BNGO - Bionano a buy at Oppenheimer on Saphyr genomic mapping sales; sees 332% upside

Oppenheimer says that Bionano Genomics (NASDAQ:BNGO) is a buy due to strong 2021 sales of its Saphyr System for genome imaging. The firm has a $14 price target on shares (332% upside based on Thursday's close). Analyst Kevin DeGeeter says that his estimate is for Bionano to place 156 Saphyr Systems this year, above the 150 target set by the company. "Multiple clinical validation studies to support reimbursement are enrolling well and commercial adoption is leading to higher consumable pull-through that should impact 4Q21 and 2022," he writes. Check out Seeking Alpha contributing writer Bashar Issa's take on Bionano and why the acquisitions of Lineagen and Biodiscovery "position Bionano into becoming a clinical lab instead of a Life Science equipment manufacturer."

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Bionano a buy at Oppenheimer on Saphyr genomic mapping sales; sees 332% upside