10x Genomics price target lowered to $24 from $36 at Barclays

Barclays analyst Luke Sergott lowered the firm’s price target on 10x Genomics to $24 from $36 and keeps an Overweight rating on the shares ahead of the Q2 report. The analyst says the company’s intra-quarter commentary has lowered expectations for a bioprocessing destocking recovery, biotech funding has stalled and capex spending is bouncing along the bottom due to constrained pharma budgets. The firm continues to favor contract research organizations on valuation, and bioprocessing names “as it is still the only market that is improving.”