Bionano Genomics and GrandOmics, China's first third-generation sequencing service provider, announced at the 2018 annual meeting of the American Society of Human Genetics in San Diego that GrandOmics started offering a genetic test for facioscapulohumeral muscular dystrophy, or FSHD, in China that is based on Bionano's Saphyr system. FSHD is the third most common form of muscular dystrophy and affects approximately 1 in 20,000 individuals worldwide. FSHD is caused by changes in the number of repeats in a section of chromosome 4. To date, molecular diagnoses for FSHD are generated using outdated Southern Blot techniques, which are imprecise, labor intensive and involve radioactive labeling methods which are being phased out of laboratory use. Bionano genome mapping on Saphyr allows for a precise measurement of the chromosome 4 repeat on long, single molecules spanning the entire repeat array, and for the detection of possible mosaicism for this disease locus.
Bionano Genomics initiated with a Buy at Roth Capital. Roth Capital analyst David Solomon started Bionano Genomics with a Buy rating and $12 price target. The analyst cited his belief that the Saphyr is a differentiated tool that generates novel and valuable information, making it well-positioned to penetrate the large and rapidly-growing discovery research and cytogenetics industries.
Bionano Genomics initiated with a Buy at Maxim. 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".
Bionano Genomics announced that the units sold in the company's initial public offering have separated in accordance with their terms. Each unit consisted of one share of common stock and one warrant to purchase one share of common stock. At the commencement of trading, the shares of common stock and the warrants will trade separately on the Nasdaq Capital Market under the symbols (BNGO) and (BNGOW), respectively. The units, which traded under the symbol (BNGOU) will no longer be listed.