Leerink Partners has lowered its 12-month price target on 10X Genomics to $20.00 from $22.00, while retaining a Market Perform rating on the single-cell platform provider. The research house pointed to growing uncertainty around pricing dynamics tied to a new product, even as the shares have rallied strongly over the past year.
10X Genomics has delivered a 51.5% price return over the prior 12 months and was trading at $22.50 at the time of the firm's note, just beneath a 52-week high of $23.56. Despite the recent share strength, Leerink said pressure on the company’s growth assumptions for 2026 remains a concern.
Analysts currently do not expect 10X Genomics to be profitable this year; consensus forecasts put EPS at -$0.05 for FY2025. Leerink highlighted the company’s November rollout of the Flex v2 kit as a central factor in its revised outlook. The firm described Flex v2 as a fundamentally different product from earlier kits, noting both substantially lower pricing and materially higher flexibility.
Leerink’s caution centers on the view that this lower-priced, more adaptable kit will create pricing headwinds in the near term. The research house said it needs greater visibility that the pricing impact is already reflected in estimates and that any price reductions are translating into sustainable volume expansion - specifically, more confidence that price cuts are “baked in and driving volume growth” - before it would consider changing its Market Perform stance.
The pricing-focused concern sits alongside operational signs of momentum. 10X Genomics reported preliminary fourth-quarter 2025 revenue of $166.0 million, ahead of its guidance range of $154.0-158.0 million and above an external estimate of $156.2 million. Those results prompted at least one peer analyst to raise their valuation target: BofA Securities increased its price objective from $18.00 to $21.00 while keeping a Neutral rating.
At the same time, Morgan Stanley initiated coverage of the name with an Equalweight rating and a $20.00 target, marking a downgrade from a prior Overweight stance on the basis that recent share strength reduced upside from the firm’s perspective.
Beyond quarterly metrics and analyst positions, 10X Genomics has continued to expand its product and research footprint. The company introduced an updated Chromium Flex assay that incorporates plate-based multiplexing for high-throughput cell analysis, enabling processing of up to 384 samples and analysis of as many as 100 million cells per week. The company frames this upgrade as building on its existing Flex chemistry to improve scalability for large-scale research programs.
10X Genomics has also announced collaborations aimed at applying its single-cell tools to translational research. One partnership with Dana-Farber Cancer Institute will analyze tumor samples from patients with major solid tumors to identify biological features linked to treatment response and resistance. Separately, a collaboration with Brigham & Women’s Hospital will investigate immune signatures in autoimmune disease by profiling blood samples from 1,000 patients with conditions such as rheumatoid arthritis and systemic lupus erythematosus to create detailed molecular maps of immune cells.
Those scientific initiatives underscore the company’s ongoing focus on cancer and autoimmune disease research, even as analysts weigh how product-level pricing decisions will influence near-term revenue growth and margin dynamics.