies, including Bruker, Illumina (NASDAQ:ILMN), Quanterix (NASDAQ:QTRX), Bio-Techne (NASDAQ:TECH), 10X Genomics, and Qiagen (NYSE:QGEN), declined following an announcement from the National Institutes of Health (NIH) detailing a plan to significantly reduce reimbursements to medical researchers. Analysts from firms such as Stifel, Leerink Partners, and Barclays (LON:BARC) provided varied commentary on the potential impact of these cuts on genomics companies. These are the latest developments for these companies.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.