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Why Bionano Genomics, Inc. (BNGO) stock is rising today?

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Bionano Genomics, Inc. (BNGO) announced today that the two large laboratories of the United Kingdom have adopted its Saphyr System for optical genome mapping after which the BNGO stock price saw a push of 3.72% to reach $5.58 a share at the time of this writing. BNGO stock went up in the previous closing by 2.09% with a $5.38 per share price. Let’s deep dive to explore more of it.

What’s happening?

Investors are responding to the recent news announced by Bionano stock today related to its Saphyr system adopted by two large laboratories in U.K. NHS Regional Genetics Laboratory in Belfast City Hospital and King’s College Hospital in London have adopted the Saphyr system of Bionano stock via its reagent rental program in which consumable are purchased over time subjective to the placement of the system. Both libraries are using the Saphyr System to diagnose heme malignancies through the timely identification of genomic structural variants of patients. The laboratory in Belfast will also use this system for various other rare and genetic diseases.

Recent Previous Activity:

BNGO stock on April 14, 2021, did announce the launching of an IRB-approved preclinical evaluation study by the Foundation for Embryonic Competence (FEC)  pursuant to which FEC will use optical genome mapping (OGM) with the Saphyr system of Bionano stock in order to perform the analysis of genomes of couples who have gone through the repeated pregnancy loss or recurrent embryo implantation failure. The purpose of this study is to compare the performance of improved resolution of OGM with the traditional methods for the identification of structural rearrangement in connection with testing of embryos before implantation.

Financial View of BNGO stock:

In the fourth quarter of 2020, BNGO stock generated $4.0 million in revenue which represents a 43% increase as compared to the same period of 2019. The total fiscal revenue of 2020 was reduced to $8.5 million in 2020 from $10.1 million in 2019 due to limitations in laboratory operations by Bionano’s customers due to COVID-19.

Conclusion:

It seems that momentum was already built for the BNGO stock and its recent news has added more hype to the rising stock price. The recent developments show that the BNGO stock is growing day by day. Hence it can be a good bet for investors in the long run.

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