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Bionano Genomics Inc. (BNGO) Stock Is bullish at $4.70: Analyst Analysis

Bionano Genomics Inc. (BNGO) shares were reported -6.00% down in trading on Friday. With a current stock price of $4.70, the company is up approximately 52.6% year to date. A market capitalization of $765.91 million is recorded by Bionano Genomics Inc. (BNGO) at the time of writing. In the past month, BNGO’s average daily volume (151629484 shares per day) trailed its average daily volume over the past year by 474.09, suggesting more trading activity in this stock recently.

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The relationship between Bionano Genomics Inc.’s 200-day moving average and its 20-day major moving average indicates that Bionano Genomics Inc. is in a rally mode. Despite this, BNGO stock has risen 66.17% over the past 30 days. The stock has gained 294.00 over the last 12 months, trailing the market by 1658.37%. Additionally, it lags behind competitors by 595.36 %.

Taking A Look at Key Indicators

Of course, a cursory glance at the chart doesn’t reveal much about where BNGO shares might behead. Therefore, we ought to take a more in-depth look at the most critical momentum indicators.

In technical analysis, analysts often use momentum factors to identify deeper factors in a price pattern to generate more insights. RSI and Stochastic %k Oscillators are two of our favorite oscillating indicators. There are two scoring levels in each case, “70” and “30”, with the former representing the overbought state and the latter presenting the oversold state.

 Taking this into consideration, here’s what you need to know about BNGO shares. BNGO has a 20-day RSI reading of 68.91, which indicates that it is neither expensive nor cheap, nor is it prone to reactive price movement based on this measure. Considering the 20-day Stochastic %k measure, we find it at 64.20, which indicates a neutral outlook.

 Hearing From The Analysts

As of right now, BNGO shares appear to be trading 240.58% below the Wall Street mean one-year price target of $1.38. Street analysts place their average recommendation at 1.70, measured on a scale from 1 to 5 with 1 being a “Strong Buy”, and 5 being a “Strong Sell”.That suggests analysts are bullish about BNGO for the next 12 months.

Company’s Recent Announcement

Bionano Genomics, Inc. (Nasdaq: BNGO) announced its kick-off of its 5-day Next-Generation Cytogenomics Symposium, which will begin on January 11 with Saphyr users from medical research and leading hospitals across the globe presenting 33 presentations. This presentation will cover optical genome mapping applications, using Saphyr, for studies of patients with a variety of genetic diseases, solid tumors, and disease-related repeat sequences, as well as validation of clinical assays developed by Saphyr users. On January 15, 2021, the event will conclude with a virtual symposium dedicated to studying the genomes of COVID-19 patients.

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