Bionano Genomics (NASDAQ:BNGO) Stock Slips Below $5: Now What?
If you are currently into long term plays in the genome mapping space then it could be a good move to take a closer look at Bionano Genomics (NASDAQ:BNGO). In this context, it should be noted that the company has taken a range of steps that could help the company in delivering strong results in the long term.
Market Stats
On Wednesday, BNGO stock fell 3.87% at $4.72 with more than 9.08 million shares, compared to its average volume of 8.11 million shares. The stock has moved within a range of $4.7100 – 4.9376 after opening trading at $4.87.
Key Analysis
Consequently, it could also lead to considerable upside to the Bionano stock. At this point in time, the sales of the Saphyr DNA Mapping System that has been development by the company has continued to grow. On the other hand, Bionano has also made canny acquisitions that could help in making the Saphyr DNA Mapping System much more effective and hence, valuable.
In this regard, it is also necessary to keep in mind that the company is continuing to put in work into Saphyr in order to ensure that the system helps in the detection of disease much quicker. Once that happens, it will be possible for Bionano to raise the price of its product as well. Due to all these factors, it might be a good idea for investors to add the Bionano stock to their watch lists at this point.
Traders Corner
BNGO stock is trading below the 20-Day and 50-Day Moving averages of $5.22 and $5.30 respectively. Moreover, the stock is trading below the 200-Day moving average of $6.77. The stock is down 8% in the past month.
