BioNano Genomics Inc (NASDAQ: BNGO) is flying in the market this morning, trading on gains of more than 45%. The gains come after the company made yet another announcement surrounding the adoption of its Saphyr System. Here’s what’s going on:
BNGO Stock Rockets On Saphyr System Adoption
In a press release issued early this morning, Bionano Genomics announced yet another bit of adoption news. According to the release, Novogene has adopted the Saphyr system for genome imaging.
The company said that Novogene has incorporated the system into their expansive repertoire of genome analysis technology services. At the moment, Novogene is an important player in the genome analysis technology industry, being one of the top providers in the world.
BNGO said that the adoption of its technology could give Novogene’s global customers the ability to achieve comprehensive analysis of platinum genome assembly and genome structure. This includes the highly accurate detection of genome structural variations that are unresolved by current next-generation sequencing technology and other available methods.
Importantly, BNGO pointed to the fact that Novogene’s capacity for genome analysis is among the argest and most advanced in the world. The company has a footprint spanning the globe and offers access to technologies and bioinformatics expertise to the largest genomics markets in the world.
With the adoption of the Saphyr System in mind, Novogene will now offer Saphyr services globally across a wide range of sectors within the research and clinical communities.
In a statement, Erik Holmlin, Ph.D., CEO at BNGO, had the following to offer:
The world will now have greater access to experience the genomic structural resolution only achieved by Saphyr, which could enable groundbreaking discoveries for a wide array of biological research. Having Saphyr become part of the Novogene offering is a significant milestone for Bionano and for Saphyr. Novogene is known by us to adopt only technologies with significant demand in the market. We are grateful to our partners there and look forward to a productive relationship that could result in the proliferation of Bionano data throughout the genomics community. With more and more genome analysis scientists and clinicians becoming familiar with the capabilities of Saphyr, we expect its adoption and utilization will expand.
Why Investors Are So Excited
Customer adoptions are announced all the time. However, it’s rare that they lead to such tremendous gains in the value of a stock. In this particular case, there are several reasons that investors are excited. Here’s how I see it:
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