BioNano Genomics (BNGO) Stock Surges 17% On value Buying: How to Trade Now?

After a relentless sell-off since February, shares of BioNano Genomics Inc ( NASDAQ:BNGO) are seeing a solid buying interest in the pre-market on Friday as the biotech firm reported a better than estimated revenue for the first quarter.

BioNano Genomics (BNGO) Stock Surges 17% On value Buying: How to Trade Now?

The company reported that revenue during the latest quarter almost tripled to $3.2 million, compared to a year ago revenue of $1.1 million. Analysts were projecting revenue of $3 million.

On the other hand, net loss trimmed to  $9.9 million, compared with $10.5 million in the year-ago period, in line with analysts’ estimates.

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2021 is off to a solid start for Bionano,” said Erik Holmlin, Bionano chief executive, in a statement. “In the first quarter, we sold a record number of flow cells, analyzed a record number of samples in our service lab, drove broad adoption of Saphyr instruments and ramped up the installation of Saphyr systems that weren’t yet operational because of 2020’s travel restrictions.”

BNGO stock is up by 17% at $5.16. The stock has lost almost 70% from its peak price of $15.69 in February.

Richard McEntire

Finance and Entertainment Reporter Richard is a bottle of wine - the older the sweeter. He has already found the sweetest hobby in writing entertainment and finance news for Own Snap. Readers get the updated posts regularly from him searching for real-time news.