Scotiabank Forecasts Strong Price Appreciation for Bionano Genomics (NASDAQ:BNGO) Stock

Bionano Genomics (NASDAQ:BNGO) had its price objective lifted by investment analysts at Scotiabank from $1.00 to $4.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s target price would suggest a potential upside of 11.11% from the stock’s previous close.

Bionano Genomics Trading Up 16.1 %

NASDAQ BNGO traded up $0.50 on Wednesday, hitting $3.60. 108,443 shares of the stock were exchanged, compared to its average volume of 80,754. The company’s 50-day moving average price is $4.69 and its two-hundred day moving average price is $12.98. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.43 and a quick ratio of 0.99. Bionano Genomics has a 52-week low of $2.68 and a 52-week high of $72.60. The company has a market capitalization of $9.84 million, a price-to-earnings ratio of -0.03 and a beta of 2.24.

Institutional Trading of Bionano Genomics

Hedge funds have recently made changes to their positions in the stock. Jane Street Group LLC purchased a new stake in shares of Bionano Genomics during the fourth quarter worth $118,000. XTX Topco Ltd purchased a new stake in shares of Bionano Genomics during the 4th quarter worth about $45,000. Renaissance Technologies LLC bought a new stake in Bionano Genomics in the fourth quarter worth approximately $46,000. Geode Capital Management LLC raised its holdings in Bionano Genomics by 13.0% during the fourth quarter. Geode Capital Management LLC now owns 997,676 shares of the company’s stock valued at $288,000 after buying an additional 114,822 shares in the last quarter. Finally, Carret Asset Management LLC raised its stake in shares of Bionano Genomics by 39.9% in the 4th quarter. Carret Asset Management LLC now owns 119,000 shares of the company’s stock valued at $34,000 after acquiring an additional 33,945 shares in the last quarter. 11.35% of the stock is owned by hedge funds and other institutional investors.

Bionano Genomics Company Profile

Bionano Genomics, Inc provides genome analysis software that enables genomics labs to analyze and interpret data across a range of platforms to generate informative data visualizations for streamlined and simple reporting of causal variants. It offers Saphyr, a sample-to-result solution for structural variation analysis by optical genome mapping for genome analysis and understanding of genetic variation and function; Saphyr instrument, a single-molecule imager; Saphyr Chip, a consumable that packages the nanochannel arrays for DNA linearization; and Bionano Prep Kits and DNA labeling kits, which provide the reagents and protocols for extracting and labeling ultra-high molecular weight DNA.