Bionano Genomics
Ticker: NASDAQ:BNGO
Price: $7.20
Company News
Bionano’s optical genome mapping platform, Saphyr, has been shown to be more effective at finding structural variants than its competitors. It’s also significantly more cost-effective. For these reasons, analysts expect Saphyr to gain broader adoption in genome sequencing and research applications.
Saphyr has the potential to change the clinical diagnostic landscape, due in part to its time, labor, and cost efficiencies. McCarthy also believes Saphyr could generate more informative diagnostic results. In turn, he sees rising Saphyr usage and increased testing helping to fuel Bionano’s revenue growth.
Business Summary
Bionano Genomics, Inc. is a life sciences instrumentation company in the genome analysis space.
The Company develops and markets the Saphyr system.
The Company’s products include Sequencing for Discovery Research and Cytogenetics. Cytogenetics provide a clinical diagnosis, cytogenetic tests detect known variations that are linked to specific diseases or therapeutic responses. Saphyr system is platform for ultra-sensitive and ultra-specific structural variation detection that enables researchers and clinicians to accelerate the search for new diagnostics and therapeutic targets and to streamline the study of changes in chromosomes, which is known as cytogenetics.
Sequencing for Discovery Research is primarily used to find single nucleotide variations responsible for disease or therapeutic response. The Company’s subsidiary, Lineagen, Inc., provides molecular diagnostics services for individuals.
Price Performance
Relative Valuation
Technical Indicators
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 1.38.
The projected upper bound is: 9.13.
The projected lower bound is: 5.54.
The projected closing price is: 7.33.
Candlesticks
A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 26 white candles and 22 black candles for a net of 4 white candles.
A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend. There have been 6 rising windows in the last 50 candles–this makes the current rising window even more bullish.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
Momentum Indicators
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
Stochastic Oscillator
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 88.8316. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 8 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 98.63. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 5 period(s) ago.
MACD
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 20 period(s) ago.
Rex Takasugi – TD Profile
BIONANO GENOMICS closed up 4.120 at 7.200. Volume was 1,773% above average (trending) and Bollinger Bands were 2,152% wider than normal.
Open High Low Close Volume
5.210 7.240 4.510 7.200 583,898,240
Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1.77 0.76 0.59
Volatility: 520 311 199
Volume: 236,310,096 51,172,672 23,285,682
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
Summary
BIONANO GENOMICS gapped up today (bullish) on heavy volume. Possibility of a Breakaway Gap which usually signifies the beginning of a major market move. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
BIONANO GENOMICS is currently 1,117.2% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect very strong flows of volume into BNGO.O (bullish). Our trend forecasting oscillators are currently bullish on BNGO.O and have had this outlook for the last 19 periods. Our momentum oscillator is currently indicating that BNGO.O is currently in an overbought condition.
