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What happened
Actions of Bionano genomics (NASDAQ: BNGO) rose 8.4% during market hours Tuesday, only to drop about 10% after the market closed.
So what
Investors pushed up Bionano’s share price after biotech said on Monday that its Saphyr Optical Genome Mapping (GMO) system could detect structural variants that may make people more likely to contract severe forms of the disease. COVID-19.
Investors were also likely elated when the results of a study released Tuesday showed that Saphyr could detect all clinically important variants of cancer genomes in people with myelodysplastic syndromes (MDS), precursors of acute myeloid leukemia (AML). ). Notably, Saphyr could do this in a single test – rather than the multiple tests required by current methods – and thus potentially help patients receive care more quickly.
However, Bionano’s share price fell around 10% after hours after the company announced a public offering of shares. Bionano has not disclosed how many shares it intends to sell.
Now what
Bionano previously completed an approximately $ 100 million share sale on January 12. The company’s decision to sell more shares so soon could mean management believes that Bionano’s stock price may have risen too far, too fast in recent weeks.
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