Shares of Bionano Genomics (NASDAQ: BNGO) are soaring 5.16% in Wednesday's intraday trading session, fueled by a significant price target upgrade from Scotiabank and better-than-expected revenue performance in its full-year 2024 results.

Scotiabank has dramatically raised its price target for Bionano Genomics from $1 to $4, representing a 300% increase. This substantial upward revision suggests growing confidence in the company's future prospects and potential for value creation. The upgraded price target is likely a key driver behind today's stock rally, as investors react positively to the improved outlook from a major financial institution.

Adding to the bullish sentiment, Bionano Genomics recently reported its full-year 2024 financial results, which showed revenue of $30.8 million. While this figure represents a 15% year-over-year decline, it notably exceeded analyst expectations by 6.9%. The company's ability to surpass revenue projections, despite the overall decrease, demonstrates resilience in its business model and potential for future growth. However, it's worth noting that the earnings per share (EPS) fell short of analyst estimates by 10%, indicating ongoing challenges in profitability. Despite this mixed performance, the market appears to be focusing on the revenue beat and the positive analyst sentiment, driving the stock's upward movement today.