BioLife Solutions (NASDAQ:BLFS) Hits New 52-Week High – What’s Next?

Shares of BioLife Solutions, Inc. (NASDAQ:BLFS) hit a new 52-week high on Wednesday . The stock traded as high as $31.49 and last traded at $31.0410, with a volume of 2188010 shares trading hands. The stock had previously closed at $29.19.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Zacks Research lowered BioLife Solutions from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BioLife Solutions in a research report on Friday. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $33.00.

BioLife Solutions Stock Performance

The company has a market cap of $1.50 billion, a P/E ratio of -382.71 and a beta of 1.94. The business has a fifty day simple moving average of $26.36 and a 200 day simple moving average of $23.40.

BioLife Solutions (NASDAQ:BLFS) last issued its quarterly earnings results on Thursday, May 7th. The medical equipment provider reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. BioLife Solutions had a positive return on equity of 1.81% and a negative net margin of 2.80%.The business had revenue of $27.50 million during the quarter, compared to the consensus estimate of $25.66 million. Equities research analysts expect that BioLife Solutions, Inc. will post 0.02 EPS for the current year.

Insider Activity at BioLife Solutions

In other news, major shareholder Casdin Partners Master Fund, L sold 650,000 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $23.70, for a total transaction of $15,405,000.00. Following the completion of the transaction, the insider directly owned 4,757,165 shares of the company’s stock, valued at approximately $112,744,810.50. This represents a 12.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 1,200,000 shares of company stock worth $28,125,000 over the last three months. 2.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BioLife Solutions

Several institutional investors have recently modified their holdings of the company. GAMMA Investing LLC grew its holdings in BioLife Solutions by 36.6% in the 2nd quarter. GAMMA Investing LLC now owns 8,996 shares of the medical equipment provider’s stock worth $254,000 after buying an additional 2,410 shares in the last quarter. Bank of America Corp DE boosted its stake in BioLife Solutions by 73.4% during the 1st quarter. Bank of America Corp DE now owns 904,103 shares of the medical equipment provider’s stock valued at $17,250,000 after purchasing an additional 382,776 shares in the last quarter. Royal Bank of Canada increased its position in shares of BioLife Solutions by 8.1% during the 1st quarter. Royal Bank of Canada now owns 885,298 shares of the medical equipment provider’s stock valued at $16,891,000 after purchasing an additional 66,010 shares during the period. Granahan Investment Management LLC increased its position in shares of BioLife Solutions by 49.7% during the 1st quarter. Granahan Investment Management LLC now owns 722,057 shares of the medical equipment provider’s stock valued at $13,777,000 after purchasing an additional 239,701 shares during the period. Finally, Cannell & Spears LLC raised its stake in shares of BioLife Solutions by 3.2% in the 1st quarter. Cannell & Spears LLC now owns 26,261 shares of the medical equipment provider’s stock worth $493,000 after buying an additional 825 shares in the last quarter. Institutional investors own 93.24% of the company’s stock.

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.