Bionano Genomics (BNGO) stock tumbled 5.02% in intraday trading on Friday, as investors reacted to an earnings preview that projected losses and a significant drop in revenue for the company's upcoming financial report.
According to the earnings preview, Bionano Genomics, based in San Diego, California, is expected to report a 42.2% decrease in revenue to $6.2 million for the quarter ending December 31, 2024, compared to $10.72 million in the same period a year ago. The mean estimate from analysts suggests the company will post a loss of $6.00 per share.
The bearish sentiment surrounding Bionano Genomics' earnings prospects appears to have weighed heavily on the stock's performance. With analysts maintaining a "hold" rating on the shares and a median 12-month price target of $60.00, investors may be exercising caution ahead of the company's financial results release, scheduled for March 3, 2025 (estimated).
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