what happened
Shares of Bionano Genomics (NASDAQ: BNGO) rose 8.4% during market hours on Tuesday, but fell about 10% after the market closed.
Approximately
Investors are offering Bionano’s share price after biotechnology said Monday that its Saphyr optical genome mapping system (GMO) could detect structural variations that make people more likely to get severe forms of COVID-19.
Investors were probably also pleased when the results of a study released on Tuesday show that Saphyr can detect all clinically important variants of cancer genomes in people with myelodysplastic syndromes (MDS), precursors to acute myeloid leukemia (AML). Saphyr can do this in a single test – rather than the multiple tests required by current methods – thus possibly helping to care for patients more quickly.
Bionano Genomics’ shares reversed on Tuesday. Image Source: Getty Images.
However, Bionano’s share price traded after hours by about 10% after the company announced a public offering. Bionano has not disclosed the number of shares it intends to sell.
Now what
Bionano previously completed a share sale of approximately $ 100 million on January 12. The company’s decision to sell more shares so soon could mean that management believes Bionano’s share price has risen too far over the past few weeks.