Bionano Genomics downgraded at Scotiabank on limited capital market visibility

As previously reported, Scotiabank analyst Sung Ji Nam downgraded Bionano Genomics to Sector Perform from Outperform with a price target of $1, down from $6. While conviction on the long-term market potential remain unchanged, the firm favors the sidelines until there is better visibility into Bionano’s medium-term growth potential and the path to achieve optimal cost structure and profitability given prolonged uncertainty of the capital market environment for life science tools and diagnostics as well as the recent drastic cost reduction implemented by Bionano, the analyst tells investors.