Maxim analyst Jason McCarthy initiated Bionano Genomics (BNGO) with a Buy rating and a price target $11, saying the company's Saphyr may be the "bridge between next-gen sequencing and cytogenetics, identifying whole genome structural variations to build a more detailed picture of the genome for multiple applications." The analyst further states that 6K NGS sequencers for about 2K customers may benefit from adding Saphyr, while on the cytogenetic side, there are "over 2K labs which could benefit from a Saphyr to offer more commercial tests". McCarthy believes that Bionano may become a "potential fast follower to Illumina (ILMN) as instrument sales accelerate, positioning the company to "grow high-margin revenue from consumables".