What Happened?
Shares of biotech company 10x Genomics (NASDAQ: TXG) fell 5.4% in the afternoon session after a key industry peer, Thermo Fisher Scientific (TMO), reported mixed first-quarter results, sparking concerns about a potential slowdown in the life sciences sector.
Thermo Fisher, a major player in the scientific instruments and lab supplies market, announced quarterly revenue of $11.01 billion, which was higher than analyst expectations. However, the company's organic revenue growth, which measures sales increases from its existing business operations, excluding acquisitions, came in at 1%, below the 1.4% analysts had forecasted. This weaker-than-expected core growth from a market leader like Thermo Fisher can signal slowing demand across the industry. Consequently, investors may be concerned that 10x Genomics could face similar headwinds, leading to a sell-off in its shares.
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What Is The Market Telling Us
10x Genomics’s shares are extremely volatile and have had 52 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 27 days ago when the stock dropped 5.1% on the news that major indices including the S&P 500 and Dow Jones Industrial Average fell sharply as investors reacted to escalating uncertainty tied to the U.S.-Iran conflict and policy deadlines set by the Trump administration.
Markets dislike unpredictability, and these fears were amplified, raising concerns of prolonged conflict and rising oil prices. This negative outlook reflected in consumer confidence, with the University of Michigan's sentiment index sliding to a three-month low.
10x Genomics is up 29% since the beginning of the year, but at $21.44 per share, it is still trading 17.8% below its 52-week high of $26.08 from April 2026. Despite the year-to-date gain, investors who bought $1,000 worth of 10x Genomics’s shares 5 years ago would now be looking at only $110.54.
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