Why BioNano Genomics (BNGO) Stock Continues to See Heavy Selling Pressure

The coronavirus pandemic had a deeply adverse effect on many businesses but on the other hand, there have been many companies that have seen their stock make massive gains.

Why BioNano Genomics (BNGO) Stock Continues to See Heavy Selling Pressure

One such stock is BioNano Genomics Inc (NASDAQ: BNGO), which came into the picture as a significant gainer on the back of the coronavirus pandemic. Up until last Christmas, the stock had only been trading at 50 cents a share, but all of a sudden it went on a rally and ended up clocking gains of as big as 1200%.

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However, at the same time, it is necessary to point out that the rally in the stock was not actually led by any fundamental reason. It was primarily driven by the perception that Bionano was also involved in tackling the coronavirus pandemic. In order words, there was no fundamental logic behind the remarkable rally in the stock. Much of the gains had been driven by speculation on the part of investors.

Alex Krakowsky

Editor in Chief. 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