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Bionano Symposium 2022: What You Need to Know
Stock Analysis & Ideas

Bionano Symposium 2022: What You Need to Know

Bionano (BNGO) is a company focused on disrupting the cytogenetics space and it has been taking meaningful strides toward that goal over the past year.

Last week, the company held its second symposium, shining a light on the developments surrounding its optical genome mapping (OGM) Saphyr.

Reviewing the event, Maxim’s Jason McCarthy is impressed: “Overall, the symposium provided further validation of OGM as the potential next step for the cytogenetics industry, with high concordance (in many cases 100%) between Saphyr and traditional cytogenetics across genetic disease, hematological malignancies, and oncology, with a streamlined and more cost-effective workflow.”

Additionally, in many instances, Saphyr even improved on the information provided by established cytogenetics techniques, proving it was valuable for diagnosis and prognosis. It showed it was particularly effective in hematology/oncology, where it helped to inform treatment decisions.

There was also an increased focus on the fusion between OGM and NGS (next-generation sequencing). As the datasets are very dissimilar and complementary, combining the two provides a “powerful tool for resolving genomic variation.” While OGM supplies the long-range structural information which through sequencing alone cannot be procured, NGS contributes the exact sequences obtained via short read sequencing.

Of particular interest here is the role played by the NxClinical software, acquired by Bionano last year especially for this purpose and linking the two together. “This is enabling clinicians to get a deeper and more complete look at the genome (long range and short range genomic data), in a faster, cheaper, and more streamlined workflow,” notes McCarthy.

The evidence of growing Saphyr adoption is also given credence by the company’s latest preliminary results for Q4. The company expects record revenue between $5.8 million-$6.2 million, as the company increased its installed base to 164 systems, outpacing its end of year target of 150.

All in all, McCarthy rates BNGO shares a Buy along with a $12 price target. This figure suggests shares will climb by a massive 393% over the next 12 months. (To watch McCarthy’s track record, click here)

Over the past 3 months, two other analysts have reviewed Bionano’s prospects, and both are also positive, providing the stock with a Strong Buy consensus rating. The average price target stands at $11 and set to provide investors with returns of 351% over the one-year timeframe. (See BNGO stock forecast on TipRanks)

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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.

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