BioNano Genomics Inc (NASDAQ: BNGO) is one of the most exciting stocks in the market this morning, trading on gains of more than 121%. The gains started when the company announced adoption news surrounding its Saphyr system. Here’s what’s happening:
BNGO Stock Pops On Saphyr System Adoption
BioNano Genomics issued a press release early this morning, announcing adoption news surrounding its Saphyr system. Saphyr is a genome imaging platform for ultra-sensitive and ultra-specific genome-wide structural variation detection.
In the release, the company announced that leading organizations have adopted the system for use in their clinical genomics laboratories. These organizations include PerkinElmer Genomics and the University of Iowa.
In the release, BNGO said that PerkinElmer Genomics and the University of Iowa have developed assays based on the company’s optical mapping technology. These assays were developed to expand comprehensive suites of genetic tests assessing disease-associated chromosomal abnormalities.
In particular, these organizations are targeting Facioscapulohumeral Muscular Dystrophy, also known as FSHD. FSHD is one of the most prevalent forms of muscular dystrophy today. Unfortunately, the condition affects about 1 in 10,000 individuals.
To correctly diagnose FSHKD, an exact count of the repeat number of a section of chromosome 4 is necessary. Before the availability of Saphyr, molecular diagnoss for FSHD were generated using outdated southern blot techniques. Unfortunately, these techniques are imprecise and labor intensive. Not to mention, they require radioactive labeling methods which are phased out of laboratory use for safety reasons.
In the release, BNGO said that the assays developed by these organizations are reproducible, safe, fast, and automated with minimal hands-on time.
In a statement, Erik Holmlin, Ph.D. CEO at BNGO, had the following to offer:
We have always believed that Bionano’s unique ability to image long, intact DNA molecules could enable the Saphyr system users to develop assays in a clinical setting to modernize and streamline the practice of cytogenetics. Our teams have worked tirelessly to improve the speed, quality, throughput, and robustness of the optical mapping application of genome imaging while simultaneously reducing cost, assay complexity and data analysis.
We believe Saphyr is ready to be adopted for assay development in a routine clinical workflow, and we are thrilled that PerkinElmer Genomics and the University of Iowa are taking the lead in making the Saphyr system a tool for next-generation cytogenomics, with many other academic, CRO and reference laboratories expected to follow. We believe that FSHD is just the start of a wide array of clinical genetics assays that labs will develop with our technology.
Why This news Is So Exciting
At the end of the day, the adoption of the Saphyr System among two of the world’s leading organizations in FSHD is great news. Here are a few reasons that, following the news, investors are sending the stock on gains in multiples:
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
Click below to continue reading!