Jason McCarthy, an analyst from Maxim Group, maintained the Buy rating on BioNano Genomics. The associated price target remains the same with $8.00.
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Jason McCarthy has given his Buy rating due to a combination of factors that highlight BioNano Genomics’ potential for growth and innovation. The company recently announced a publication that underscores the effectiveness of its Optical Genome Mapping (OGM) technology in identifying genetic variations in pediatric T-cell acute lymphoblastic leukemia, which traditional methods missed. This validation of OGM’s utility in hematologic malignancies suggests a significant opportunity for the technology in the medical field.
Additionally, BioNano Genomics is making strategic improvements to its software and computing platforms, which are designed to enhance the adoption and usability of OGM. These updates, including new versions of VIA and Solve software, aim to streamline data analysis and interpretation, making the technology more accessible to users. These advancements are expected to drive long-term revenue growth, supporting McCarthy’s optimistic outlook on the company’s stock.