Shares of BioNano Genomics Inc (NASDAQ: BNGO) shares surged 12.7% after its five-day Next-Generation Cytogenomics Symposium ended yesterday leaving investors impressed by the company’s Saphyr® system for cytogenetics.
The symposium featured presentations by members of the COVID-19 Host Genome Structural Variant (SV) Consortium using the Saphyr® system for optical genome mapping (OGM) to analyze the genomes of patients with severe COVID-19 disease.
Leading researchers, scientists and clinicians in different fields made presentations showcasing how they used BioNano’s Saphyr® system to analyse the genome of various patients with COVID-19 to identify the different variants of the virus.
BioNano recently announced the closing of a $101.8 million underwritten public offering of common stock and regained full compliance with Nasdaq listing requirements following its recent rally and now has a market valuation of $1.291 billion.
The biotech company is now well funded to keep developing its products and executing its business strategy.
The Saphyr® system is a research use only platform for ultra-sensitive and ultra-specific structural variation detection that allows researchers and clinicians to accelerate the search for new diagnostics and therapeutic targets and streamline the study of changes in chromosomes, which is known as cytogenetics.
The presentations at BioNano’s symposium revealed how researchers used the Saphyr® system to analyse the virus's impact on patients of different ages and with different medical histories, including chronic diseases.
BioNano’s shares have rallied over the past few days as the symposium progressed, bringing awareness to the many uses of its Saphyr® system, which could drive demand for the system and future profits following the symposium.
BioNano share price
BioNano Genomics shares surged 12.69% to trade at $9.50 having rallied from Monday’s closing price of $8.43.