BNGO Stock Forecast: BioNano Genomics Inc boosted by DNA study

NASDAQ: BNGO has soared by 14% on Tuesday to $12.16.
BioNano Genomics announced publication of a study on DNA methylation.
BNGO is one of the best performing stocks of 2021.

Yohay Elam FXStreet

Update: BNGO shares are trading higher on Tuesday as the company announced that its "Saphyr Study Is First to Analyze Cancer Regulation at Level of Single DNA Molecules, Opens Promising New Avenue of Cancer Research".

Going from strength to strength – BioNano Genomics (NASDAQ: BNGO) has surged by 28.73% on Monday, closing at $12.58. While shares are off the fresh 52-week highs of $13.65 and may continue correcting on Tuesday, the surge is an incredible feat for the firm. San Diego-based Bioano hit a 52-week low of $0.25 late last year, making its leap even more impressive.

The genetics company impressed the medical community and investors with its recent breakthroughs including mapping genes related to the autism spectrum, cancer, and even COVID-19. Its work allows for better care and may also translate into higher sales down the road.

Investors were impressed enough to provide the company with $230 million in its underwritten offering of common stock. The financial exercise includes options to buy more stocks at a discounted price. The prospects of offering new stock had already weighed on BNGO earlier in the year, and closing the round was shrugged off on Monday.

Raising money became easier when professional investors also gave BioNano Genomics some backing. Jason McCarthy, an analyst with Maxim, bumped up his price forecast from $2 to $14. At the current closing price, there is still room for the company to run. McCarthy was impressed by the firm's Next-Generation Cytogenomics Symposium – an event where it showcased its Saphyr optical genome mapping (OGM) capabilities.

BNGO stock price

NASDAQ: BNGO has already dropped from the highs and may continue lower. However, such a correction makes sense after the meteoric rise. To the downside, the levels to watch are the round $12 level and then Monday's low of $10.45.

Looking up, Monday's close at $12.58 is followed by $13 and then by $13.65, the 52-week high. McCarthy's price forecast of $14 is next in line.

Best Stocks to Buy Forecast 2021: Vaccines and zero rates to broaden recovery

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

AUD/USD sits at three-week highs above 0.7000 on hawkish RBA-speak

AUD/USD holds a positive bias for the fourth straight day, trading above 0.7000 in the Asian session on Wednesday and at three-week highs. RBA Deputy Governor Andrew Hauser's hawkish remarks and inflation concerns underpin the pair. However, the upside appears capped as the US Dollar attracts some buyers amid looming US-Iran uncertainty.

USD/JPY remains confined in a familiar range below 158.50

USD/JPY sees some dip-buying in the Asian session on Wednesday, though it remains confined within a multi-week range near 158.50 as the uncertainty over the timing of the next BoJ rate hike keeps Japanese Yen bulls on the defensive. Meanwhile, hawkish Fed expectations, bolstered by inflation risks stemming from volatile oil prices, underpin the US Dollar. However, looming intervention fears could limit JPY losses and cap the currency pair.

Gold extends losing spree as US bond yields hold ground

Gold maintains an offered tone heading into the European session, trading near the weekly low it touched earlier this Wednesday, with bears still awaiting a sustained break and acceptance below $4,100 before positioning for further losses. Inflation risks stemming from volatile oil prices underpin prospects for further policy tightening by the US Federal Reserve. Furthermore, a modest US Dollar bounce from a near three-week low is seen weighing on the bullion.

Zcash's bullish reversal eyes $1,698 peak on NU7 upgrade

Zcash (ZEC) shows signs of bullish recovery above $1,200 on Wednesday, following a 9% rebound the previous day linked to the upcoming NU7 upgrade. Blockworks released a Zcash holders report on Tuesday, highlighting steady network growth. The technical outlook for ZEC is bullish, with bulls eyeing an extended rally toward $1,698.

US – Midterm update: Pre-election tail risk scenarios

With two weeks until the US midterm elections on 3 November, early voting has already opened in more than 40 states. Prediction markets are broadly unchanged since we published our Midterm update, 13 October. The prediction market Polymarket continues to see Democrats winning both chambers as the most likely outcome, with a 62.5% probability.

The US Dollar fell. Gold didn't rally. That tells you everything

Gold (XAU/USD) is struggling to capitalize on a weaker US Dollar (USD), after repeatedly failing to establish itself above the $4,200 level. The precious metal remains confined to a relatively narrow trading range despite a combination of developments that would normally support higher prices.