Bionano Genomics (NASDAQ:BNGO) Trading Down 2.8% – Here’s What Happened

Bionano Genomics, Inc. (NASDAQ:BNGO) dropped 2.8% during trading on Thursday . The stock traded as low as $1.05 and last traded at $1.06. Approximately 165,837 shares traded hands during mid-day trading, an increase of 82% from the average daily volume of 91,339 shares. The stock had previously closed at $1.09.

Analyst Ratings Changes

BNGO has been the subject of a number of research analyst reports. HC Wainwright reduced their price objective on shares of Bionano Genomics from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Monday, April 13th. Weiss Ratings upgraded shares of Bionano Genomics from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, May 1st. Finally, Wall Street Zen raised shares of Bionano Genomics to a “hold” rating in a research note on Saturday, June 13th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $6.00.

Bionano Genomics Price Performance

The company has a debt-to-equity ratio of 0.09, a current ratio of 1.84 and a quick ratio of 1.59. The stock has a 50 day moving average price of $1.16 and a 200-day moving average price of $1.21. The stock has a market capitalization of $12.17 million, a price-to-earnings ratio of -0.24 and a beta of 1.62.

Bionano Genomics (NASDAQ:BNGO) last issued its quarterly earnings results on Wednesday, May 13th. The company reported ($0.76) EPS for the quarter, topping the consensus estimate of ($0.88) by $0.12. Bionano Genomics had a negative return on equity of 71.38% and a negative net margin of 109.94%.The firm had revenue of $6.69 million during the quarter, compared to analysts’ expectations of $6.57 million. On average, analysts forecast that Bionano Genomics, Inc. will post -2.49 earnings per share for the current year.

Institutional Investors Weigh In On Bionano Genomics

A number of hedge funds have recently modified their holdings of BNGO. Renaissance Technologies LLC boosted its position in Bionano Genomics by 31.6% during the first quarter. Renaissance Technologies LLC now owns 48,700 shares of the company’s stock worth $57,000 after acquiring an additional 11,700 shares during the last quarter. Carret Asset Management LLC grew its stake in Bionano Genomics by 76.4% during the 4th quarter. Carret Asset Management LLC now owns 44,100 shares of the company’s stock valued at $67,000 after acquiring an additional 19,100 shares in the last quarter. Jane Street Group LLC acquired a new stake in Bionano Genomics in the 4th quarter valued at about $34,000. DRW Securities LLC acquired a new stake in Bionano Genomics in the 4th quarter valued at about $258,000. Finally, Geode Capital Management LLC lifted its stake in Bionano Genomics by 148.8% in the 4th quarter. Geode Capital Management LLC now owns 66,766 shares of the company’s stock worth $102,000 after purchasing an additional 39,928 shares in the last quarter. 11.35% of the stock is currently owned by institutional investors and hedge funds.

About Bionano Genomics

Bionano Genomics, Inc (NASDAQ: BNGO) develops and commercializes high‐resolution genome analysis tools designed to map structural variants and large‐scale genomic rearrangements. At the core of its technology is the Saphyr® optical genome mapping system, which uses nanochannel arrays to linearize megabase‐length DNA molecules, proprietary fluorescent labeling reagents to highlight specific sequence motifs, and advanced image processing software to detect structural changes with high sensitivity.