Why Bionano Genomics' Shares Spiked 16.42% on Tuesday
Shares of genome analysis company Bionano Genomics (NASDAQ: BNGO) rose 16.42% on Tuesday. The stock closed on Monday at $2.01, then opened on Tuesday at $2.10. It rose to a high of $2.42 around noon before closing at $2.34. The stock has a 52-week low of $1.16 and a 52-week high of $6.28. So far this year, the company's shares are down more than 21%.
It was a curious run-up for the stock, outside of the big day for markets in general. The only recent news released came Monday when the company said it was hosting a meeting Tuesday for customers and customer prospects curious about the company's optical genome mapping (OGM). The company specializes in OGM solutions to aid in clinical research. It also does diagnostic testing for patients who may be on the autism spectrum or have other neurodevelopmental disabilities.
There's a possibility the move was part of a short squeeze. The company has a short-squeeze score of 69.52 on Fintel, putting it at an above-average risk of a short squeeze.
Source Fool.com
