HC Wainwright Initiates Coverage on BioLife Solutions (NASDAQ:BLFS)

HC Wainwright assumed coverage on shares of BioLife Solutions (NASDAQ:BLFS) in a research note released on Monday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $29.00 price objective on the medical equipment provider’s stock. HC Wainwright also issued estimates for BioLife Solutions’ Q3 2024 earnings at ($0.09) EPS, Q4 2024 earnings at ($0.09) EPS, FY2024 earnings at ($0.56) EPS and FY2025 earnings at ($0.37) EPS.

A number of other research firms have also issued reports on BLFS. Craig Hallum lifted their target price on BioLife Solutions from $23.00 to $30.00 and gave the stock a buy rating in a report on Monday, August 12th. Northland Securities lifted their target price on BioLife Solutions from $26.00 to $28.00 and gave the stock an outperform rating in a report on Friday, August 9th. Finally, TD Cowen lifted their target price on BioLife Solutions from $20.00 to $26.00 and gave the stock a buy rating in a report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, BioLife Solutions presently has a consensus rating of Moderate Buy and an average price target of $26.67.

BioLife Solutions Stock Performance

BLFS stock opened at $24.33 on Monday. The company has a current ratio of 2.86, a quick ratio of 1.81 and a debt-to-equity ratio of 0.04. The firm has a market cap of $1.12 billion, a P/E ratio of -17.18 and a beta of 1.87. BioLife Solutions has a 12-month low of $8.92 and a 12-month high of $26.73. The stock’s 50 day simple moving average is $24.58 and its 200 day simple moving average is $21.34.

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

Insider Activity

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 transaction of $239,000.00. Following the sale, the executive vice president now directly owns 317,716 shares in the company, valued at $7,593,412.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, EVP Aby J. Mathew sold 10,000 shares of the business’s stock in a transaction 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 owns 317,716 shares of the company’s stock, valued at approximately $7,593,412.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO Garrie Richardson sold 3,070 shares of the business’s stock in a transaction 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 completion of the sale, the executive now directly owns 114,773 shares in the company, valued at approximately $2,883,097.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,944 shares of company stock worth $405,619. Company insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On BioLife Solutions

Institutional investors and hedge funds have recently bought and sold shares of the business. Conestoga Capital Advisors LLC lifted its stake in shares of BioLife Solutions by 1.0% during the first quarter. Conestoga Capital Advisors LLC now owns 65,477 shares of the medical equipment provider’s stock valued at $1,215,000 after acquiring an additional 630 shares during the period. Louisiana State Employees Retirement System lifted its stake in shares of BioLife Solutions by 4.0% during the second quarter. Louisiana State Employees Retirement System now owns 18,300 shares of the medical equipment provider’s stock valued at $392,000 after acquiring an additional 700 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of BioLife Solutions by 5.8% during the second quarter. The Manufacturers Life Insurance Company now owns 13,825 shares of the medical equipment provider’s stock valued at $296,000 after acquiring an additional 753 shares during the period. Sei Investments Co. lifted its stake in shares of BioLife Solutions by 1.4% during the first quarter. Sei Investments Co. now owns 60,191 shares of the medical equipment provider’s stock valued at $1,117,000 after acquiring an additional 839 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of BioLife Solutions by 10.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 15,129 shares of the medical equipment provider’s stock valued at $281,000 after acquiring an additional 1,374 shares during the period. 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.