Shares of Bionano Genomics (NASDAQ:BNGO) furthered their recent gains on Monday. By the close of trading, the genome analysis company's stock price was up 28.4%. So what
Bullish analyst remarks have likely contributed to Bionano's recent ascent. Maxim analyst Jason McCarthy reiterated his buy rating on Bionano's shares and boosted his price forecast sevenfold -- from $2 to $14 -- on Friday. Bionano Genomics stock rose sharply in recent days. Image source: Getty Images. McCarthy believes the recent Next-Generation Cytogenomics Symposium -- during which doctors and scientists highlighted the impressive capabilities of its Saphyr optical genome mapping (OGM) system -- helped to demonstrate the "important role" Bionano could serve in the healthcare industry. "Awareness, adoption, and messaging in 2019 and 2020 culminated with a cytogenetics symposium that has opened the eyes of the genomics world to Saphyr, in our view," McCarthy said.