BNGO Stock Forecast: BioNano Genomics Inc. plummets despite analyst upgrade

NASDAQ:BNGO fell back down to Earth after surging the last couple of days. The genomics company fell 12.73% to finish the trading session at $0.7780 per share as the stock is now down a whopping 84% from their 52-week high of $4.70 per share. It was a tough day for most stocks as nearly all of the major indexes finished in the red, perhaps signalling a pullback as investors chose to take profits from their recent gains. 

BioNano Genomics has had quite a bit of exposure recently, as the journal Nature used BioNano’s Saphyr genome imaging technology to create one of the largest and accurate sets of genome data in regards to DiGeorge Syndrome, one of the most common congenital malformation disorders that affect children from birth. It was just another win for Saphyr which is quickly establishing itself as one of the premier tools in genetic research. 

BNGO Stock Price: Investors remain bullish despite pullback

The microcap genomics sector was down on Thursday as industry rivals Pacific Biosciences of California (NASDAQ:PACB), Predictive Oncology (NASDAQ:POAI), Progenity (NASDAQ:PROG), and Precipio (NASDAQ:PRPO) all finished in the red. Unlike their rivals, BioNano Genomics investors remain bullish following 5-Star Maxim Analyst Jason McCarthy’s optimistic outlook for the company, which includes a new $2.00 per share price target. McCarthy calls Saphyr could be a “game changer” in the cytogenetics world and has upgraded his rating of the stock to a buy. This makes the third buy rating in the past couple of months by Wall Street analysts, indicating that BNGO’s stock should firmly be on the radars of investors looking to get in on the bottom floor of the promising genomics company.