What happened
Shares of Bionano Genomics (BNGO 0.89%) surged 22% on Monday after the genome analysis company announced the hiring of a new chief commercial officer.
So what
Jason Priar will head up Bionano's sales teams and spearhead its revenue growth initiatives. He will be charged with striking deals with insurance companies and other third-party payers.
Priar previously served in healthcare-related sales and leadership positions at businesses including Forest Laboratories, PerkinElmer Genomics, and genetic testing specialist GeneDx. Notably, Priar helped GeneDx's sales rise from $8 million to more than $225 million during his time at the company.
Investors hope Bionano Genomics' new CCO will help to turbocharge its revenue growth. Image source: Getty Images.
"Jason's intimate familiarity with the needs of traditional cytogenomics laboratories performing genome analysis in cancer and genetic diseases, combined with his understanding of needs of the physicians and pharmaceutical partners who apply the data, is among the best I have encountered in the industry," Bionano CEO Erik Holmlin said in a press release. "I believe adding Jason to an already stellar team can have a profound impact on Bionano."
Now what
Mentions regarding Bionano have ramped up on Reddit's investing forums in recent days. Some traders appear to be attempting to create a short squeeze in the biotech's shares. This sharp increase in bullish chatter on social media sites likely also contributed to Bionano's gains on Monday.
Yet Bionano is more than just a meme stock. Its Saphyr genome mapping system is earning strong reviews from healthcare researchers. Analysts, in turn, see plenty of upside for its shares. The consensus estimate calls for Bionano's stock to reach $12 in the next year -- or about 43% above its closing price on Monday.
