Strong Performance and Strategic Initiatives Underpin Buy Rating for BioNano Genomics

Mark Massaro, an analyst from BTIG, reiterated the Buy rating on BioNano Genomics (BNGO – Research Report). The associated price target was lowered to $2.00.

Mark Massaro has given his Buy rating due to a combination of factors including BioNano Genomics’ strong first-quarter performance and the company’s successful cost reduction initiatives. The company outperformed revenue expectations and exhibited substantial year-over-year growth in key areas such as system placements and flowcell sales. Additionally, the maintenance of its 2024 revenue guidance, despite a challenging capital expenditure environment, suggests confidence in the company’s growth trajectory. Massaro also acknowledges the strategic restructuring efforts by BioNano Genomics that have significantly lowered its operating expenses, which is a positive indicator of the company’s commitment to achieving profitability.

Another compelling reason for the Buy rating is the potential for upcoming catalysts that could drive BioNano’s stock higher. These include the full commercial availability of the Stratys system, which is expected to greatly enhance throughput capabilities for high-volume laboratories. The company’s progress toward securing Medicare coverage and the anticipation of a Category 1 CPT code are also factors that could significantly bolster the company’s market position. Finally, the report mentions a range of near-term catalysts, from the rollout of new systems and software to advancing clinical studies, all of which contribute to a robust outlook for BioNano Genomics and underpin Massaro’s positive valuation of the stock.

In another report released on May 9, Scotiabank also maintained a Buy rating on the stock with a $6.00 price target.

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BioNano Genomics (BNGO) Company Description:

BioNano Genomics, Inc. is a life sciences instrumentation company, which focuses on genome analysis space. The firm engages in the development and marketing of Saphyr system, a platform for ultra-sensitive and ultra-specific structural variation detection that enables researchers and clinicians to accelerate the search for new diagnostics and therapeutic targets and to streamline cytogenetics. The company was founded by Han Cao in October 2003 and is headquartered in San Diego, CA.