STOCKS TELEGRAPH

Tag: 10x Genomics

  • What Took 10x Genomics (TXG) Stock Higher After-Hours?

    What Took 10x Genomics (TXG) Stock Higher After-Hours?

    10x Genomics, Inc. (NASDAQ: TXG) experienced a notable uptick of 5.19%, reaching $45.03 in the extended trading session on Tuesday. During the regular session, the stock faced a marginal decline of 1.40%, concluding at $42.81. The after-hours surge in TXG stock ensued subsequent to a significant development in ongoing patent infringement litigation.

    In a recent announcement, 10x Genomics (TXG) disclosed a unanimous verdict in its favor from a jury in the U.S. District Court for the District of Delaware. The verdict pertained to a patent infringement suit initiated by 10x against NanoString Technologies, specifically concerning the GeoMx products.

    The jury, in its decision, determined that NanoString’s GeoMx Digital Spatial Profiler and associated components for RNA and protein detection willfully infringed upon all seven patents asserted by Prognosys and exclusively licensed to 10x Genomics.

    The jury, acknowledging the infringement, awarded damages exceeding $31 million for sales of the contested GeoMx products spanning from May 6, 2021, to October 13, 2023. In the aftermath of the trial, 10x Genomics intends to pursue ongoing royalties for NanoString’s willful infringement extending beyond October 13, 2023.

    TXG is also seeking treble damages and attorney’s fees, along with a permanent injunction against the sale, use, and offering for sale of GeoMx products in the United States. Additionally, the company is seeking pre- and post-judgment interest.

    Remarkably, over the past six months, three distinct courts have determined that both NanoString’s CosMx and GeoMx products infringe upon nine separate patents held by 10x Genomics. In light of these rulings, it is suggested that NanoString dispense with its assertion of confidence in non-infringement and patent invalidity.

    This verdict marks the third instance in the past six months wherein NanoString has been adjudged to infringe upon 10x Genomics patents. Earlier this year, both the European Unified Patent Court (UPC) and the Munich Regional Court ruled in favor of 10x Genomics, issuing injunctions against NanoString’s infringing CosMx Spatial Molecular Imager instruments and CosMx reagents for RNA detection.

  • 10x Genomics Inc. (TXG) stock Plunges Deep on Missed Q4 2021 Revenue and Earnings After Hours

    10x Genomics Inc. (TXG) stock Plunges Deep on Missed Q4 2021 Revenue and Earnings After Hours

    On February 16, 10x Genomics Inc. (TXG) posted results for its fourth quarter and full-year 2021. Missed earnings and revenue caused the stock to plunge further in the after-hours session on Wednesday.

    After moving between a high of $95.50 and a low of $91.16, TXG closed the regular session at $94.98. Thus, the stock suffered a mild loss of 0.34% at a volume of 1.46 million in the regular trading session. Following the announcement, the stock plunged down by a huge 26.30% to lose $24.98 at 260.74K shares volume. Hence, TXG was trading at a value of $70.00 per share in the after-hours on Wednesday.

    The life science technology company, 10x Genomics Inc. develops products for interrogating, understanding, and mastering biology. Founded in 2012, its 91.59 million outstanding shares trade at a market capitalization of $10.65 billion.

    TXG’s Q4 2021 Highlights

    In Q4 2021, the company had revenue of $143.5 million with an increase of 28% YOY. This compares to $112.2 million in the year-ago quarter.

    Moreover, TXG incurred a net loss of $18.4 million in the quarter against $415.6 million in the year-ago period.

    The gross margin decreased to 81% from 83% in the prior-year quarter.

    Full Year 2021

    For fiscal 2021, the company reported revenue of $490.5 million against $298.8 million in the previous year. This marks an increase of 64% YOY.

    Furthermore, the company had a net loss of $58.2 million in fiscal 2021 against $542.7 million in the previous year.

    The gross margin increased to 85% in fiscal 2021 from 80% in fiscal 2020.

    On December 31, 2021, TXG had cash and cash equivalents of $587.4 million.

    TXG’s 2022 Outlook

    The company expects revenue between $600 and $630 million for fiscal 2022 with an increase of 22%-28% YOY.

    10x CSP Network Expansion

    On January 21, the company announced the expansion of its 10x Certified Service Provider (CSP) Network. TXG had added three leading clinical research organizations (CROs) to its 10x CSP Network. These new CROs are Q2 Solutions, Azenta Life Science, and CellCarta.

    Q2 Solutions is a leading global clinical trial laboratory services organization while Azenta Life Sciences provides life science solutions worldwide. And CellCarta provides specialized precision medicine laboratory services to biopharma.

    TXG’s Recent Participation

    Recently, the company participated in the 40th Annual JP Morgan Healthcare Conference. The company’s management presented at the conference on Monday, January 10, 2022.