Shares of 10x Genomics, Inc. (TXG) took an unexpected dive in Friday's pre-market trading, plummeting 5.08% despite the company's recent strong quarterly earnings report and a wave of analyst price target increases. This sharp decline comes as a surprise to many investors who were anticipating a positive market reaction to the company's financial performance.

On August 7, 10x Genomics reported impressive results for the quarter ended June 30, significantly surpassing Wall Street expectations. The company posted adjusted earnings of 28 cents per share, a remarkable turnaround from the loss of 32 cents per share in the same quarter last year. This result far exceeded the mean analyst expectation of a 37 cents per share loss. Additionally, the company's revenue rose 12.9% to $172.91 million, outperforming the analyst consensus of $139.43 million.

In response to these strong results, several major financial institutions raised their price targets for 10x Genomics. Deutsche Bank adjusted its target to $14 from $10, UBS increased its target to $13 from $12, Barclays raised its target to $15 from $13, and JP Morgan upped its target to $13 from $9. Despite these positive analyst actions and the company's robust financial performance, the stock's pre-market plunge suggests that other factors may be influencing investor sentiment. This unexpected downward movement could potentially be attributed to profit-taking following the earnings report or other undisclosed market dynamics affecting the stock.