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Bionano Genomics (BNGO) stock forecast: Can the downtrend reverse?

By Indrabati Lahiri

Edited by Jekaterina Drozdovica

10:59, 17 December 2021

KAUFBEUREN, GERMANY - JUNE 12, 2021: Bionano Genomics company logo on a website with blurry stock market developments in the background, seen on a computer screen through a magnifying glass.
Bionano Genomics (BNGO) stock forecast: Can the downtrend reverse? – Photo: Shutterstock

BioNano Genomics (BNGO) is a niche life sciences instrumentation company. It developed a platform to analyse biomolecule structural variations and long segments of genomic DNA.

Nanochannel chips, integrated software, both primary and secondary, automated imaging instruments and application specific reagents are some of the other products and services the company provides. 

One of its flagship products is the Saphyr Optical Genome Mapping Instrument, which simplifies genome mapping and identifies variations. The company also offers BioNano prep kits, data solutions and services.

The company has made scientific progress in this field. It’s consistently delivered strong results. What factors will shape BioNano Genomics stock price predictions?

BIONANO GENOMICS STOCK PRICE FORECAST

BioNano stock analysis: Ongoing downturn

In the last year, BNGO stock has encountered significant volatility. The price soared by over 400% between early January and mid February 2021, reaching a high of $15.69 intraday on 16 February.

Since then, the price has fallen 77%, slowly returning to January 2021 levels. Year-to-date, the stock has delivered a 2.76% return, but annual growth is 520.59%. 

Bionano Genomics stock chart, 2018-2021

What’s driving the stock?

In other Bionano Genomics stock news, in late November the company’s CEO, Erik Holmer, bought $20,116-worth of the company’s shares.

Insider purchase of a company’s stock is generally seen as a positive sign in the financial world. As investor Peter Lynch put it: “Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.” 

The move resulted in a very slight upswing in the BNGO share price on 3 December.

Bionano Genomics stock chart, September - December 2021

On 8 December, BioNano Genomics published a study which evaluated “optical genome mapping for high throughput characterization of cytogenomic heterogeneity in MDS”. This briefly pushed the stock up from $3.60 to $3.73.

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Short position overnight fee 0.0040%
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Spread 1.8

Latest results 

The company produced a mixed bag of results in the third quarter

Revenues touched $4.7m, up 112% from $2.2m a year ago, beating the analysts’ estimate of $4.2m, and driven by growth in the Saphyr installed base as the company recorded the highest number of Saphyr shipments and installations for any quarter to date. 

Meanwhile, net losses widened to $20.754m, up from $10.792m a year ago. 

The company has indicated to its investors that it’s likely to spend more on Saphyr. 

BioNano Genomics (BNGO) stock forecast:

The 12-month consensus BNGO stock price target stands at $12.33, ranging from the low of $12.33 to the high of $15, according to the data compiled by Market Beat.

The stock has a consensus ‘buy’ recommendation, based on three analyst views, with all of them rating the stock a ‘buy’.

CHART

Maxim Group’s Jason McCarthy and BTIG Research began covering the stock this year, setting BNGO stock forecasts at $12 and $10, respectively. 

Oppenheimer reiterated its ‘buy’ rating in March 2021. Roth Capital’s S. Henry downgraded the stock to ‘neutral’ a year ago. 

Bionano Genomics stock analyst price targets and ratings, 2020-2021

Wallet Investors’ algorithm-based Bionano Genomics share forecasts for the next five years (2022-2026) are: $9.796, $14.322, $19.436, $24.084 and $26.687.

Note that price predictions can be wrong. You should always conduct your own research before making any investment or trading decision. Past performance is no guarantee of future profits. And never invest money you cannot afford to lose.
 

FAQs

Is Bionano Genomics stock a buy?

The stock has a consensus ‘buy’ rating, based on three analysts’ views, with all of them recommending the stock as a ‘buy’, according to the data compiled by Market Beat

Note that analysts’ predictions can be wrong. You should always conduct your own research before making any investment or trading decision.

Will BNGO stock go down?

The consensus Bionano stock price target for the next 12 months stands at $12.33, ranging from the low of $12.33 to the high of $15, according to the data compiled by Market Beat. The consensus price forecast suggests significant upside from the current share price of $3.37. 

Note that analysts’ predictions can be wrong. You should always conduct your own research before making any investment or trading decision.

Why has BNGO stock been going down?

The company produced a mixed bag of third-quarter results, with net loss doubling to $20.754m from a year ago.

Read more: Etsy stock forecast: Will Christmas be the silver lining?

Markets in this article

BNGO
Bionano Genomics, Inc.
0.6598 USD
0.0246 +3.950%

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