BioLife Solutions (NASDAQ:BLFS) Reaches New 52-Week High – Here’s Why

BioLife Solutions, Inc. (NASDAQ:BLFS) reached a new 52-week high during trading on Wednesday . The company traded as high as $33.26 and last traded at $33.14, with a volume of 197044 shares trading hands. The stock had previously closed at $32.52.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. William Blair set a $31.00 price target on BioLife Solutions in a report on Thursday, July 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BioLife Solutions in a report on Friday, July 17th. Wall Street Zen lowered shares of BioLife Solutions from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. HC Wainwright downgraded shares of BioLife Solutions from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $32.00 to $31.00 in a research report on Thursday, July 23rd. Finally, Lake Street Capital cut shares of BioLife Solutions from a “buy” rating to a “hold” rating and cut their price target for the stock from $33.00 to $31.00 in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, BioLife Solutions currently has an average rating of “Hold” and an average price target of $31.38.

BioLife Solutions Stock Performance

The firm has a market cap of $1.68 billion, a PE ratio of -430.82 and a beta of 1.93. The stock’s fifty day moving average price is $28.40 and its 200-day moving average price is $24.00.

BioLife Solutions (NASDAQ:BLFS) last issued its earnings results on Thursday, August 6th. The medical equipment provider reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. The company had revenue of $28.47 million during the quarter, compared to analysts’ expectations of $27.80 million. BioLife Solutions had a negative net margin of 2.80% and a positive return on equity of 1.81%. Sell-side analysts forecast that BioLife Solutions, Inc. will post 0.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other BioLife Solutions news, major shareholder Casdin Partners Master Fund, L sold 650,000 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $23.70, for a total value of $15,405,000.00. Following the transaction, the insider directly owned 4,757,165 shares in the company, valued at approximately $112,744,810.50. This represents a 12.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders have sold 1,200,000 shares of company stock valued at $28,125,000. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On BioLife Solutions

Institutional investors and hedge funds have recently made changes to their positions in the business. T. Rowe Price Investment Management Inc. raised its holdings in BioLife Solutions by 27.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,180,824 shares of the medical equipment provider’s stock worth $125,273,000 after purchasing an additional 1,113,972 shares in the last quarter. Bank of America Corp DE increased its stake in BioLife Solutions by 73.4% in the 1st quarter. Bank of America Corp DE now owns 904,103 shares of the medical equipment provider’s stock worth $17,250,000 after purchasing an additional 382,776 shares in the last quarter. Invesco Ltd. raised its holdings in BioLife Solutions by 9.2% during the 4th quarter. Invesco Ltd. now owns 3,932,191 shares of the medical equipment provider’s stock worth $95,080,000 after buying an additional 332,747 shares during the period. Granahan Investment Management LLC lifted its stake in BioLife Solutions by 49.7% during the first quarter. Granahan Investment Management LLC now owns 722,057 shares of the medical equipment provider’s stock valued at $13,777,000 after buying an additional 239,701 shares in the last quarter. Finally, Qube Research & Technologies Ltd boosted its holdings in shares of BioLife Solutions by 2,399.5% in the second quarter. Qube Research & Technologies Ltd now owns 248,474 shares of the medical equipment provider’s stock worth $5,352,000 after buying an additional 238,533 shares during the period. 93.24% of the stock is currently owned by hedge funds and other institutional investors.

BioLife Solutions Company Profile

BioLife Solutions (NASDAQ:BLFS) specializes in biopreservation and cold chain workflow solutions for cell and gene therapies, regenerative medicine and other advanced biologics. The company develops and markets proprietary cryopreservation media and technology platforms designed to maintain cell viability and functionality during processing, storage and transport. BioLife’s product portfolio addresses critical steps in the manufacturing and distribution of cell-based products, helping life science researchers and biopharmaceutical manufacturers protect and preserve living cells.

The company’s flagship offerings include CryoStor, a family of serum-free cryopreservation media; HypoThermosol, a hypothermic storage solution for short-term cell and tissue preservation; and the ThawSTAR system, an automated cell thawing instrument that delivers controlled and reproducible warming of frozen cell therapies.