Stock Track | 10x Genomics Plunges 6.33% in Pre-Market Despite Earnings Beat as Revenue Declines and Analysts Revise Estimates

Stock Track05-08 17:34

10x Genomics, Inc. (TXG) experienced a significant pre-market plunge of 6.33% on Friday, following the release of its quarterly earnings report.

The company reported a quarterly adjusted loss of 10 cents per share for the quarter ended March 31, which beat the mean analyst expectation of a 29-cent loss. However, revenue fell 2.6% year-over-year to $150.84 million. While this revenue figure still exceeded expectations of $146.36 million, the decline appears to have concerned investors. Furthermore, the mean earnings estimate from analysts had fallen by about 2.8% over the last three months, with two analysts negatively revising their estimates in the last 30 days.

This negative price action comes despite the stock having gained 39.4% year-to-date prior to this movement. The current median analyst price target for 10x Genomics is $22.00, approximately 3.4% below its last closing price of $22.74, which may have contributed to the selling pressure in pre-market trading.

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