Shares of 10x Genomics, Inc. (TXG) soared by 6.19% on Thursday, October 11, 2024, as investors remained optimistic about the company's long-term growth potential despite weaker-than-expected revenue guidance for the third quarter.
The biotechnology firm, known for its innovative genomics solutions, announced that its Q3 revenue is expected to be around $151.7 million, down 1% from the year-ago period. While this guidance initially weighed on the stock, investors ultimately focused on TXG's overall growth trajectory and reasonable valuation.
According to an analysis by Simply Wall St, TXG's price-to-sales ratio has returned to a level more in line with the broader life sciences industry, reflecting investors' comfort with the company's valuation. The report highlighted that TXG's revenue growth has outpaced the industry average, with a 56% increase over the past three years, including an 11% rise in the previous year.
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