-Investors in Bionano Genomics (NASDAQ:BNGO) Monday morning are picking up where they left off on Friday, boosting the shares of what has become the latest meme stock focus. BNGO stock has surged more than 15% in pre-market trading, after gaining more than 9% to end last week.
-What’s behind the move? Likely it’s the continued sentiment from the Reddit r/WallStreetBets crowd, where there’s been a 16.2% increase in mentions in the last 24 hours, according to sentiment tracking sites.
-To be sure, Bionano did have some news out earlier today, with its announcement of the hiring of a new chief commercial officer. Industry veteran Jason Priar is taking on the role, bringing with him a number of years of experience working with labs that perform genome analysis in cancer and genetic diseases.
-He will lead the genomics firm’s commercial teams across the platform and services businesses to drive sales and market access with third-party payors.
-In the case of Bionano, the percentage of this company’s shares sold short sits just above 13%.
-Typically, companies with short interest ratios around 20% or higher are better targets. However, enough attention given to one specific stock could drive the price up to a level where others feel enticed to take the other side of the trade. Such a scenario could result in a self-fulfilling prophecy where this company’s short volume ratio goes up.
-What’s behind the move? Likely it’s the continued sentiment from the Reddit r/WallStreetBets crowd, where there’s been a 16.2% increase in mentions in the last 24 hours, according to sentiment tracking sites.
-To be sure, Bionano did have some news out earlier today, with its announcement of the hiring of a new chief commercial officer. Industry veteran Jason Priar is taking on the role, bringing with him a number of years of experience working with labs that perform genome analysis in cancer and genetic diseases.
-He will lead the genomics firm’s commercial teams across the platform and services businesses to drive sales and market access with third-party payors.
-In the case of Bionano, the percentage of this company’s shares sold short sits just above 13%.
-Typically, companies with short interest ratios around 20% or higher are better targets. However, enough attention given to one specific stock could drive the price up to a level where others feel enticed to take the other side of the trade. Such a scenario could result in a self-fulfilling prophecy where this company’s short volume ratio goes up.