Ladenburg downgrades Bionano Genomics on restructuring uncertainty

Ladenburg downgraded Bionano Genomics (BNGO) to Neutral from Buy without a price target The company reported Q3 revenue down 35% year-over-year, largely due to the discontinuation of clinical service products and a strategic shift away from system placements, the analyst tells investors in a research note. The firm is uncertain about the impact further restructuring could have on Bionano’s commercial efforts and correlated sales results in the coming months.