Why Our Analyst Turned Bullish on TXG After a Three-Year Downcycle

Hedgeye analyst Tom Tobin turned bullish on 10x Genomics (TXG) after a three-year downcycle. The stock has rallied significantly since his long call in June 2025. The bullish thesis is based on several factors: the stock was trading near cash value, the NIH Tracker projected a turn in funding dynamics, and the spatial genomics market is showing signs of acceleration. The macro environment is also becoming more favorable for the healthcare sector. Tobin believes the cycle for spatial genomics will be a decade or more, and the company has significant upside potential.