Shares of 10x Genomics, Inc. (TXG) plummeted 5.01% during intraday trading on Thursday, as the stock came under significant selling pressure amid a broader downturn in the Life Sciences Tools & Services sector.

The decline occurred ahead of the company's highly anticipated second-quarter earnings report, which was scheduled for release after the market close. The selloff was not isolated to 10x Genomics; peer Illumina notably fell 5.67% on the same day, while other sector heavyweights such as Thermo Fisher Scientific, Danaher, and IQVIA also posted losses. The broad-based weakness suggests that investors were reducing exposure to the sector ahead of key earnings catalysts.

Market consensus for the upcoming report had projected quarterly revenue of approximately $147 million, representing a 5.28% year-over-year increase, and an adjusted loss per share of $0.24. The company had previously beaten first-quarter estimates, but the overall cautious sentiment and sector-wide pressure weighed on the stock in the session.