Will TXG Stock Ever Get Back To Its Old High?
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Shares of 10x Genomics (TXG) peaked in April 2021 and now trade at well under half that price. Many holders still measure the shares against that old close, acting as if the stock belongs there and its return is only a matter of time. What would it take for 10x Genomics stock to get back there?
10x Genomics Stock Needs A 148% Gain To Recover
10x Genomics stock sits 59.7% below its April 2021 high. Getting back to that mark requires a 148.2% gain. Spreading that climb over three years would still demand an annual return of 35.4%.
Has 10x Genomics Stock Gained 148% In Three Years?
Look at every three-year rolling window of 756 trading sessions in the stock’s daily closes since September 2019, with one starting on each trading day. Throughout that price history, 10x Genomics stock has never gained 148.2% over a three-year stretch. Over a shorter span, however, its latest close is more than six times its lowest close of the past year, set in October 2025. The business may still do well from here, but the stock will need a rare feat to reclaim its old high within three years. That record counts only stretches that have already ended: from April 2025 to October 2026, the stock climbed from $7.14 to $97.74.
What Has Waiting Cost 10x Genomics Holders?
Investors have already waited 5.5 years since the April 2021 high. Over those years, 10x Genomics stock is down 59.7% before dividends, while the S&P 500 is up 84.4% on the same basis. For a holder, the cost of waiting includes both the drop in the shares and the gain that same money would have made in the S&P 500.
Is 10x Genomics The Same Business It Was Then?
10x Genomics operates as a larger business today than it did at its high, although it continues to run at a loss.
| 10x Genomics | At the high, April 2021 | Now |
|---|---|---|
| Share price | $202.37 | $81.55 |
| Business figures: twelve months ended | 2021-03-31 | 2026-06-30 |
| Revenue, twelve months | $333 million | $617 million |
| Operating margin | -22.8% | -14.9% |
| Net income, twelve months | -$533 million | -$75.1 million |
Share prices are split-adjusted closes on April 26, 2021 and October 29, 2026. Business figures are as reported, for the twelve months to the latest fiscal quarter in our data on or before each date.
The company sells instruments and consumables for single-cell and spatial analysis, including its Xenium platform. Its revenue in the twelve months ending June 2026 was 85.4% higher than in the twelve months ending March 2021. The business still loses money on its operations, but it loses less of each sales dollar. The operating margin sits at -14.9%, compared with -22.8% back then.
The business has grown and its operating margin has improved. Yet the stock trades far below its 2021 price, meaning the price back then was the unusual part. The better question for 10x Genomics holders is not when the old high comes back, but whether $617 million in yearly revenue, still earned at an operating loss, is worth today’s price of 17.2 times those sales.
A price set at many times sales lasts only if the business grows into it. To see this in practice, look at Tesla, still priced at about 12 times sales even after its deliveries fell two years in a row. Read Trefis Big Story: How Tesla Blundered.
Sitting On A Big Gain In 10x Genomics?
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