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

BioLife Solutions, Inc. (NASDAQ:BLFS) shares hit a new 52-week high on Friday . The stock traded as high as $29.81 and last traded at $28.6830, with a volume of 652639 shares. The stock had previously closed at $27.50.

Analyst Upgrades and Downgrades

BLFS has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BioLife Solutions in a report on Monday, April 20th. Zacks Research downgraded shares of BioLife Solutions from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 12th. Finally, Wall Street Zen raised shares of BioLife Solutions from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, BioLife Solutions has an average rating of “Hold” and a consensus target price of $32.00.

BioLife Solutions Trading Up 2.6%

The firm has a market cap of $1.38 billion, a PE ratio of -352.79 and a beta of 2.00. The stock has a fifty day simple moving average of $23.88 and a two-hundred day simple moving average of $22.95.

BioLife Solutions (NASDAQ:BLFS) last announced its quarterly earnings results on Thursday, May 7th. The medical equipment provider reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.03. BioLife Solutions had a negative net margin of 2.80% and a positive return on equity of 1.81%. The firm had revenue of $27.50 million for the quarter, compared to the consensus estimate of $25.66 million. As a group, sell-side analysts predict that BioLife Solutions, Inc. will post 0.07 earnings per share for the current fiscal 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 on 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 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 SEC, which can be accessed through the SEC website. In the last ninety days, insiders have sold 1,200,000 shares of company stock worth $28,125,000. 2.20% of the stock is owned by insiders.

Hedge Funds Weigh In On BioLife Solutions

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company increased its stake in BioLife Solutions by 2.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,764 shares of the medical equipment provider’s stock worth $447,000 after acquiring an additional 555 shares during the last quarter. Isthmus Partners LLC increased its position in shares of BioLife Solutions by 0.5% in the fourth quarter. Isthmus Partners LLC now owns 138,393 shares of the medical equipment provider’s stock worth $3,346,000 after purchasing an additional 622 shares during the last quarter. Thrivent Financial for Lutherans increased its position in shares of BioLife Solutions by 2.6% in the second quarter. Thrivent Financial for Lutherans now owns 27,278 shares of the medical equipment provider’s stock worth $588,000 after purchasing an additional 702 shares during the last quarter. Quarry LP raised its stake in BioLife Solutions by 50.9% in the third quarter. Quarry LP now owns 2,113 shares of the medical equipment provider’s stock valued at $54,000 after purchasing an additional 713 shares in the last quarter. Finally, Millennium Management LLC raised its stake in BioLife Solutions by 2.9% in the third quarter. Millennium Management LLC now owns 27,698 shares of the medical equipment provider’s stock valued at $707,000 after purchasing an additional 783 shares in the last quarter. 93.24% of the stock is currently owned by hedge funds and other institutional investors.

About BioLife Solutions

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.