Yi Chen, an analyst from H.C. Wainwright, has initiated a new Buy rating on BioNano Genomics (BNGO).
Yi Chen has given his Buy rating due to a combination of factors that highlight BioNano Genomics’ potential for growth and market expansion. The company is recognized for its innovative optical genome mapping (OGM) technology, which has demonstrated superior performance compared to traditional cytogenetic methods in detecting structural variations. This technological advantage positions BioNano Genomics as a leader in the genome analysis field, with applications spanning basic, translational, and clinical research.
Despite a temporary decline in total revenue due to a strategic restructuring in 2024, BioNano’s core revenue has shown impressive growth, increasing from $6.2 million in 2020 to $29.1 million in 2024. The company’s valuation is currently undervalued compared to industry peers, trading at a significantly lower EV/Revenue multiple. With a robust installed base and sufficient capital to drive further adoption of its OGM solutions, Yi Chen believes that BioNano Genomics is well-positioned for continued revenue growth in the coming years, justifying the Buy rating and a price target of $10 per share.