Bionano Genomics Inc (NASDAQ: BNGO) stock has seen some big moves in recent days. Before the final two trading sessions of the year, shares of the life sciences company were struggling to maintain Nasdaq’s minimum $1.00 closing bid price per share requirement.
However, after the trading commission granted Bionano an additional 180-day compliance period, investors and retail traders rushed to buy shares of the genome analysis company. More than 483 million shares traded hands during Thursday’s session — the company’s average daily trading volume is 31 million shares — prompting them to spike 200 percent to more than $3 per share.
“We are pleased that Nasdaq granted our request for an extension,” CEO Erik Holmlin said in a statement. “We have been making steady progress with our business and this extension gives us extra time to regain compliance as we continue to advance the Saphyr System in our target markets of discovery research and Cytogenomics.”
Investors hope that Bionano will emerge through its genome mapping platform Saphyr as a leader in genetic imaging, an emerging and exciting industry that could grow rapidly as the digital transformation of healthcare continues to accelerate.
On Monday, the company announced that Saphyr has been accredited in the U.S. by the College of American Pathologists. The platform will be used by Bionano’s customer Praxis Genomics, marking it as the first company to offer a laboratory developed test utilizing whole genome analysis.
While the accreditation is the first of its kind in the U.S., in Europe, whole genome clinical tests are already in progress across several applications.
BioNano shares gained $0.98, or 46.67%, by the close of trading Thursday and changed hands at $3.08 each. In December, the ticker accumulated a gain of more than 325 percent.