This could be a great day for medical science as well as for investors of Bionano Genomics (NASDAQ:BNGO) stock. The biotech company just announced the publication of results concerning a proposed method to help detect breast cancer. Those results are highly encouraging, and BNGO stock caught a bid as financial traders caught wind of the news.
Bionano Genomics is a small-to-medium-sized company that specializes in genome analysis solutions. The research study in question involved the analysis of “optical genome mapping (OGM) as a method to identify homologous recombination deficiency (HRD) in breast cancer samples.”
As it turned out, “OGM successfully assessed levels of HRD in all samples.” While there are no guarantees, OGM could improve the genomic profiling of solid tumor samples.
Furthermore, OGM could help to detect HRD efficiently and at a lower cost, as well as with greater sensitivity, compared to whole genome sequencing (WGS). The study was carried out by researchers at Institut Curie.
What’s Happening With BNGO Stock?
Understandably, BNGO stock traders were quite pleased with the announcement of the research study’s results. Bionano Genomics shares gapped up this morning and, by 10:30 a.m. Eastern, were up 4% to 5%.
Bionano Genomics President and CEO Erik Holmlin noted the implications of the study’s results. They show that “OGM can help overcome the limitations of traditional methods and may capture greater numbers of genomic events reflective of HRD,” Holmlin asserted.
Holmlin further suggested that “more patients” may be “qualified for life-saving treatments, such as PARP [poly ADP ribose polymerase] inhibitors.” Naturally, this could also involve significant revenue sources for Bionano Genomics.
Of course, we can’t discount the medical significance of the research study’s positive results. Hopefully, further research will uncover more data to help combat cancer. At this moment, however, Bionano Genomics investors are focused on the sizable move in BNGO stock.
On the date of publication, David Moadel 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.