Today, Bionano Genomics (NASDAQ:BNGO) is among the big movers in the market. Currently, shares of BNGO stock are up nearly 6% as investors pile into this genomics play.
Indeed, genomics stocks have garnered a tremendous amount of attention of late. Various high-profile growth investing gurus such as Cathie Wood have jumped on this growth sector as an area of focus. Those who invested in Ms. Wood’s ARK Genomic Revolution ETF (BATS:ARKG) have seen returns of more than 350% over the past five years, at the time of writing.
That’s not bad. And while Bionano is not currently part of this fund’s holdings, investors looking for sector-specific plays have gravitated toward companies with genome-mapping capabilities. Indeed, Bionano is a company that’s still generating interest among investors looking for mid-cap options in this space. The company’s valuation of just under $10 billion makes it a major player in the genomics discussion.
Today, there’s a company-specific catalyst driving BNGO stock higher. Let’s dive into what investors are watching with this stock.
BNGO Stock Higher on Published Results from Clinical Study
Today, Bionano announced the publication of the largest data set covering a genome mapping research study. This study was conducted for patients with facioscapulohumeral muscular dystrophy (FSHD). The hope for this study was to see if optical genome mapping (OGM) could be a viable alternative to Southern blot analysis for chromosomal abnormalities.
The company noted in its press release, “We are pleased to be using optical genome mapping for FSHD mutation analysis because it more reliably identifies the patient’s mutation and simplifies the initial analysis for the laboratory … The extensive validation that we conducted with optical genome mapping demonstrates the power of this new technology to decrease time to result, improve standardization, and help tease out complex cases.”
The study found that OGM use, relative to traditional techniques, could provide improved detection of clinically relevant variants. That’s a big step forward and one investors are cheering today.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.