Bionano Genomics (BNGO) Stock Falls 16% in a Week: Time To Panic?
Despite the company making a major announcement with regards to its operations in China, the Bionano Genomics Inc (NASDAQ:BNGO) stock has continued to be in a downward spiral and over the course of the past week, it has declined by 16%.
In this context, it is important for investors to note that yesterday the company announced that it has made considerable progress with regards to the adoption of its flagship Saphyr System in China. The Saphyr System is going to be used for the purpose of optical genome mapping by one of the biggest genome analysis service providers for reproductive health in the region, WeHealth Shanghai.
It is a major development for the company and it remains to be seen if the announcement from Bionano yesterday has any effect on its stock price today or not. The fact that WeHealth had adopted the Saphyr System was announced at the Structural Variation Symposium that was held in Shanghai.
The event had been set up with assistance from the Shanghai Society of Genetics. Last week, there was another important development when it was announced that the Bionano stock was made a part of the United States small cap Russell 2000 index as of June 28, 2021.
Market Reaction:
On Tuesday, BNGO stock fell 2.08% at $6.58 with more than 9.85 million shares, compared to its average volume of 24.02 million shares. The stock had moved within a range of $6.53 – 6.88 after opening the trade at $6.81. Over the past 52-week, the stock has been trading within a range of $0.47 – 15.69.
