why Bionano Genomics Inc. [BNGO] is a Good Choice for Investors After New Price Target of $8.75

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Bionano Genomics Inc. [NASDAQ: BNGO] slipped around -0.15 points on Tuesday, while shares priced at $1.66 at the close of the session, down -8.29%. The company report on April 14, 2022 that Bionano Genomics Announces Issuance of Two U.S. Patents for Novel Methods that Expand Patent Protection for Uses of Nanochannel Arrays in Genome Analysis.

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Bionano Genomics, Inc. (Nasdaq: BNGO), pioneer of optical genome mapping (OGM) solutions on the Saphyr® system and provider of NxClinical™ software, the leading solution for visualization, interpretation and reporting of genomic data, today announced that the United States Patent and Trademark Office issued two new US Patents, No. 11,291,999 and No. 11,292,713 on April 5, 2022.

The ‘999 patent, titled “Photocleavage method and apparatus to clean fluidic devices,” claims a novel apparatus and method for using a light source to minimize aggregation of biopolymers in or around a nanochannel. This technology is used by Bionano to enable multiple cycles of DNA loading, imaging, clearing and reloading, making it important to the performance of Bionano’s nanochannel arrays. This patent family also includes issued patents in Japan and China.

Bionano Genomics Inc. stock is now -44.48% down from its year-to-date (YTD) trading value. BNGO Stock saw the intraday high of $1.81 and lowest of $1.65 per share. The company’s 52-week high price is 9.12, which means current price is +2.47% above from all time high which was touched on 01/03/22.

Compared to the average trading volume of 7.59M shares, BNGO reached a trading volume of 5218336 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Bionano Genomics Inc. [BNGO]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for BNGO shares is $8.75 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on BNGO stock is a recommendation set at 1.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

BTIG Research have made an estimate for Bionano Genomics Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on June 16, 2021. While these analysts kept the previous recommendation, Ladenburg Thalmann raised their target price to Buy. The new note on the price target was released on September 24, 2020, representing the official price target for Bionano Genomics Inc. stock. Previously, the target price had yet another raise to $1.50, while Oppenheimer analysts kept a Outperform rating on BNGO stock.

The Average True Range (ATR) for Bionano Genomics Inc. is set at 0.17, with the Price to Sales ratio for BNGO stock in the period of the last 12 months amounting to 29.95. The Price to Book ratio for the last quarter was 1.39, with the Price to Cash per share for the same quarter was set at 0.77.

How has BNGO stock performed recently?

Bionano Genomics Inc. [BNGO] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -16.16. With this latest performance, BNGO shares dropped by -29.96% in over the last four-week period, additionally sinking by -68.02% over the last 6 months – not to mention a drop of -76.45% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for BNGO stock in for the last two-week period is set at 32.93, with the RSI for the last a single of trading hit 26.97, and the three-weeks RSI is set at 36.81 for Bionano Genomics Inc. [BNGO]. The present Moving Average for the last 50 days of trading for this stock 2.1255, while it was recorded at 1.7900 for the last single week of trading, and 3.9388 for the last 200 days.

Bionano Genomics Inc. [BNGO]: Deeper insight into the fundamentals

Bionano Genomics Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 11.90 and a Current Ratio set at 12.50.

Insider trade positions for Bionano Genomics Inc. [BNGO]

There are presently around $138 million, or 27.00% of BNGO stock, in the hands of institutional investors. The top three institutional holders of BNGO stocks are: BLACKROCK INC. with ownership of 18,660,129, which is approximately 2.752% of the company’s market cap and around 2.00% of the total institutional ownership; VANGUARD GROUP INC, holding 14,825,634 shares of the stock with an approximate value of $26.83 million in BNGO stocks shares; and STATE STREET CORP, currently with $13.03 million in BNGO stock with ownership of nearly -4.307% of the company’s market capitalization.

Positions in Bionano Genomics Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 92 institutional holders increased their position in Bionano Genomics Inc. [NASDAQ:BNGO] by around 10,868,669 shares. Additionally, 59 investors decreased positions by around 7,069,074 shares, while 35 investors held positions by with 58,108,359 shares. The mentioned changes placed institutional holdings at 76,046,102 shares, according to the latest SEC report filing. BNGO stock had 31 new institutional investments in for a total of 1,265,616 shares, while 26 institutional investors sold positions of 2,300,842 shares during the same period.