BioNano Genomics (BNGO) Received its Third Buy in a Row

By Jason Carr

After Oppenheimer and Roth Capital gave BioNano Genomics (NASDAQ: BNGO) a Buy rating last month, the company received another Buy, this time from Maxim Group. Analyst Jason McCarthy assigned a Buy rating to BioNano Genomics yesterday and set a price target of $2.00. The company’s shares closed last Friday at $0.53, close to its 52-week low of $0.25.

According to TipRanks.com, McCarthy is a 5-star analyst with an average return of 19.6% and a 46.0% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as Brainstorm Cell Therapeutics, Interpace Diagnostics Group, and Lineage Cell Therapeutics.

BioNano Genomics has an analyst consensus of Strong Buy, with a price target consensus of $1.47, which is a 169.9% upside from current levels. In a report issued on June 25, Roth Capital also maintained a Buy rating on the stock with a $0.90 price target.

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Based on BioNano Genomics’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $1.14 million and GAAP net loss of $10.51 million. In comparison, last year the company earned revenue of $1.85 million and had a GAAP net loss of $7.85 million.

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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.