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Jan. 22, 2021, 9:48 a.m. EST

Bionano Genomics' stock rally result of awareness push in 2019 and 2020 about its genomic technology: analyst

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By Jaimy Lee

Shares of Bionano Genomics Inc. /zigman2/quotes/208673493/composite BNGO -2.89% gained 10.3% in premarket trading on Friday following a week of heavy trading on the stock. The company's stock price has tripled since the start of the year, closing at $8.27 on Jan. 21, compared to $3.08 on Dec. 31. According to Maxim Group's Jason McCarthy, the increased investor interest in Bionano stems from two years of work to raise awareness of its Saphyr optical genome mapping system and a five-day virtual symposium in January that focused on the technology. "Awareness, adoption, and messaging in 2019 and 2020 culminated with a cytogenetics symposium that has opened the eyes of the genomics world to Saphyr, in our view," he wrote. The Saphyr technology is allowed for research-use only in the U.S. The company launched two public offerings in the last week; the first raised $101.8 million in gross proceeds, the second aims to raise $200 million. The company lost nearly [l:$30 million on sales of $4.5 million|https://www.marketwatch.com/story/bionano-genomics-to-sell-more-shares-stock-falls-2021-01-19?mod=mw_quote_news|NEW] in the first nine months of 2020. Bionano's stock has soared 583.4% over the past, with most of the rally occurring in January. The S&P 500 /zigman2/quotes/210599714/realtime SPX -0.48% is up 16.0% over the past 12 months.

/zigman2/quotes/208673493/composite
US : U.S.: Nasdaq
$ 9.73
-0.29 -2.89%
Volume: 26.46M
Feb. 26, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.64 billion
Rev. per Employee
$104,428
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/zigman2/quotes/210599714/realtime
US : S&P US
3,811.15
-18.19 -0.48%
Volume: 0.00
Feb. 26, 2021 5:04p
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