Home Top Movers 10x Genomics (NASDAQ: TXG) stock slumped in the premarket trading session; here’s...

10x Genomics (NASDAQ: TXG) stock slumped in the premarket trading session; here’s why

10x Genomics Inc. (TXG) stock plunged by-9.79% to the price of $165.0 in pre-market trading session. TXG stock has closed previous session at $182.90 losing -1.08%. The TXG stock volume traded about 0.71 million shares today. In the past year up-to-date TXG stock surged by 133.98% however in the past week they slumped by -7.26%.

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About 10x Genomics Inc.

10x Genomics, Inc., a life science technology company that specifically focuses on the developing, designing and marketing solutions for analyzing biological systems. These solutions include instruments, consumables, and software. The company operates in regions of North America, Africa, China, the Middle East, Europe, and the Asia.10x Genomics was previously founded as 10X Technologies, Inc. until novermber 2014 and was founded in 2012, with head-quarter in California.

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The instruments of the company consist of chromium and chromium connects, chips which are microfluidic, and other consumables products. 10x has a single cell solution which is based on the chromium instruments. The company also provides single cell gene expression that measures gene activity. For measuring the activity of immune cells the company offers immune profiling of single-cell as well as their targets.

The company’s product offerings include measurement of spatial gene expression pattern through its solutions that works across a single tissue sample. The clientele of the company includes various institutions that require biological system detection and analysis tools; these include academic, government, biopharmaceutical, biotechnology, and other institutions.

Announcement of participation in BofA securities 2021 VHC

TXG stock on 30th April 2021, reported that the organization will be taking an interest in the forthcoming BofA Securities 2021 Virtual Healthcare Conference. The presentation of 10x Genomics’ management is planned on the 12th of May at 3:30 p.m. ET.

10x Genomics reports first quarter 2021 financial report

TXG had a strong beginning to the year featured by solid development across the business and the extraordinary reaction to the advancement uncovered at the organization’s debut Xperience event. TXG had displayed new items and capacities across three product platforms, Chromium Single Cell, VisiumSpatial, and In Situ Analysis, and reported the merger of Tetramer Shop at the first historically speaking Xperience occasion in February.

Moreover TXG extended its activities of Cell and Gene Expressions through dispatching Single Cell Gene Expression with CellPlex and Chromium Single Cell Gene Expression Low Throughput Kits to build admittance to and moderateness of Single Cell investigation and enable Single Cell for all.

Highlights of First Quarter 2021 Financial Results and 2021 guidance

The company reported Revenue of $105.8 million in Q1, which is a 47% increase from $71.9 million in prior year same period. Operating expenses for Q1 2021 was $99.0 million which is 29% increase from prior year same period. TXG stock reported Operating loss of $10.2 million for Q1 2021, as compared to $19.9 million in prior year same period. Net loss was $11.6 million for the first quarter of 2021, as compared to a net loss of $21.1 million for the corresponding prior year period. As of the first quarter, the company had Cash and cash equivalents of $617.2 million.

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The company has given a guidance of revenue for 2021 based on 202 revenue and current operating statuses. Revenue guidance of $480 million to $500 million was maintained by TXG stock, which represents 61%-67% growth over full year 2020 revenue.

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