BNGO - This Growth Stock Is Down 38% and Wall Street Says It's Worth Buying Hand Over Fist
With the stock falling 37.8% over the last 12 months, shareholders of Bionano Genomics (NASDAQ: BNGO) are bound to be getting a bit frustrated. The genome mapping device manufacturer's fortunes haven't done anything but improve in recent memory, but the market's reception to its successes continues to be fairly cool.
Yet Wall Street analysts are, on average, quite bullish about the stock, and they even anticipate it to multiply in value within a year's time. So are Bionano's shares yet another casualty of 2022's bear market, or are they going to soar in 2023 and beyond?
At the moment, Bionano's stock currently has an average analyst rating of 1.4 out of 5, indicating that it's rated as a "strong buy" rather than as a hold (a rating of around 3) or a sell (a rating of greater than 3). There are a few reasons why the pros are so positive, starting with the fact that the company is competing in a niche where there aren't any other players.
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This Growth Stock Is Down 38% and Wall Street Says It's Worth Buying Hand Over Fist