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.
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).
- NHS Regional Genetics Laboratory at Belfast City Hospital and King’s College Hospital in London are using Saphyr systems.
- BNGO’s Reagent Rental Program led these laboratories to adopt the system, which involves a commitment to purchase consumables for the system over time.
- Each site is using Saphyr to analyze the genomics of patients with heme malignancies.
- This Belfast site will test Saphyr for structural variant detection in patients with developmental delay, infertility, rare diseases, and other genetic diseases, too.
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.