Shares of Bionano Genomics (NASDAQ:BNGO) continued their rally on Friday, following the conclusion of the biotech's Next-Generation Cytogenomics Symposium. As of 2:40 p.m. EST, Bionano's stock price was up more than 17%.
The final day of Bionano's symposium focused on the ability of its Saphyr optical genome mapping (OGM) system to analyze the genomes of people with diseases resulting from so-called genomic repeats, or repetitive sequences that can alter the function of genes.
Several researchers demonstrated how Saphyr could be used to study many parts of the genome that contain repeats that couldn't be accurately assessed via other methods. Some of the doctors who presented their findings also noted Saphyr's lower testing costs and faster results, as well as its improved quality control features.
The Next-Generation Cytogenomics Symposium was a blockbuster success for Bionano. Its stock rocketed roughly 75% this week, as doctors highlighted Saphyr's many benefits.
Bionano took its stock price gains as a chance to bolster its cash reserves by roughly $100 million via a stock sale. Its now stronger balance sheet -- and the excitement surrounding Saphyr -- places Bionano in a far more solid position from which to operate.