Bionano Genomics Inc. (BNGO) stock prices have grown nearly 1,000% in the past 12 months. Despite this, some analysts feel that the shares have already reached their peak and are unlikely to grow rapidly soon. The shares of the company fell more than 12% to $11.85 on February 22.
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BNGO’s share price has increased by 967.57% since the start of this year. During the last five trades, the stock price dropped -13.50%, while the stock price rose 43.29% during the last 30 trades. The share price added 2202.31% to its price during the previous three months, while the price rose 1631.95% over the last six months.
The main product of Bionano Genomics is Saphyr lab equipment, which can detect large structural variations and aberrations of chromosomes, which are not detectable by standard gene sequencers. Presently, this equipment are used to diagnose all sorts of neurological conditions, including Alzheimer’s disease, leukaemia, COVID-19, hepatocellular carcinoma, and Lou Gehrig’s disease.
This company’s total address market can reach $4 billion per year. In contrast, Wall Street analysts estimate that by 2020, Bionano Genomics’ revenue will be about $8 million. Company revenue is likely to be in the range of 18 – 19 million dollars this year.
Since Bionano Genomics’ Saphyr lab equipment is not directly a competitor to sequencers from other manufacturers because it is designed to detect different kinds of aberrations in chromosomes, competitive risks are relatively low. Moreover, Bionano Genomics must devote substantial resources to promoting its products to convince medical centres of the need for such purchase. That is why high costs and volatile sales dropped by a third in the last quarter. Yet, we can’t deny that Bionano Genomics is on a path to becoming a leader.