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Why Bionano Genomics Stock Surged Today

By Joe Tenebruso - Feb 12, 2021 at 6:38PM

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The genetic testing specialist could access a major new market.

What happened 

Shares of Bionano Genomics (BNGO -2.90%) hit a record high on Friday. By the close of trading, the genome analysis company's stock price was up 17%.

So what

On Thursday, Bionano Genomics released a study showing that its Saphyr optical genome mapping (OGM) system could be used to analyze a wide variety of solid tumors in cancer research. In every sample tested, Saphyr was able to identify structural variants (SVs) affecting key cancer genes.  "OGM will yield unprecedented insights into solid tumor diagnosis and treatment," study lead Dr. James Broach said in a press release.

A person points to an upwardly sloping stock chart.

Image source: Getty Images.

"Dr. Broach's work now demonstrates that Saphyr is uniquely capable of identifying clinically important SVs in solid tumor samples as well and that it does so with a simple, automated analysis workflow," Bionano CEO Erik Holmlin said.

Holmlin believes the results of the study will help Bionano's optical genome mapping system gain access to the largest oncology market. Previously it had only been proven effective for leukemias, which generally don't form solid tumors.

Now what

Investors will get to hear more about Bionano's potentially game-changing healthcare technology during the company's presentation at the BTIG Virtual MedTech, Digital Health, Life Science and Diagnostic Tools Conference on Feb. 18. Holmlin will also take part in a fireside chat that same day at 1:30 p.m. PST. 

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