Active Stocks: Last week saw biotech firms perform exceptionally well. This followed a series of positive clinical announcements as well as mergers and acquisitions in the industry. One of the big industry gainers was Bionano Genomics Inc [NASDAQ: BNGO]. In Friday’s session, BNGO closed the week with gains of 37.68%. This followed news that top organizations such as PerkinElmer and the University of Iowa had adopted Saphyr in their clinical laboratories. Saphyr is a system developed by Bionano Genomics for detecting ultra-sensitive and highly specific genome-wide structural variations.
Both PerkinElmer Genomics and the University of Iowa have created assays that are based on the bionano optical technology. They use this to expand on their tools for carrying out genetic tests for chromosome abnormalities that are linked to diseases. By using Bionano’s Saphyr system, they expect to increase accuracy when testing for FSHD, a common form of muscular dystrophy.
According to Jamshid Arjomand, the CSO of the FSHD society, they have been waiting a long time for an assay like the one that is based on Saphyr. Bionano’s CEO, Erik Holmlin, stated with the company’s ability’s in imaging long and intact DNA molecules, it could help modernize cytogenetics.
Looking at the price action in pre-market trading today, BNGO is in a correction. However, it is not indicated on the chart above as this chart only shows up until last Friday’s trading. In pre-market it has seen lows of $1.30 already and has bounced off the lows. Quite a dip from Friday’s session when it closed the day at $1.90.
In Friday’s session, BNGO was quite volatile and traded between a high of $3.98 and a low of $1.71 before closing the day at $1.90. Volumes in the day were quite high too, and stood at about 68 million shares. Two key areas to watch today with BNGO will be the $1.71 and the $1.90 range.
In the overall markets, global stock markets have opened in the green on good results from major companies and positive expectations on global trade. This week is a big earnings week, with roughly 40% of the DOW set to report and about 25% of the S&P 500 set to report earnings results.