Shares of Bionano Genomics (BNGO) experienced a steep decline of 7.46% during midday trading on Monday, September 10, 2024. The sharp sell-off can be attributed to two significant events impacting the company.
Firstly, BTIG analyst Mark Massaro downgraded the stock from a "Buy" rating to a "Neutral" rating. In his research note, Massaro expressed concerns about the company's ability to achieve widespread adoption of its optical genome mapping technology, citing competition from other technologies and limited resources as potential obstacles to growth.
Additionally, Bionano Genomics announced plans to lay off approximately 45% of its workforce, amounting to 84 employees, including the Chief Financial Officer, Gulsen Kama. This move is part of a broader cost-cutting plan aimed at saving between $25 million and $30 million in annual operating expenses by the fourth quarter.
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