Shares of Biono Genomics (NASDAQ: BNGO) It rose 8.4% during market hours on Tuesday, only to fall about 10% after market closing.
On Monday after biotech, investors bid on Bayono’s share price that its Sapphire Optical Genome Mapping (OGM) system could detect structural variants that might lead people to severe forms of COVID-19.
Results of a study released on Tuesday showed that investors were happy when Sapphire detected all clinically significant forms of the genome of cancer in people with myelodysplastic syndromes (MDS), precursors of acute myeloid leukemia (AML). . In particular, Saffyr could have done so in a single assay – rather than the multiple tests required by current methods – and thus potentially helps in taking care of patients faster.
However, Biono’s stock price plummeted by about 10% after the company’s public stock offer was announced. Bionano did not disclose how many shares it had intended to sell.
Bionano first completed stock sales on January 12 for approximately $ 100 million. The company’s decision to sell more shares soon means that management may assume that Bionano’s stock price has risen very rapidly in recent weeks.