PLEASANTON, Calif. - 10x Genomics, Inc. (NASDAQ:TXG) announced today a multi-year research collaboration with Cleveland Clinic to study biomarkers in bladder cancer patients, according to a press release statement. The company, valued at $4.03 billion, has seen its stock surge over 200% in the past year, trading at $31.75.
The collaboration will examine tumor samples from patients with advanced bladder cancer undergoing treatment with antibody-drug conjugates and immunotherapies. Researchers plan to use 10x Genomics’ Flex Apex and Xenium platforms, with potential expansion to the company’s Atera platform.
The study aims to identify biomarkers that may predict patient response to treatment. Researchers will analyze tumor microenvironment composition, immune cell infiltration and expression of therapeutic targets through single-cell transcriptomic profiling and spatial gene expression measurements.
"We look forward to collaborating with 10x Genomics on this promising work. This collaboration has the potential to shed new light into the mechanisms underlying therapeutic response in a number of major cancer types," said Timothy Chan, Chair of the Department of Cancer Sciences at Cleveland Clinic.
The collaboration is part of 10x Genomics’ efforts to partner with research institutions to develop evidence supporting diagnostic applications in oncology and other disease areas. The company stated the research will generate a dataset linking single cell and spatial insights with clinical outcomes. According to InvestingPro analysis, the stock currently appears overvalued relative to its Fair Value, though the company maintains a strong balance sheet with more cash than debt. For deeper insights, investors can access TXG’s comprehensive Pro Research Report, available for this and 1,400+ other US equities.
Serge Saxonov, Co-founder and CEO of 10x Genomics, said the work addresses the challenge of understanding variable patient responses to cancer therapies.
Cleveland Clinic is a nonprofit multispecialty academic medical center. 10x Genomics develops instruments, consumables and software for single cell and spatial biology research.
In other recent news, 10X Genomics announced the acquisition of Proteintech Genomics, a division of Proteintech Group. This acquisition aims to enhance 10X Genomics’ capabilities in multimodal analysis and proteomics, adding advanced technologies such as the Human Discovery Panel to their offerings. Following this announcement, Canaccord reiterated its Buy rating on 10X Genomics, maintaining a price target of $32.00. In another development, William Blair upgraded 10X Genomics’ stock rating to Outperform from Market Perform, highlighting the company’s role in AI-driven drug discovery and noting its consistent top-line performance and adjusted EBITDA breakeven achievement.
Additionally, 10X Genomics held its annual meeting of stockholders, where three Class I directors—Serge Saxonov, Benjamin J. Hindson, and John R. Stuelpnagel—were elected to serve three-year terms. The meeting saw participation from approximately 90.5% of the company’s eligible votes. Meanwhile, TD Cowen reported shifts in short interest within the life science tools sector, although 10X Genomics was not among the companies with significant changes. These recent developments reflect ongoing strategic moves and investor interest in 10X Genomics.
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