Momentum might be an elusive quality, yet it is also pretty easy to spot. Right now, it is clearly on BioNano Genomics’ (BNGO) side. In December, shares of the life sciences company have accumulated a mighty 328%.
Evidently, investors are buying into the cytogenetics specialist’s steady stream of positive developments.
On Monday, the company disclosed that its genome mapping platform Saphyr has been accredited in the US by the College of American Pathologists. The platform will be used by Bionano’s customer Praxis Genomics, marking it as the first company to offer a laboratory developed test (LDT) utilizing whole genome analysis.
Saphyr’s optical genome mapping is an alternative to traditional cytogenetic methods and Maxim analyst Jason McCarthy thinks it could be a game changer.
“Digital cytogenetics is one of the areas where Saphyr has the potential to change the clinical diagnostic landscape,” the 5-star analyst said. “Current methods are labor and time intensive, and therefore costly. Saphyr offers a more efficient and streamlined alternative as well as potentially improved diagnostic yield. As more LDTs are developed, we anticipate that adoption for Saphyr should increase, driving revenue for Bionano.”
While the accreditation is the first of its kind in the U.S., in Europe, whole genome clinical tests are already in progress across several applications including inherited genetic disorders and leukemia.
The news followed the recent publication of an article which further highlighted 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 rating on BNGO shares along with a $2 price target. Due to Bionano’s latest surge, the figure indicates a 5% downside from current levels.
https://finance.yahoo.com/news/bionano-genome-mapping-platform-could-235053495.html
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