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BNGO Stock Is On An Upswing Today, Why?

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MRAI Stock

The premarket trading price for Bionano Genomics Inc. (NASDAQ: BNGO) was up 5.75% at $6.25. A share of Bionano stock closed at $5.91 last session, increasing 9.85% or $0.53. BNGO stock traded between $5.16 and $5.96 on the day. There were 28.31 million shares exchanged, a number higher than the BNGO’s 50-day average daily volume of 27.34 million and roughly half of its average daily volume of 58.25 million since start of the year. BNGO stock has been surging since two UK government-affiliated laboratories joined its system.

How did that happen?

Genomic analysis company Bionano provides genomic expertise and services to clinicians conducting genetic research as well as diagnostic testing for ASD and other neuro-developmental disorders through its Lineagen business. A prototype of Bionano’s Saphyr system enables researchers and clinicians to discover new diagnostic biomarkers along with more efficiently study the changes in chromosomes, which scientists refer to as cytogenetics.

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On Wednesday, Bionano Genomics announced that two large hospitals belonging to the United Kingdom National Health System (NHS) had decided to adopt its Saphyr system for optical genome mapping (OGM).

Going forward:

As time goes on, Bionano (BNGO) will be focusing more on speeding up the process for researchers to incorporate OGM into Saphyr to facilitate faster generation of data. With earlier access to Saphyr, BNGO will earn revenue quicker than it would with a traditional capital sales cycle.

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