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Summary
- Bionano genomics stocks surged 25% on June 7 after recording a 9% boost last week.
- Monday’s gains come after the company announced the appointment of Jason Priar as its chief commercial officer.
- The stock of the genome mapping company recorded 19% growth YTD.
Bionano Genomics Inc’s (NASDAQ:BNGO) stock surged by 25% on Monday afternoon, June 7. The genomic research company had gained over 9% last week and continued its run on the NASDAQ this week as well. However, there was no apparent reason behind the surge.
On Monday, the company announced the appointment of Jason Priar as its chief commercial officer. Priar is known for scaling businesses from an early stage to a multi-million-dollar revenue company. In addition, he has deep knowledge of how to penetrate the research and clinical market, like the ones for cancer and genetic drugs.
The stock was trading at US$8.56 at 12.30 pm ET on June 7, up 25.02% from its previous closing price. The stock price increased by 58.22% in the past one month and 19.09% YTD. The company’s market capitalization is US$2.3 billion.
Source: Pixabay.
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What does Bionano specialize in?
BNGO provides genome study tools to scientists and medical researchers to conduct genetic research and patient and diagnostic testing for various problems.
The company recorded 179% growth in its revenue after robust sales of consumables. It logged Q1 revenue of US$3.2 million, up 179% YoY. Its gross margin rose 33% in Q1.
Operating costs rose from US$10 million to US$12.12 million YoY. It also reported liquidity of US$362 million as of March 31, up from US$38.4 million in the previous quarter.
The company claimed that it sold a record number of flow cells, studied a record number of samples at labs, and drove broad adoption of Saphyr instruments that analyses genome.
The company is looking forward to accreditation of Saphyr technologies in European markets in the upcoming quarters. In Q3, it plans to release prenatal assays commercially.
