Bionano Genomics' Next-Gen Platform Set to Boost Throughput by 13x: Future of Cytogenetic Analysis Underway - Bionano Genomics (NASDAQ:BNGO)

EF Hutton has initiated coverage of Bionano Genomics Inc BNGO with a Buy rating and a price target of $1.75.
The analyst says Bionano Genomics's optical genome mapping (OGM) platform is well-positioned to disrupt cytogenetic analysis with its ability to reliably and efficiently detect Structural Variants (SV) across a comprehensive range of resolutions that existing techniques do not.
BNGO targets a global market of 10,000 cytogenetic labs that analyze roughly 10 million DNA samples yearly in BNGO's disclosed target indications.
OGM adoption remains in the early innings, as BNGO has a global installed base of 259 Saphyr sequencers.
The analyst says that the ongoing investments in clinical validation studies will ultimately underpin the inclusion of OGM workflows into clinical practice guidelines, functioning as additional catalysts for adoption.
The analyst also notes that Bionano Genomics is in the process of releasing its next-generation, high-throughput OGM platform, which is expected to increase throughput by 13x over its current system.
It expects that BNGO'smulti-pronged reimbursement efforts will be sufficient to support the company's near- to intermediate-term growth expectations.
Price Action: BNGO shares are down 2.90% at $0.65 on the last check Thursday.