BNGO - Is Bionano Genomics a Buy?
Bionano Genomics (NASDAQ: BNGO) has been one of the "get rich quick" stocks of 2021. Back in December 2020, it was a penny stock trading for as little as $0.50. Then, traders from the WallStreetBets Reddit group caught onto the company's technology, believing it was an accurate and precise diagnostic instrument for predicting cancer.
The company's shares subsequently rose by a record-shattering 3,038% within three months, turning many of its early shareholders into millionaires off even a small stake. However, many investors who did not cash out at the February highs are now out of luck. The stock is down 65% off those highs.
Bionano has attracted a dedicated base of short-sellers betting against its success. About 10% of its float is currently shorted. Can Bionano's stock beat the naysayers and pose another run-up in the future ?
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Is Bionano Genomics a Buy?