Here’s Why 10x Genomics (TXG) Underperformed in the Third Quarter - InvestingChannel

Here’s Why 10x Genomics (TXG) Underperformed in the Third Quarter

Baron Funds, an asset management company, released its “Baron Global Advantage Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund gained 1.7% (Institutional Shares) compared to a 6.8% decline for the MSCI ACWI Index and a 5.9% decline for the MSCI ACWI Growth Index. Stock selection contributed to the fund’s outperformance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Baron Funds discussed stocks like 10x Genomics, Inc. (NASDAQ:TXG) in the Q3 2022 investor letter. Headquartered in Pleasanton, California, 10x Genomics, Inc. (NASDAQ:TXG) is a science technology company. On November 2, 2022, 10x Genomics, Inc. (NASDAQ:TXG) stock closed at $26.92 per share. One-month return of 10x Genomics, Inc. (NASDAQ:TXG) was -14.13% and its shares lost 85.26% of their value over the last 52 weeks. 10x Genomics, Inc. (NASDAQ:TXG) has a market capitalization of $3.067 billion.

Baron Funds made the following comment about 10x Genomics, Inc. (NASDAQ:TXG) in its Q3 2022 investor letter:

“10x Genomics, Inc. (NASDAQ:TXG) sells products that offer life sciences researchers single cell, spatial, and in-situ views of biological systems. Shares underperformed in the quarter, declining 37% after the company reported second quarter results that were below expectations due to softness in China as well as cold chain logistical issues in Europe. We view 10X as a leader in cutting-edge life sciences research and maintain long-term conviction as the company remains early in penetrating the markets for single-cell and spatial analysis. In addition, we believe there is optionality in clinical diagnostics through 10X’s in-situ platform.”

10 Best Small-Cap Biotech Stocks Under $10 in 2021 Copyright: nexusplexus / 123RF Stock Photo

10x Genomics, Inc. (NASDAQ:TXG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held 10x Genomics, Inc. (NASDAQ:TXG) at the end of the second quarter which was 22 in the previous quarter.

We discussed 10x Genomics, Inc. (NASDAQ:TXG) in another article and shared the list of biggest genomics companies in the world. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.


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Disclosure: None. This article is originally published at Insider Monkey.

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