The nascent genomics industry is one of the fastest growing sectors of healthcare. One company receiving consistent analyst attention is BioNano Genomics Inc. (BNGO), a biotechnology company with a breakthrough platform for mapping large structures in the genome. BioNano recently hosted investor meetings and disclosed several updates concerning its business model. (See BioNano Genomics stock charts on TipRanks)
After discussion with the company, Kevin DeGeeter of Oppenheimer & Co. reported positively that BioNano is in the “early stages of transitioning use of optical imaging from a research tool to clinical applications.” Its Saphyr long-read sequencing platform is on its way to commercialization and diagnostic use, and the company plans on opening new high volume cytogenetic markets.
DeGeeter reiterated a Buy rating on the stock, and assigned a price target of $14. This reflects a potential upside of 85.7%.
The five-star analyst explained that BNGO’s management is confident with the company’s current 2021 revenue and operating trends consensi, and that these estimates are on par with expectations from The Street. He also wrote that the company will be enrolling thousands of patients into new five studies, and also has plans to increase its workforce in the near-term.
Interim data from a constitutional disorder study is expected to be released in the second half of FY21, and hematology data is expected to be released in the first half of FY22. These results will most likely be posted online.
DeGeeter expects BioNano to successfully launch its “next generation platform” in 2023. Furthermore, he mentioned that the company’s Saphyr platform is projected to provide an 80% reduction in costs of genome analyses. From these projections, BNGO is poised to capture much of the existing and future cytogenetics markets.
On TipRanks, BNGO has an analyst rating consensus of Strong Buy, based on 4 Buy ratings. The average BioNano Genomics price target is $11.50, reflecting a possible 12-month upside of 51.52%.
Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
