Shares of Bionano Genomics (BNGO) are soaring 5.90% in pre-market trading on Tuesday, following a significant upgrade from Maxim Group. The investment firm raised its rating on BNGO from Hold to Buy, setting an ambitious price target of $8 per share.
Maxim analyst Jason McCarthy cited several positive steps taken by the company as the reason for the upgrade. This vote of confidence from a respected Wall Street firm appears to be driving investor enthusiasm, pushing the stock higher before the market opens.
The upgrade aligns with the broader analyst sentiment on Bionano Genomics. According to data from FactSet, the stock currently has an average rating of overweight among analysts, with a mean price target of $7. This collective bullish outlook suggests that Wall Street sees substantial upside potential for BNGO, which is likely contributing to today's pre-market rally.
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