In the first weeks of 2021, investors were optimistic about BioNano Genomics Inc (NASDAQ: BNGO) stock.
The company showed the strengths and progress of the optical genome mapping tech during a symposium. The company later raised $335 million in operations that included public stock offerings, and its stock surged over 400% through February.
However, shares have since dipped over 50%, and the concern is whether the performance a few weeks ago was exceptional or the company could generate steady gains in the long term. The company specializes in OGM through the Saphyr analysis system, and the tech helps researchers find larges structural variations. The genomic testing market growth slowed last year, and the company saw a revenue decline of 16%.
However, Saphyrs installations were up by 24 to 97 last year, and Lineagen acquisition boosted Q4 revenue by 43%. The company expects to complete a next-generation Saphyr prototype in Q4 with more Saphyr installations expected with an estimate of 150 installations which will be a 50% YoY increase. In the coming months, BNGO stock is worth watching.
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Living in the era of dynamic tech change Alex decided to stay tuned in changes that make any person find comfort and adapt to new devices. Furthermore, gaming became his passion for spending leisure time with his close ones. Although, he has a degree in Business Administration (majoring in Finance) writing for technology and as well as finance has been one of the precious aspects of his life