- EF Hutton has provided coverage ofBionano Genomics Inc (NASDAQ:BNGO) with a Buy rating and a price target of $1.75.
- Bionano Genomics has invented an optical genome mapping (OGM) platform that can effectively detect Structural Variants (SV) with reliable efficiency. The existing techniques do not provide a comprehensive range of resolutions that the OGM platform offers, making it well-positioned to disrupt cytogenetic analysis.
- Bionano targets a global market of 10,000 cytogenetic labs, which analyze approximately 10 million DNA samples annually in the disclosed target indications.
- Bionano Genomics has a global installed base of 259 Saphyr sequencers, reflecting the fact that OGM adoption remains in its early innings.
- Investments in clinical validation studies by Bionano Genomics will aid the integration of OGM workflows into clinical practice guidelines, functioning as additional catalysts for adoption.
- Bionano Genomics is in the process of releasing its next-generation, high-throughput OGM platform, which is expected to increase throughput by 13x compared to its current system.
- EF Hutton expects that Bionano’s multi-pronged reimbursement efforts will be instrumental in helping the company meet its near- to intermediate-term growth expectations.
- Price Action: As of the last update on Thursday, BNGO shares are trading at $0.65, down 2.90%.
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