BioNano stock (NASDAQ:BNGO) reached a COVID-19 pandemic low in April 2020.
The price has dropped dramatically after reaching a post-pandemic high of $15.69 in February 2021.
Investors that purchased equities after the COVID-19 market crisis in 2020 have made significant returns over the last two years. But there’s no denying that some big-name equities have outperformed others since the pandemic’s low point.
BioNano’s Tough Road
BioNano stock (NASDAQ:BNGO) has been an excellent investment during the last two years.
The Saphyr System, a cytogenetic diagnostic instrument that identifies structural flaws inside a cell’s nucleus, is BioNano’s main technology. The technology then uses genomic mapping to diagnose diseases.
While the FDA has not authorized the Saphyr System for medical diagnostics in the United States, researchers are allowed to utilize the technology, and healthcare institutions outside of the United States are testing it.
Saphyr was shown to be equally as accurate as other cytogenic analysis tests in diagnosing constitutional disorders caused by genetic anomalies, which is a hopeful sign for BioNano.
Saphyr may still be in its infancy in terms of growth at this moment. As of the end of the second quarter, BioNano had 196 installed systems, up 62% over the previous year.
Market Analysis of BioNano Stock
BioNano stock (NASDAQ:BNGO) was trading at $1.32 at the start of 2020. When March first arrived, the stock had fallen to $1.08 as news of the coronavirus spreading in China fueled fears of a pandemic in the United States.
When the market fell during the pandemic breakout in the United States in March, BioNano stock (NASDAQ:BNGO) dropped, reaching a pandemic low of 25 cents on April 2, 2020.
Fortunately, when the market recovered in late March 2020, BioNano stock (NASDAQ:BNGO) followed suit. In fact, by July, BioNano stock (NASDAQ:BNGO) had returned to over $1.
On December 23, BioNano stock (NASDAQ:BNGO) rose 40% after the business released the findings of research proving the superiority of their optical mapping method for identifying substantial structural variations (SVs) in de novo sequencing data.
BioNano Beyond
Optimism about Saphyr, along with the dramatic move of the research announcement, quickly drew the attention of Reddit’s WallStreetBets forum in 2022. A short squeeze pushed BioNano stock (NASDAQ:BNGO) as high as $15.69 in February 2021.
Nonetheless, investors, who purchased BioNano stock (NASDAQ:BNGO) on the day it reached its 2020 pandemic low and kept on to it has achieved some spectacular gains to date. In fact, $1,000 invested in BioNano stock (NASDAQ:BNGO) on April 2, 2020, would be worth almost $7,066 today.
Analysts anticipate a big rise in BioNano stock (NASDAQ:BNGO) during the next 12 months. The three analysts’ average price objective that covers the company is $8, implying a 336% increase from present levels.
Featured Image – Megapixl © Saiarlawka9
Author Okoro Chinedu 
