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BNGO Stock: 9 Reasons Why Bionano Genomics Shares Are Getting a Boost Today

Bionano Genomics (NASDAQ:BNGO) stock is on the rise Wednesday as investors react to positive news announced by the company after markets closed on Tuesday.

a visualization of DNA in a vial

Source: Connect world / Shutterstock.com

Let’s take a look at what BNGO had to say to investors yesterday that has shares moving higher today.

  • Bionano Genomics revealed revenue of $3.99 million in the fourth quarter of 2020.
  • That beat out Wall Street’s revenue estimate of $3.5 million for the period.
  • It’s also worth noting that this is well above the company’s revenue of $2.8 million for Q4 2019.
  • The company’s earnings report also includes highlights for its business in 2021.
  • Among these is it raising $335 million since the start of the year.
  • That comes from two underwritten public offerings of BNGO stock, as well as its $40 million ATM facility, and the exercising of warrants.
  • Bionano Genomics also highlights that it completed its acquisition of Lineagen, a diagnostics services provider, in the first quarter of the year.
  • BNGO has also made changes to its leadership team in the early months of 2021.
  • That includes appointing Christopher Stewart as its new CFO and Dr. Alka Chaubey as its new CMO.

Erik Holmlin, PhD, CEO of Bionano Genomics, said the following in the earnings report.

“2020 was an important momentum-building year for Bionano and one that allowed us to showcase many of our strengths. Despite 2020’s challenges, we executed well on our commercial offerings for Saphyr® by expanding the number of systems in the field and the number of samples analyzed in our data services lab. We believe this progress helped create the awareness needed to develop the market for structural variation analysis and optical genome mapping, or OGM, furthering our goal of disrupting the genomics industry.”

BNGO stock was up 3.9% in pre-market trading on Wednesday and is up 16.3% since the start of the year.

Bionano Genomics is only one of many companies that are seeing major movement recently.

Plenty of other companies are also seeing shares of their stock taking off. That includes Canaan (NASDAQ:CAN), Riot Blockchain (NASDAQ:RIOT), SOS Limited (NYSE:SOS), and Color Star Technology (NASDAQ:CSCW). Let’s take a look at the big movers below.

More Stocks on the Move

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2021/03/bngo-stock-9-reasons-why-bionano-genomics-shares-are-getting-a-boost-today/.

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