Bionano Genomics, Inc. (BNGO) has completed the first prototype for its next single molecule imaging system for optical genome mapping (OGM). The company said that a commercial system based on this prototype might be released in the first half of 2023.
Bionano is a life sciences instrumentation company, which focuses on the genome analysis space. Shares of the company declined 2.4% on Thursday.
The prototype is expected to be used to integrate and test the engineering designs of a new instrument and consumable, intended to meet the needs of high-volume users.
The new system is likely to image nearly 820 Gbp per hour, and can be configured into an array of up to four instruments processing samples in parallel, approximately six months after its initial release.
With this new imaging system, high throughput workflows will become more flexible, data collection will begin without waiting for multiple samples being available, high-coverage cancer experiments will be enabled to be run next to lower coverage constitutional experiments, and will gain the ability to prioritize samples to be run ahead of all others.
President and CEO of Bionano, Erik Holmlin, said, “With expected integration of OGM into NxClinical in 2022, the leading software solution for visualization, interpretation and reporting of single nucleotide variants and copy number variants from next-generation sequencing and microarrays, we believe this new system and consumable will be the next major additions to our list of products for the growing community of OGM users.”
Recently, Oppenheimer analyst Kevin DeGeeter reiterated a Buy rating on Bionano.
Consensus among analysts is a Strong Buy based on 3 unanimous Buys. The average Bionano price target stands at $11 and implies upside potential of 266.7% to current levels.
Investors should always be aware of the risks involved in any stock. According to the TipRanks’ Risk Factors tool, BNGO is at risk mainly from two factors: Tech and Innovation, and Finance and Corporate, which contribute 24% and 30%, respectively, to the total 76 risks identified for the stock.
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