There’s a recent push in Bionano stock after the Nasdaq compliance update and that’s what BNGO wants.
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Bionano Genomics (BNGO) has been astonishing during this whole month. In December 2020, shares of the biosciences soared over 328%, which is quite magnificent.
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In the past couple of days, Bionano has attracted a significant number of investors, thanks to the update from Nasdaq for granting more time to regain compliance. At the moment, the momentum is on BioNano’s side, but will it continue in the upcoming times? Let’s have a look.
What’s happening around?
Bionano Genomics is a biosciences firm that provides unparalleled structural variation detection for cancer research, genetic disease research, and cytogenomics with genome imaging.
On Dec. 28, 2020, the company revealed that its genome mapping platform Saphyr has obtained authorization from the College of American Pathologists in the U.S. The platform is being developed for Bionano’s customer Praxis Genomics.
If things go Bionano’s way, it will become the first company to provide a laboratory-developed test (LDT), along with entire support of genome analysis. Saphyr’s optical genome mapping will replace the conventional cytogenetic methods and this could bring a massive change in LDT.
According to Maxim’s analyst Jason McCarthy, Saphyr can be a game-changer for Bionano. Saphyr can make a major difference in digital cytogenetics and can potentially revolutionize the clinical diagnostic ecosystem.
If Saphyr becomes successful in replacing the traditional methods, it would help in reducing time and hefty costs. At the end of the day, this would bring more revenue for Bionano, which would be a big accomplishment.
In the U.S., it’s for the first time that any product like Saphyr was accredited. In Europe, there are entire genome clinical tests, which are already under development in different applications including leukemia and inherited genetic disorders.
Things are shaping up pretty nicely for Bionano Genomics. First, accreditation of Saphyr in the U.S. and now, Nasdaq has granted more days to regain compliance with Nasdaq’s minimum $1 per share closing bid price requirement.
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This update from Nasdaq means that the company has time until June 28, 2021, to regain compliance on the stock market. Previously, the company has time until December 16, 2020, to meet the minimum $1 per share requirement.
This news brought a new wave of investors and the stock soared over the $2 price mark. That’s what Bionano wants to maintain for almost 10 consecutive days. If the stock remains at or above $1 per share, Nasdaq will list the stock back to the market for trading.
There’s a fair bit of tilt from investors as the average trading volume of BNGO stock is around 24.4 million.
Conclusion
Things seem good for BioNano Genomics (BNGO) and analysts are also bullish on the stock. If the company goes on to regain compliance, then things will open up for the biosciences firm.
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Moreover, a major deal lies in Saphyr if we analyze long-term opportunities for the company. If Saphyr goes through a successful trial and attains regulatory authorization, it would be massive feat for BioNano.
