Shares of 10x Genomics Inc. TGX, -4.32% plunged 22.3% in active morning trading Friday, putting them on track to suffer a record one-day drop to a record low Friday, after the biotechnology company’s revenue warning prompted BofA Securities analyst Derik de Bruin to turn bearish. Trading volume was 3.9 million shares, already about triple the full-day average of about 1.3 million shares. 10x’s rating was cut by de Bruin to underperform from neutral, and the stock price target was slashed to $35 from $80. “We are still positive on [10x’s] technology, but he issues will take time to fix and a premium valuation is not justified,” de Bruin wrote in a note to clients. The stock’s previous record one-day decline was 21.0% on May 6, 2021, and the previous record low close was $36.95 on June 13. The stock has plummeted 77.4% year to date, while the iShares Biotechnology ETF IBB, +1.47% has dropped 20.1% and the S&P 500 SPX, +1.92% has slumped 19.1%.
