The actions of retail investors from the Reddit community WallStreetBets had resulted in remarkable rallies in many stocks in recent months and one of those was the Bionano Genomics’ (NASDAQ:BNGO) stock.
The community got into the stock because it believed that the instrument from Bionano could predict cancer accurately. From December 2020 up until February, the Bionano stock recorded gains of 3038% and created considerable wealth for many of its shareholders.
In February the stock corrected sharply and went down by 65%. In addition to that, those who are interested in the Bionano stock need to note that at this point the there is a strong short interest in the stock. Around 10% of the total float in the Bionano stock has been shorted by those who believe that the stock is going to decline further.
The company’s product Saphyr has already been approved for research purposes in the United States. However, there is still a long way to go since the company has not even applied for regulatory clearance yet and that is the only product that it is working on right now.
BNGO stock has gained over almost 35% from last week’s low and now trading above $7.
Finance and Entertainment Reporter
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