BTIG analyst Mark Massaro lowered the firm’s price target on Bionano Genomics to $2 from $3 and keeps a Buy rating on the shares. The company’s Q1 revenue beat was “positive” given that the management has also announced actions to remove $65-$75M of annualized operating expenses from its business following its additional restructuring announced on its Q4 earnings calls, the analyst tells investors in a research note. Bionano has also affirmed its 2024 revenue guidance, though given some softness in industry capex, the firm is modeling for it to come in at the low end of its guide, BTIG added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BNGO:
- Bionano Genomics price target lowered to $6.80 from $11 at Ladenburg
- Bionano Genomics announces upgrades to cancer analysis suite
- Options Volatility and Implied Earnings Moves Today, May 08, 2024
- Options Volatility and Implied Earnings Moves This Week, May 06 – May 10, 2024
- Bionano Genomics announces publication on OGM’s structural variation detection