On September 2, 10x Genomics, Inc. rose 5.59% in regular trading, trading at $62.66 per share, with turnover of $9.93 million. The rally was driven by RBC Capital Markets initiating coverage of the company with a $70 price target, significantly above the FactSet analyst consensus target of $51.

RBC assigned a Sector Perform rating, highlighting 10x Genomics, Inc.'s leadership in high-plex spatial molecular profiling with over 60% market share. The bank noted that the spatial business remains in early-stage adoption and continues to deliver double-digit growth, even ahead of the upcoming Atera product launch. However, RBC flagged the single-cell segment as a structural growth headwind, with double-digit price-per-reaction declines offsetting volume gains. RBC emphasized that the company needs to achieve meaningful growth in its single-cell franchise to unlock further valuation upside.

Recent developments also provide context: Q2 results reported in early August showed EPS of -$0.14, beating the -$0.24 estimate, while revenue of $151 million topped expectations. Full-year guidance was raised to $610-$630 million.

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