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Bionano’s genome mapping platform could be a game-changer, analyst says
Momentum can be an elusive quality, but it’s also pretty easy to spot. Right now, it’s clearly on BioNano Genomics (BNGO). In December, shares of the life sciences company accumulated a powerful 328%. It is evident that investors are embracing the constant stream of positive developments from the cytogenetics specialist. On Monday, the company revealed that its mapping platform of the Saphyr genome has been accredited in the United States by the College of American Pathologists. The platform will be used by Bionano’s client, Praxis Genomics, which marks it as the first company to offer a laboratory-developed test (LDT) using whole genome analysis. Optical mapping of the Saphyr genome is a alternative to traditional cytogenetic methods and analyst Maxim Jason McCarthy thinks it could “Digital cytogenetics is one of the areas where Saphyr has the potential to change the landscape of clinical diagnostics,” said the 5-star analyst. “Current methods are labor intensive and time consuming, and therefore expensive. Saphyr offers a more efficient and streamlined alternative as well as potentially improved diagnostic performance. As more and more LDTs are developed, we expect Saphyr adoption to increase, generating revenue for Bionano. Although the accreditation is the first of its kind in the United States, in Europe, whole genome clinical trials are already underway in several applications, including legacy ones. genetic disorders and leukemia. The news follows the recent publication of an article that further highlights Saphyr’s qualities. In a comparison test, PacBio’s HiFi chemistry was only able to detect 72% of the large SVs (structural variants) detected by Saphyr.All in all, McCarthy reiterated a buy note on BNGO shares with a target price of $ 2. Due to Bionano’s latest push, the figure indicates a 5% drop from current levels. (To see McCarthy’s track record, click here) Two other analysts recently posted reviews of BNGO, one saying buy and the other recommending a suspension, which comes on top of a moderate buy consensus rating. That said, it’s hard to keep up with the current speed of stock gains, and the average price target of $ 1.42 suggests a drop of 32%. (See BNGO Stock Analysis on TipRanks) To find great ideas for health stocks traded at attractive valuations, visit Top Stocks to Buy from TipRanks, a newly launched tool that brings together all the information about stocks from TipRanks.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.
