BioLife Solutions (NASDAQ:BLFS) Stock Price Down 5.9% – Here’s What Happened

BioLife Solutions, Inc. (NASDAQ:BLFS)’s stock price dropped 5.9% during mid-day trading on Thursday . The company traded as low as $22.68 and last traded at $22.68. Approximately 64,729 shares were traded during trading, a decline of 83% from the average daily volume of 374,020 shares. The stock had previously closed at $24.11.

Analysts Set New Price Targets

BLFS has been the topic of a number of research analyst reports. Northland Securities boosted their price target on BioLife Solutions from $26.00 to $28.00 and gave the company an “outperform” rating in a report on Friday, August 9th. TD Cowen boosted their price target on BioLife Solutions from $28.00 to $31.00 and gave the company a “buy” rating in a report on Wednesday. HC Wainwright initiated coverage on BioLife Solutions in a report on Monday, September 30th. They set a “buy” rating and a $29.00 price target on the stock. Finally, Craig Hallum boosted their price target on BioLife Solutions from $30.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.83.

BioLife Solutions Stock Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.81 and a current ratio of 2.86. The business has a 50-day moving average price of $24.11 and a 200 day moving average price of $22.73. The stock has a market capitalization of $1.06 billion, a P/E ratio of -22.75 and a beta of 1.88.

Insider Transactions at BioLife Solutions

In other news, EVP Aby J. Mathew sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $23.90, for a total value of $239,000.00. Following the sale, the executive vice president now directly owns 317,716 shares of the company’s stock, valued at $7,593,412.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, 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 transaction, the executive now directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Aby J. Mathew sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $23.90, for a total value of $239,000.00. Following the completion of the transaction, the executive vice president now directly owns 317,716 shares in the company, valued at $7,593,412.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,044 shares of company stock valued at $645,105 in the last ninety days. 2.20% of the stock is currently owned by corporate 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. 1620 Investment Advisors Inc. bought a new position in shares of BioLife Solutions during the 2nd quarter valued at $35,000. Isthmus Partners LLC increased its stake in shares of BioLife Solutions by 34.4% in the 2nd quarter. Isthmus Partners LLC now owns 165,247 shares of the medical equipment provider’s stock worth $35,000 after purchasing an additional 42,265 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of BioLife Solutions in the 3rd quarter worth $57,000. GAMMA Investing LLC increased its stake in shares of BioLife Solutions by 29.4% in the 3rd quarter. GAMMA Investing LLC now owns 3,295 shares of the medical equipment provider’s stock worth $83,000 after purchasing an additional 748 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of BioLife Solutions in the 2nd quarter worth $122,000. 93.24% of the stock is owned by institutional investors.

BioLife Solutions Company Profile

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.