What Is Going on With Bionano Genomics (BNGO) Stock Today?
Bionano Genomics (NASDAQ:BNGO) stock is rising higher on Wednesday after providing an update on its Long String VANTAGE product.
This is a system that handles “automated, high throughput isolation of ultra high molecular weight (UHMW) DNA.” It’s used for optical genome mapping (OGM) and is now available for commercial purchase.
Bionano Genomics and Hamilton have been working together on the product after announcing a collaboration earlier this year. With today’s announcement, the two companies expect to start shipping deliveries in the first quarter of 2023.
Erik Holmlin, PhD, president and CEO of Bionano Genomics, said the following in a press release.
“The analysis of UHMW DNA can provide a more thorough way of detecting genomic aberrations that may be missed by traditional cytogenetic methods. Bionano and Hamilton look forward to seeing customers benefit from this solution in the coming months, which can reduce time-to-results, reduce hands-on-time and improve OGM performance by standardizing the process of UHMW DNA isolation.”
BNGO Continues to Rally Today
Investors that watched BNGo stock yesterday will remember that it rallied without any company-specific news. That rally continues today as strong trading sends shares higher on the Long String VANTAGE launch news. This has roughly 8 million shares changing hands, as compared to its daily average trading volume of 8.2 million.
BNGO stock is up 14.8% as of Wednesday morning but is down 16.7% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.