August 8, 2022

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Why Bionano Genomics Stock Is Down Today

2 min read

What transpired

Shares of Bionano Genomics (NASDAQ:BNGO) fell on Wednesday right after the genome-evaluation company introduced the pricing of its community stock offering. As of 12:30 p.m. EST, Bionano’s inventory selling price was down 13%.

So what

Bionano expects to increase around $200 million by way of the sale of 33,333,350 shares of frequent stock at a price of $6 for every share. It also gave underwriters the selection to acquire (and subsequently sell) an more 5 million shares at the same selling price. Bionano’s inventory sale is envisioned to close on Jan. 22.

A downwardly sloping stock chart.

Bionano Genomics’ stock plunged on Wednesday. Impression source: Getty Photographs.

The $6 community presenting selling price was nicely under Bionano’s closing price of $9.14 on Tuesday. The biotech’s decision to sell inventory far more than 30% below its current market price probably led some investors to consider gains off the desk by offering their personal shares.

Now what

In spite of present-day decline, Bionano’s stock price tag is up a staggering 1,370% in the previous thirty day period. Investors have bid up the biotech’s shares just after a sequence of displays by medical practitioners and experts highlighted the capabilities of Bionano’s Saphyr optical genome mapping (OGM) procedure.  

With its share cost surging, Bionano’s management has picked out to raise a overall of approximately $300 million by way of inventory product sales in the latest weeks.

Bionano is now on significantly a lot more sound ground financially. And if Saphyr can provide on its assure to strengthen health care outcomes for people today with a host of genetic disorders, Bionano could supply extra gains to buyers in the months and many years in advance.