Why Bionano Genomics Stock Surged Today

What happened

Shares of Bionano Genomics (NASDAQ:BNGO) extended their recent gains on Thursday, as the biotechnology company’s Next-Generation Cytogenomics Symposium took place. As of 3 p.m. EST today, Bionano’s stock price was up more than 38%. 

So what

Day three of Bionano’s symposium saw several doctors and scientists share their experiences with the company’s Saphyr optical genome mapping (OGM) system. The presentations focused on the analysis of a range of solid tumors, including brain, breast, liver, and eye cancers.

A person is pointing to a line that's rising at a steeper slope than two other lines.

Investors bid up Bionano Genomics stock on Thursday. Image source: Getty Images.

The Saphyr system was shown to produce a clear view of structural variation in solid tumors, which the company says could allow for more-accurate prognoses and targeted therapies. Some of the presentations also highlighted the time and cost savings healthcare professionals could realize by using Saphyr in place of competing platforms.

Now what

Bionano Genomics’ share price is now up more than 150% so far in 2020. Management smartly used the stock’s torrid ascent as an opportunity to raise cash at a more attractive valuation. Bionano raised $101.8 million in a share offering earlier this week, which it can now use to fund its growth initiatives. 

Still, as a small-cap biotech company, Bionano has a stock that is likely to remain volatile. Thus, investors should brace for sharp moves to both the upside and downside in the days and weeks ahead.

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