5 Genomics Stocks in Cathie Wood’s Portfolio That Are Underperforming

In this article, we discuss 5 genomics stocks in Cathie Wood’s portfolio that are underperforming. If you want our detailed analysis of these stocks, go directly to 10 Genomics Stocks in Cathie Wood’s Portfolio That Are Underperforming. 

5. 10x Genomics, Inc. (NASDAQ:TXG)

Number of Hedge Fund Holders: 22

Decline in Share Price in the Last 6 Months: 50.17%

10x Genomics, Inc. (NASDAQ:TXG) is a California-based biotechnology company that designs and develops gene sequencing technology utilized in scientific research. Cathie Wood initially purchased shares of 10x Genomics, Inc. (NASDAQ:TXG) in Q2 2020, and by Q4 2021, she reduced her stake in 10x Genomics, Inc. (NASDAQ:TXG) by 15%. Wood held 2.6 million shares worth $396.3 million, representing 1.19% of the total 13F securities. 

10x Genomics, Inc. (NASDAQ:TXG) reported its Q4 results on February 16, posting a loss per share of $0.16, missing estimates by $0.13. The $143.53 million revenue also missed market consensus estimates by approximately $5 million. 10x Genomics, Inc. (NASDAQ:TXG) traded 18% lower in post-market trading after the company set its 2022 revenue guidance below Wall Street forecasts.

On February 17, Cowen analyst Dan Brennan lowered the price target on 10x Genomics, Inc. (NASDAQ:TXG) to $145 from $205 and kept an Outperform rating on the shares. The analyst said the Q4 miss was not a surprise but the guidance was worse than expected. He said while the number of causal factors creates risks, the issues are reasonable and there is a chance of significant improvement in the second half of 2022 and into 2023.

A total of 22 hedge funds held long positions in 10x Genomics, Inc. (NASDAQ:TXG) in the fourth quarter of 2021, down from 28 funds in the preceding quarter. 12 West Capital Management is a prominent shareholder of the company, with more than 2 million shares worth $298.5 million.