BioNano Genomics (BNGO) Stock Soars 22%: What’s The Buzz?

BioNano Genomics Inc (NASDAQ: BNGO) rose 22% to close at $8.40 in yesterday’s session at a volume of 24.41 million shares. The surge is seen as an immediate effect of the company announcing that it hired a new chief commercial officer. Jason Priar will be the head of sales teams at the company and will be at the focal point of driving initiatives for revenue growth. He is in charge of the new deals with third-party payers and insurance companies.

He comes from the background of healthcare-related sales, apart from holding key leadership positions at prominent firms. His most recent success comes from GeneDx, the genetic testing specialist, where Priar moved the company’s sales from $8 million to a whopping $225 million.

In a press release, the CEO said that Jason’s addition to the team will create a profound impact on the company. There has been a constant bullish chatter around BNGO stock with a sharp increase and excellent gains with this announcement. There has been a consensus estimate for the BNGO to touch $12 by next year.