BNGO - Bionano slides as BTIG cuts target following model update

Life sciences company, Bionano Genomics (BNGO -8.3%), is trading lower for the second consecutive session on Wednesday after BTIG moved to slash its price target following a revision to the valuation model. However, arguing that the maker of the Saphyr System for optical genome mapping (OGM) is likely to witness multiple catalysts over the next several years, the analyst Sung Ji Nam reiterates the Overweight rating on the stock. The decision to slash the price target to $7 from $10 — implying a premium of ~170% to the last close — reflects the recent contractions of valuation multiples across the sector, Nam added.   In addition to the continuing momentum of Saphyr sales, the company plans to complete four large studies over the next couple of years to prove the value of OGM as a standard of care in cancer diagnosis and genetic disease, the analyst contends. The publication of these

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Bionano slides as BTIG cuts target following model update