Analyst Yi Chen of H.C. Wainwright reiterated a Buy rating on BioNano Genomics, retaining the price target of $7.00.
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Yi Chen has given his Buy rating due to a combination of factors related to Bionano Genomics’ operating performance and reimbursement tailwinds. He notes that fourth-quarter 2025 revenue came in slightly above his expectations and continued to grow sequentially, supported by new OGM system placements and rising flowcell usage, which indicates healthy adoption trends despite a modest year-over-year decline. Chen highlights that the installed base of OGM systems expanded over the year, reflecting ongoing market penetration and a strategy centered on deeper utilization among routine users and broader geographic adoption. He also points out that the company’s cash position at year-end 2025 appears sufficient to fund operations into the fourth quarter of 2026, reducing near-term financing risk.
Chen further bases his positive view on the improved reimbursement landscape for optical genome mapping. The establishment of a second Category I CPT code for constitutional genetic disorders, together with the previously secured Category I CPT code for hematologic malignancies, formalizes OGM’s role in clinical diagnostics. Additionally, the substantial increase in the reimbursement rate for the hematologic malignancies CPT code enhances the economic incentive for diagnostic providers to adopt Bionano’s platform. In Chen’s assessment, these coding wins and higher payment levels should act as key catalysts for accelerating test volumes and revenue growth in 2026 and beyond, supporting his reiterated Buy rating and $7 price target.