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

  • 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.
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