BNGO stock price has dropped by over 2.5 per cent in today’s trading session. This is despite the company trading bullishly in yesterday’s trading session, which was surprising because, since April 5, 2022, the prices had not been bullish.
Today’s jump in price may be a response to reports that the company had successfully secured two patents that expand patent protection for the use of nanochannel arrays in genome analysis. In addition, the company is a market leader in optical genome mapping solutions on the Sapyr system and a provider of NxClinical™ software.
These patents will help the company expand on the type of work they do, which includes being used in the studies of microorganisms, plants, animals and human diseases. Their technology also allows scientists and researchers to identify structural variations that go beyond long-read sequencing.
One of the main reasons why the prices of the company have continued to fall is due to years of not making profits. In 2021, financial reports show that the company made a net loss of $72 million. The reports also show that the loss came despite the company making a revenue of $17 million during that year. However, the financial report also showed that, by the end of 2021, the company had a debt to asset ratio of 10 per cent. This is considered healthy for any company and means the company is not likely to go bankrupt.
BNGO Stock Price Prediction
Looking at the daily chart below, we can see that the BNGO stock price has been in a bearish move for months. Just recently, the prices touched the upper trend line of the descending channel. However, the stock prices were not able to break out of the trend.
Using the chart, I predict that the current bearish trend is likely to continue. The prices are also likely to fall below the $2 price level in the next few trading session. There is also a likelihood that prices may trade below the $1.64 price level, which is the current yearly low of BNGO stock price.
BNGO Daily Chart
