JP Morgan

Two banks said they expect shares of 10x Genomics to outperform the market while JP Morgan gave them an Overweight rating and Bank of America a Buy rating.

The firm will offer €4.4 billion of euro-denominated notes and $900 million in dollar-denominated notes. It will redeem another $4.5 billion in outstanding notes.

The credit facility, available through Sept. 17, 2024, replaces a prior credit facility dated Aug. 11, 2016 for $1 billion.

About $770 million in net proceeds will go toward the repayment of outstanding debt under its senior unsecured revolving credit facility.

The single-cell analysis firm plans to use the proceeds to fund general corporate activities and potentially acquire businesses, products, or technologies.

The firm offered more than 2.7 million shares of its common stock, including 356,435 shares to its underwriters pursuant to an option to purchase additional shares.

The index, which outperformed the Dow Jones and the Nasdaq this month, gained 11 percent and rebounded from its 11 percent loss in December.

The investment bank said it is encouraged by the company's strong pipeline and position among its competitors but sees further upside for its stock.

Companies in the life science tools and molecular diagnostics spaces provided updates on their businesses at the 36th annual JP Morgan Healthcare Conference this week in San Francisco.