TXG - 10x Genomics Stock Slips As Illumina Snaps Up Competitor - Tough Times Ahead
2024-07-10 14:34:27 ET
Summary
- 10x Genomics' share price is down nearly 15% today and >70% year-to-date.
- The company offers innovative products for biological analysis but faces heavy losses and declining revenues of key products.
- The acquisition of Fluent Biosciences by Illumina, announced yesterday, poses a threat to 10x's key revenue driver, Chromium single cell platform.
- Bruker Corporation has rescued another key rival, Nanostring, which has recently won an important court victory against 10x relating to patents.
- In a very tricky industry characterized by multiple failures — witness Pacific Bio — 10x's current valuation of nearly $2bn faces further erosion, in my view, with positives on the horizon.
Investment Overview
The share price of 10x Genomics, Inc. ( TXG ) is down nearly 15% in early trading today, and is also down >70% year-to-date....
10x Genomics Stock Slips As Illumina Snaps Up Competitor - Tough Times Ahead