Bionano Genomics (BNGO)

Feb 12, 2021Trade Ideas

Bionano Genomics (BNGO) has been explosive – and could see further upside.

The Maxim Group just increased its price target to $14 from $2 a share. The firm also seems impressed with the company’s Saphyr Optical Genome Mapping Instrument, which is building awareness for BNGO’s potential in the fields of cytogenetics and genomics. Reportedly, the system can help detect variations in solid tumors, which could potentially help the pharmaceutical industry develop better and far more effective cancer treatments.

Analysts at Oppenheimer just reiterated a buy on the BNGO stock with a $15 price target.

The firm noted, “By 2026, 3 full years into the launch of a “next-generation platform offering up to 80% reduction in per genome disposable cost,” the company can deliver revenue of $353.1 million. Overall, the analyst estimates the cytogenetics TAM (total addressable market) could reach more than $1.5 billion.”

With a good deal of momentum, investors can buy the BNGO stock at market, and, or buy to open the BNGO March 19, 2021 14 calls at market. The BNGO March 19, 2021 13 put can be used as a hedge.

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