Trading Idea - #BionanoGenomics

NASDAQ:BNGO   Bionano Genomics, Inc.

Entry: 3.34 USD
Target: 1.57 USD (profit +50%)
Stop: 4.16 USD

Bionano Genomics, is a genome analysis company. It offers instruments based on their Saphyr technology to scientists and clinics doing genetic research.

1.) Even at its current price, Bionano is an expensive stock.

Sales for the first three quarters of 2021 were up 250% from a year ago. But they totaled less than $11.7 million. Operating losses were also up 76%, to over $48 million. The company was still putting $6.5 million into research expenses during the third quarter. Sales and general administrative expenses have nearly doubled from a year ago.

2.) BNGO's momentum indicator fell below the 0 mark on 15 November 2021. This is an indication that the share could enter a new downward movement. The probability of a decline is 90 %.

3.) The Moving Average Convergence Divergence Histogram (MACD) for BNGO turned negative on 10 November 2021. This could be a sign that the share will continue to move downwards in the coming weeks.

4.) BNGO has moved below its 50-day moving average on 09 November 2021, which may provide further downward pressure.


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