Shares of Bionano Genomics (BNGO) surged 6.01% in pre-market trading on Wednesday, following a bullish initiation from HC Wainwright. The biotechnology company, which specializes in genome analysis solutions, caught investors' attention after receiving a favorable analyst rating.
HC Wainwright initiated coverage on Bionano Genomics with a "Buy" rating and set an ambitious price target of $10. This price target suggests significant upside potential from the stock's previous closing price. The positive analyst outlook appears to be the primary driver behind the stock's pre-market rally.
The new coverage adds to the overall positive sentiment surrounding Bionano Genomics. According to FactSet, the company now has an average rating of "overweight" from analysts, with a mean price target of $7. This latest development underscores growing optimism about Bionano's prospects in the genomics sector and its potential for future growth.
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