10x Genomics advances after Jefferies upgrades to 'buy'

10x Genomics

22/07/2024 10:33

** Medical equipment maker 10x Genomics'  TXG.O  shares gain
6.5% to $17.79 premarket
    ** Brokerage Jefferies upgrades to "buy" from "hold" on
longer term confidence in company's single-cell research unit,
given its continued utility in areas like oncology research
    ** Investors under-appreciate incumbency in fields requiring
technological consistency, brokerage says, adding that TGX
technology superior vs competitors based on recent studies
    ** Company should be able to capitalize on positive funding
trends from U.S. NIH; large customer base of core labs limits
dependency on grants - Jefferies 
    ** Brokerage sees path to upside in estimates given utility
of single-cell research, new products and sticky customer base
    ** 9 brokerages rate company's shares "buy" or higher, 8
"hold" and 1 "sell"; median PT $25 - LSEG
    ** Stock down more than 70% YTD, as of close

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))