Bionano Genomics shares fall after plan to sell more stock

Bionano Genomics shares fall after plan to sell more stock

Bionano Genomics Inc. BNGO, +4.82% plans to sell more shares after a sudden surge in its stock price in recent weeks, and shares dove in after-hours trading Thursday in response. The company revealed Thursday afternoon that it expects to sell more shares under a shelf prospectus filed in August, but did not spell out how many shares it plans to sell nor at what price.

The genome-analysis company’s shares traded for less than $1 for much of 2020, but began to move sharply higher around Christmas, gaining more than 800% in the past month. Shares closed Thursday at $5, a retreat from highs topping $7 earlier in the week, then fell more than 10% in after-hours trading Thursday following the news that more shares would be sold.

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