BNGO - Is It Too Late to Buy BioNano Genomics Stock?
Over the past six months, shares of BioNano Genomics (NASDAQ: BNGO) have risen by a stunning 1,570%. That spike was driven mainly by the 10.3-million-member r/WallStreetBets community on Reddit. Through a coordinated buying campaign, traders on the subreddit created a short squeeze, forcing many of the large investors who had been betting against the company to buy the stock so they could close their short positions, which led to further increases in its share price.
A sizable portion of short-sellers remain undeterred by this: About 13% of the company's shares are still sold short. But is BioNano Genomics' rise a temporary aberration, or is this a genuinely undervalued biotech that can add muscle to investors' portfolios?
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Is It Too Late to Buy BioNano Genomics Stock?