Wall Street Newcomer Blitzed With Analyst Bull Notes

J.P. Morgan Securities and Cowen both like 10X Genomics

Wall Street newbie 10X Genomics Inc (NASDAQ:TXG) is in focus after not one, but two analysts initiated coverage on the biotech this morning. Specifically, Cowen started following TXG with a "buy" rating, and a $55 price target, while J.P. Morgan Securities began coverage with an "overweight" rating, also giving the equity a $55 price target.

Cowen cited the firm's "early success, tremendous promise, favorable business model and competitive positioning" for the bull note. Meanwhile, J.P. Morgan Securities said the company's attractive revenue growth profile exceeded that of its sector peers.

These analysts joined Evercore ISI, which initiated coverage on TXG with an "outperform" rating on Sept. 24. The consensus 12-month target price is now docked at $62.50 -- a solid 21.5% premium to last night's close, and right below the stock's Sept. 19 all-time high of $63.38.

On the charts, it looks like the $45 level has emerged as a floor for the equity -- with the shares bouncing off this level last week. This is still well above TXG's initial public offering (IPO) price of $39 per share. However, the $52.75 region has contained the security in recent sessions, and is where the stock closed at on Sept. 12, its first day of trading on the Nasdaq. Earlier today, the equity rallied all the way up to $52.80, but was last seen down 2.7% at $50.04.