10x Genomics price target lowered to $18 from $19 at Barclays

Barclays lowered the firm’s price target on 10x Genomics to $18 from $19 and keeps an Overweight rating on the shares. The firm expects the life science tools and diagnostics group to be down today and sentiment to shift more negative following Friday’s news around the Trump Administration’s implementation of a 15% cap for National Institutes of Health reimbursement of “indirect costs” on the grants it awards universities. The news likely elevates concern on names like Bruker (BRKR), genomics Illumina (ILMN), 10x Genomics (TXG), and PacBio (PACB) and Thermo Fisher (TMO), Avantor (AVTR), Agilent (A), and Waters (WAT) to a lesser extent, the analyst tells investors in a research note.