10x Genomics: Undervalued Amid Consumables-Led Transition

Jaden Mealy2 FollowersFollow5ShareSavePlay(20min)CommentsSummary10x Genomics is undervalued, with a BUY rating and 18% upside to a $20.47 target, driven by robust consumables growth.Consumables, comprising 83% of revenue, continue double-digit growth, offsetting post-COVID instrument sales normalization and supporting recurring revenue expansion.TXG maintains a dominant 34% market share in single-cell biology, reinforced by increasing academic mindshare and strategic partnerships to drive future penetration.Operational efficiency initiatives, including OpEx cuts and consumable price reductions, position TXG to weather funding headwinds and margin pressures as the market stabilizes.Editor's note: Seeking Alpha is proud to welcome Jaden Mealy as a new contributing analyst. You can become one too! Share your best investment idea by submitting your article for review to our editors. Get published, earn money, and unlock exclusive SA Premium access. This article was written byJaden Mealy2 FollowersFollowI am Jaden Mealy, an undergraduate sophomore student studying Finance and Mathematics at the Carroll School of Management at Boston College. I have been involved in both the Boston College Investment Club and Sales and Trading Club, where I participate in equity research and numerous stock pitches conducted weekly. I also manage a personal portfolio and regularly conduct complex fundamental analysis on my primary sectors of interest, technology and healthcare. I have passed my SIE, Series 65, and Series 63 exams, and am currently pursuing both the Series 3 License and CFA LL1 certification. Professionally, I will be joining Corning Inc. as an Automotive Finance Intern in the summer of 2026, where I will be gaining exposure to corporate and technological finance, forecasting inventories and revenues similar to what I have already done in previous pitches. My goal in terms of writing for Seeking Alpha is two-pronged. I hope to provide readers with easy-to-read, truthful, and detailed analysis of stocks I truly enjoy learning about and valuing, while also improving my own modeling and investment skills in the meantime. I hope to both share my investment philosophy with other users while improving and refining my own expertise at the same time. My promise to you is to deliver legitimate and functional analysis, benefitting everyone involved. - Jaden MealyAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.