BNGO Stock Price: BioNano Genomics Inc. retreats, starts week in the red
|- NASDAQ:BNGO dips, despite another analyst upgrade.
- Micro-cap healthcare stocks provide mix results for Nasdaq.
NASDAQ:BNGO fell on Monday, despite more news that should keep investors bullish on the healthcare company. The stock price dropped 8.64% to finish the trading session at $0.8131 per share, nearly wiping out the 14% rise from Friday of last week. BioNano briefly touched a low of $0.78 before finishing out strong, climbing back above $0.80 to end the day. Surprisingly, there was a higher than average volume trading throughout the day, which is another relatively positive sign for investors who have remained loyal to the company.
BNGO Stock Forecast: Dips, despite optimism, further analyst upgrade
The micro-cap healthcare sector produced another mixed day of results, even as the Nasdaq rebounded from the mini correction to end last week. BioNano Genomics Inc. rivals Pacific Biosciences of California (NASDAQ: PACB) rose on Monday, despite a Zacks Consensus Estimate report that Wall Street is expecting a 43.8% year over year decline in revenues. Other industry companies like Progenity Inc. (NASDAQ:PROG), Predictive Oncology Inc. (NASDAQ:POAI) and Precipio (NASDAQ:PRPO) all remained relatively flat.
Earlier on Monday, a report from Oppenheimer stated that 5-Star healthcare analyst Kevin DeGeeter doubled down on his stock price upgrade, giving BioNano an 'Outperform' rating and a new price target of $1.50 per share. While this is lower from his price target earlier in the year of $1.83, investors should still feel optimistic that there is quite a bit of sentiment on Wall Street that Bionano Genomics Inc. has a bright future on coronavirus vaccine development. Along with their usual work in human genetics, BioNano has been in the news recently for its work in discovering commonalities in the genetic variants of young male patients who had severe cases of COVID-19.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.