UPDATE – 1:53 PM: CEO Robert Erik Holmlin has postponed the expected press release until next Monday
Good morning and happy Tuesday! Stock of the day? Bionano Genomics (BNGO), the small San Diego life sciences company was given approval to their new patent this morning. (Source)
News of the patent caused an early morning jump of over 9%, this is expected to continue to rise through the afternoon once news of the patents release is officially announced. Bionano Genomics press release expected today.
Very interesting to see Bionana Genomics drop a patent like this AFTER market opening. Either way, since the news of the patent came out, volume for BNGO has gone up over 4 million and is steadily climbing.
For about 3 months Bionano Genomics has been a stock mostly controlled by day traders, as is the case for many company stocks since the start of the pandemic. But with the introduction of this new patent, there is a lot of speculation that long-term investors will be willing to buy in again. It’s worth remembering that 3 months ago, before the pandemic, Bionano Genomics was trading at over $1 per share.
On top of that – Bionano Genomics CEO is not over-zealous. He is projecting a conservative revenue gain for Q1 given the circumstances of the pandemic. We have seen in the past weeks investors turn away from companies that predict unrealistic revenue gains. Potential long term buyers will appreciate the realistic expectations.
CEO Robert Erik Holmlin has announced there is a Bionano Genomics press release scheduled for 3:00 PM Tuesday, Pacific Time.