UPDATE: William Blair Downgrades 10X Genomics (TXG) to Market Perform
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William Blair analyst Brian Weinstein downgraded 10X Genomics (NASDAQ: TXG) from Outperform to Market Perform.
The analyst comments "After the markets closed on Thursday, July 14, 10x provided preliminary top-line results for second quarter 2022. Management expects total revenue for the quarter of roughly $114.5million (-1.2% year-over-year) versus our estimate of $123.2 million (+6.3% year-over-year)and consensus of $127.7 million. By geography, Americas revenue increased 8% year-over-year and 19% sequentially, EMEA revenue decreased 11% year-over-year but increased 25%sequentially, and APAC revenue decreased 15% year-over-year and 47% sequentially. The company plans to update its full year 2022 guidance when it reports full financial results for the second quarter 2022 on August 8. We will update our model following the company’s second-quarter earnings call."
Shares of 10X Genomics closed at $43.29 yesterday.
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