Bionano Genomics Inc. (BNGO) stock dropped by nearly 40% in April 2021. Can this market decline be a good buying opportunity?
Lab equipment provided by Bionano Genomics, Saphyr, can identify structural chromosome variations. They have developed a technology that complements rather than replaces traditional genetic sequencers. Researchers currently rely on the capabilities of Saphyr equipment to diagnose disorders of the nervous system of patients with Alzheimer’s disease, leukemia, COVID-19, hepatocellular carcinoma, and Lou Gehrig’s disease. The company’s total address market is nearly $4 billion annually. Compared to this, Bionano Genomics’ sales in 2020 are expected to exceed $8 million. The company’s revenues may reach between $ 18 and $ 19 million this year.
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During the first half of 2021, Bionano Genomics Inc. (BNGO) shares rose rapidly and peaked above $ 15 per share in February. Although no absolute prerequisites exist for this, since then, shares have been falling significantly. Bionano Genomics was able to sell 24 kits last year when laboratory equipment sales were not very favorable. Also, the company acquired Lineagen, a nerve development test manufacturer.
The company is launching prenatal tests in the third quarter and expanding the range of pediatric trials. A top priority for Bionano Genomics is also to publish more studies demonstrating the unique capabilities of our Saphyr lab equipment. By doing so, new customers will be attracted.
Bionano Genomics Inc. (BNGO) previously announced the Saphyr prototype in the fourth quarter. In addition to cytogenetic laboratories, it will also be used by high-throughput laboratories. Besides, the company expects the number of genomes to grow fourteenfold due to the increased number of Saphyr systems installed this year. During the same period last year, the number of systems was projected to grow by 50%.
Thus, Bionano Genomics has continued to enhance its supply of laboratory equipment, including its Saphyr product. Additionally, the company acquires new companies. Ultimately, that will strengthen Bionano Genomics’ position in the diagnostic market and set the stage for its long-term success.
Bionano Genomics Inc. (BNGO) is currently trading at around $5.27, meaning its value has jumped 1490.7% from its 52-week low. The intraday trading range for shares of BNGO has been $5.70 to $5.12. Recent trading activity at the company’s shares has witnessed an intraday change of just -6.89%, with a 52-week high of $15.69 and a 52-week low of $0.33.