BioLife Solutions (NASDAQ:BLFS) Stock Price Down 4.8% – Here’s Why

BioLife Solutions, Inc. (NASDAQ:BLFS)’s stock price dropped 4.8% during mid-day trading on Thursday . The company traded as low as $22.00 and last traded at $22.28. Approximately 29,358 shares changed hands during trading, a decline of 92% from the average daily volume of 374,176 shares. The stock had previously closed at $23.40.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. TD Cowen boosted their price objective on BioLife Solutions from $20.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Northland Securities raised their price objective on shares of BioLife Solutions from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Friday, August 9th. Craig Hallum increased their target price on shares of BioLife Solutions from $23.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Finally, HC Wainwright assumed coverage on BioLife Solutions in a research note on Monday, September 30th. They issued a “buy” rating and a $29.00 target price on the stock. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $26.67.

BioLife Solutions Stock Up 1.8 %

The firm has a 50 day moving average of $24.57 and a two-hundred day moving average of $21.59. The stock has a market capitalization of $1.04 billion, a PE ratio of -15.92 and a beta of 1.88. The company has a current ratio of 2.86, a quick ratio of 1.81 and a debt-to-equity ratio of 0.04.

BioLife Solutions (NASDAQ:BLFS) last announced its earnings results on Thursday, August 8th. The medical equipment provider reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The firm had revenue of $28.33 million for the quarter, compared to analysts’ expectations of $23.80 million. BioLife Solutions had a negative return on equity of 10.75% and a negative net margin of 59.88%. Equities research analysts anticipate that BioLife Solutions, Inc. will post -0.36 earnings per share for the current year.

Insider Activity at BioLife Solutions

In related news, CRO Garrie Richardson sold 3,070 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $25.12, for a total value of $77,118.40. Following the sale, the executive now directly owns 114,773 shares of the company’s stock, valued at approximately $2,883,097.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other BioLife Solutions news, EVP Aby J. Mathew sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $23.90, for a total value of $239,000.00. Following the transaction, the executive vice president now directly owns 317,716 shares of the company’s stock, valued at $7,593,412.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Garrie Richardson sold 3,070 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $25.12, for a total value of $77,118.40. Following the completion of the transaction, the executive now owns 114,773 shares of the company’s stock, valued at approximately $2,883,097.76. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,329 shares of company stock valued at $372,447. Company insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On BioLife Solutions

A number of institutional investors have recently added to or reduced their stakes in BLFS. 1620 Investment Advisors Inc. purchased a new stake in BioLife Solutions during the 2nd quarter worth approximately $35,000. GAMMA Investing LLC raised its holdings in BioLife Solutions by 29.4% in the third quarter. GAMMA Investing LLC now owns 3,295 shares of the medical equipment provider’s stock valued at $83,000 after acquiring an additional 748 shares in the last quarter. Register Financial Advisors LLC bought a new position in BioLife Solutions during the 1st quarter valued at $96,000. Canada Pension Plan Investment Board bought a new stake in shares of BioLife Solutions in the 2nd quarter worth about $122,000. Finally, Arizona State Retirement System acquired a new stake in shares of BioLife Solutions in the 2nd quarter valued at about $217,000. Institutional investors and hedge funds own 93.24% of the company’s stock.

About BioLife Solutions

BioLife Solutions, Inc develops, manufactures, and markets bioproduction tools and services for the cell and gene therapy (CGT) industry in the United States, Europe, the Middle East, Africa, and internationally. The company's products are used in the basic and applied research, and commercial manufacturing of biologic-based therapies.