BioNano Genomics, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Jason McCarthy from Maxim Group maintained a Buy rating on the stock and has a $8.00 price target.
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Jason McCarthy has given his Buy rating due to a combination of factors influencing BioNano Genomics’ financial and strategic positioning. The company reported a significant increase in third-quarter revenue, surpassing expectations, which indicates strong market performance. Additionally, BioNano Genomics has successfully shifted its commercial strategy towards higher-margin consumables and software, resulting in improved gross margins and reduced operational expenses.
Furthermore, the adoption of Optical Genome Mapping (OGM) technology is gaining traction, supported by new publications and recent CPT code approvals, which are expected to lower reimbursement barriers. The company’s financial health is also bolstered by a solid cash position, providing a runway into the second quarter of 2026. These factors, combined with a strategic focus on consumables and software, underpin McCarthy’s optimistic outlook and Buy rating for BioNano Genomics.
BNGO’s price has also changed dramatically for the past six months – from $3.740 to $1.520, which is a -59.36% drop .