BioLife Solutions (NASDAQ:BLFS) Stock Price Up 6.7% – Here’s Why

BioLife Solutions, Inc. (NASDAQ:BLFS) shot up 6.7% on Wednesday . The stock traded as high as $24.00 and last traded at $23.94. 487,316 shares traded hands during mid-day trading, an increase of 27% from the average session volume of 382,923 shares. The stock had previously closed at $22.44.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Northland Securities boosted their target price on shares of BioLife Solutions from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Friday, August 9th. HC Wainwright cut their target price on shares of BioLife Solutions from $29.00 to $27.00 and set a “buy” rating on the stock in a report on Monday. TD Cowen upped their target price on shares of BioLife Solutions from $28.00 to $31.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, Craig Hallum upped their price target on BioLife Solutions from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $27.50.

BioLife Solutions Price Performance

The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.78 and a current ratio of 2.78. The stock has a 50-day simple moving average of $23.92 and a 200 day simple moving average of $22.87. The company has a market cap of $1.16 billion, a P/E ratio of -22.95 and a beta of 1.88.

Insiders Place Their Bets

In other news, CRO Garrie Richardson sold 3,070 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $25.12, for a total transaction of $77,118.40. Following the transaction, the executive now owns 114,773 shares in the company, valued at approximately $2,883,097.76. This trade represents a 2.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Aby J. Mathew sold 17,604 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $20.05, for a total value of $352,960.20. Following the transaction, the executive vice president now directly owns 284,442 shares of the company’s stock, valued at approximately $5,703,062.10. The trade was a 5.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 69,644 shares of company stock valued at $1,527,503 in the last quarter. 2.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On BioLife Solutions

Hedge funds have recently bought and sold shares of the stock. Mark Sheptoff Financial Planning LLC acquired a new position in BioLife Solutions during the third quarter worth about $28,000. 1620 Investment Advisors Inc. acquired a new position in BioLife Solutions in the 2nd quarter worth about $35,000. Isthmus Partners LLC lifted its position 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 acquiring an additional 42,265 shares during the period. Quest Partners LLC acquired a new position in shares of BioLife Solutions in the 3rd quarter worth approximately $57,000. Finally, GAMMA Investing LLC raised its position in shares of BioLife Solutions by 29.4% during the 3rd 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 during the last quarter. Institutional investors and hedge funds own 93.24% of the company’s stock.

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.