Shares of Bionano Genomics (NASDAQ:BNGO) soared on Monday after the genome analysis company published a study on autism-risk genes. As of 1:50 p.m. EST today, Bionano's stock price was up 115%.
Bionano announced that its diagnostic services subsidiary, Lineagen, completed a comprehensive analysis of a single genome of a high-functioning individual with Autism Spectrum Disorder (ASD). Lineagen's genetic tests identified novel variants in known ASD risk genes and other genetic variants in the subject, which Bionano believes could help to improve healthcare outcomes.
"Widespread adoption of genetic testing is important to patients and families because it creates a better understanding of ASD, but more importantly, informs families and patients about immediate health risks associated with ASD that could personalize treatment options and provide potentially life-saving information," CEO Erik Holmlin said in a press release.
Bionano's optical genome mapping platform, Saphyr, has been shown to be more effective at finding structural variants than its competitors. It's also significantly more cost-effective. For these reasons, analysts expect Saphyr to gain broader adoption in genome sequencing and research applications.
Maxim Group analyst Jason McCarthy goes so far as to say that "Saphyr has the potential to change the clinical diagnostic landscape," due in part to its time, labor, and cost efficiencies. McCarthy also believes Saphyr could generate more informative diagnostic results. In turn, he sees rising Saphyr usage and increased testing helping to fuel Bionano's revenue growth.