BNGO Stock Forecast: BioNano Genomics jumps by nearly 10% on Saphyr adoption in U.K. labs

NASDAQ:BNGO added 9.85% on Wednesday as the broader markets enjoyed a rare day in the green.
BioNano’s Saphyr system has been adopted by two major labs in the U.K. which are owned by NHS.
BNGO is ramping up its development as it plans to release the prototype for its next generation of Saphyr later this year.

Stocks Reporter FXStreet

Update April 24: BioNano Genomics Inc (NASDAQ: BNGO) shares have kicked off Thursday's session with an increase of nearly 10% to around $6.50. As detailed below, the gene-related company is venturing into the British market and that provides fresh prospects for higher incomes. The gains recorded on Thursday complete a third consecutive day of gains after BNGO shares lost ground throughout most of April.

NASDAQ:BNGO was a Wall Street darling in 2020, as the company based out of San Diego, California was pegged by many to be one of the next big genomics stocks to buy. But since BioNano’s Saphyr platform stole the show at the Cytogenomics symposium earlier this year, shares have nosedived losing nearly 60% of its price. On Wednesday BioNano gained 9.85% to close the trading session at $5.91, as the broader markets rallied following weeks of choppiness.

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The main catalyst for BioNano’s surge was the announcement that its Saphyr genome mapping platform has been adopted in two major U.K. labs that belong to the National Health System. The agency is using Saphyr to accurately map the genomes of patients with conditions such as heme malignancies, developmental delay, infertility, and other potential genetic diseases. These are just the latest cases of a successful year for Saphyr, which saw its sales grow year over year from 73 in 2019 to 97 in 2020. BioNano has already given guidance for 2021 sales and it expects another rise in Saphyr sales from 97 to 150.

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As the original Saphyr platform is ramping up, BioNano has already announced that the next-generation version will have a prototype ready by the end of 2021. It is anticipated that the updated version will be capable of handling fourteen times the amount of genomes analyzed and should revolutionize the way that pediatric and prenatal health can be monitored, right from birth.

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FXStreet

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