BNGO Stock Forecast: BioNano Genomics Inc. plummets despite analyst upgrade

NASDAQ:BNGO falls 12.73% during trading session, as NASDAQ tumbles.
Micro-cap pharmaceutical sector falls along with markets.

NASDAQ:BNGO fell back down to Earth after surging the last couple of days. The genomics company fell 12.73% to finish the trading session at $0.7780 per share as the stock is now down a whopping 84% from their 52-week high of $4.70 per share. It was a tough day for most stocks as nearly all of the major indexes finished in the red, perhaps signalling a pullback as investors chose to take profits from their recent gains.

BioNano Genomics has had quite a bit of exposure recently, as the journal Nature used BioNano’s Saphyr genome imaging technology to create one of the largest and accurate sets of genome data in regards to DiGeorge Syndrome, one of the most common congenital malformation disorders that affect children from birth. It was just another win for Saphyr which is quickly establishing itself as one of the premier tools in genetic research.

BNGO Stock Price: Investors remain bullish despite pullback

The microcap genomics sector was down on Thursday as industry rivals Pacific Biosciences of California (NASDAQ:PACB), Predictive Oncology (NASDAQ:POAI), Progenity (NASDAQ:PROG), and Precipio (NASDAQ:PRPO) all finished in the red. Unlike their rivals, BioNano Genomics investors remain bullish following 5-Star Maxim Analyst Jason McCarthy’s optimistic outlook for the company, which includes a new $2.00 per share price target. McCarthy calls Saphyr could be a “game changer” in the cytogenetics world and has upgraded his rating of the stock to a buy. This makes the third buy rating in the past couple of months by Wall Street analysts, indicating that BNGO’s stock should firmly be on the radars of investors looking to get in on the bottom floor of the promising genomics company.

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.