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- BTIG downgrades shares of Bionano Genomics (NASDAQ:BNGO) from Buy to Neutral following news that the company has announced its fourth workforce reduction since May 2023.
- BTIG’s downgrade call is principally driven by the ongoing challenging capital markets environment, particularly for small cap companies.
- Bionano will part ways with another 45% of its workforce, expected to reduce its annual cash burn by an additional $25-30M, and this includes its newer CFO, Gulsen Kama, to help preserve cash.
- Looking at Seeking Alpha’s Quant rating, BNGO has a score of 2.51 out of 5. The company received D- and F in the prospect of profitability and momentum, respectively, while it got a B in valuation and D+ in growth factors.
- Turning to the Wall Street community sees the stock as a Buy, just 2 analysts gave BNGO a Strong Buy while 0 were with Buy whereas, 2 of them gave the stock a Hold recommendation, and none were on the short side.
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