BioNano Genomics: Strong Market Performance and Strategic Shift Drive Buy Rating
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BioNano Genomics received a Buy rating from Maxim Group's analyst Jason McCarthy, with an $8.00 price target. The company reported strong third-quarter revenue and shifted its strategy towards higher-margin consumables and software, improving margins and reducing expenses. Adoption of Optical Genome Mapping technology is increasing, supported by new publications and CPT code approvals. Despite a 59.36% stock price drop over six months, the company's solid cash position and strategic focus support a positive outlook.
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