Bionano Genomics, Inc. (BNGO) stock prices were up 9.85% as of market close on April 21st, 2021, bringing the price per share up to USD$5.91. Subsequent pre-market fluctuations are seeing BNGO stock prices continue to climb, increasing by 5.74% to hit USD$6.25 shortly after the trading day began on April 22nd, 2021.
Persistence Through Pandemic
Despite the adversities presented by the global pandemic throughout 2020, BNGO managed to effectively execute their commercialization of Saphyr. They managed this by broadening the scope of systems operating in the field, as well as increasing the processing volume of samples submitted to their data services lab for the purpose of analyzing.
Increasing BNGO Footprint in Genomics Sector
With this progress, BNGO hopes to raise increasing awareness of their offerings in regard to structural variation analysis and optical genome mapping (OGM). The wider scope will allow the company to consolidate their foothold in the genomics industry as they gear up for a promising 2021.
Plans to Sustain Success Through 2021
Plans for 2021 include advocating for the global development of assays founded on Saphyr in the use of clinical testing. The company also hopes to push for the implementation of Saphyr for use in sizeable clinical studies that aim to obtain critical masses of data on the application of Saphyr across a multitude of key structural variation analyses.
Expansive Reach of Saphyr System
The data collected is expected to facilitate the reimbursement of Saphir-based laboratory developed tests by global third party payers. The data will also drive the expansion of related publications, and see the significant growth of LDTs available on the market.
Promising Financial Records
BNGO CFO highlights the strength of the company’s balance sheet as it starts the 2021 year strong. Already, the company has generated USD$335 million in the capital which consolidates BNGO’s financial future with a significant reduction in company risk. This puts BNGO in a prime position to work towards their goal of widespread adoption of Saphyr by the global genomics industry.
Progress Made in Q1 2021
Progress on the commercialized offerings for Saphyr has been in line with the company’s strategy, with the increased generation of BNGO data being generated the world over driving scientific momentum. The company saw 24 base installations of Saphyr systems as of the year ended December 30th, 2020, with that number having surged to 97 over the course of 2021 already.
Investors Hopeful for Bright Future
With strong financials backing them, BNGO is set to capitalize on the progressive expansion of its Saphyr system’s user base. Investors are hopeful for sustained growth in installations that will drive the company towards increased shareholder value.