BioLife Solutions (NASDAQ:BLFS) Sets New 52-Week High – Here’s What Happened

BioLife Solutions, Inc. (NASDAQ:BLFS)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $38.25 and last traded at $38.2740, with a volume of 128163 shares trading hands. The stock had previously closed at $37.18.

Analyst Ratings Changes

BLFS has been the topic of a number of analyst reports. Jefferies Financial Group cut shares of BioLife Solutions from a “buy” rating to a “hold” rating and upped their target price for the company from $30.00 to $31.00 in a research note on Thursday, July 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BioLife Solutions in a report on Friday, July 17th. Stephens reiterated an “equal weight” rating and issued a $31.00 price objective (down from $32.00) on shares of BioLife Solutions in a research note on Monday, July 27th. Maxim Group cut BioLife Solutions from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 22nd. Finally, William Blair set a $31.00 target price on BioLife Solutions in a research report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $31.38.

BioLife Solutions Stock Up 2.2%

The firm has a fifty day moving average of $34.09 and a 200-day moving average of $26.89. The firm has a market cap of $1.86 billion, a P/E ratio of 32.77 and a beta of 1.91.

BioLife Solutions (NASDAQ:BLFS) last announced its quarterly earnings data on Thursday, August 6th. The medical equipment provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.88. The business had revenue of $28.47 million for the quarter, compared to analyst estimates of $27.80 million. BioLife Solutions had a net margin of 53.29% and a return on equity of 2.70%. Sell-side analysts anticipate that BioLife Solutions, Inc. will post 0.03 EPS for the current year.

Institutional Investors Weigh In On BioLife Solutions

Several hedge funds have recently bought and sold shares of the company. Bank of America Corp DE lifted its holdings in BioLife Solutions by 73.4% during the 1st quarter. Bank of America Corp DE now owns 904,103 shares of the medical equipment provider’s stock valued at $17,250,000 after purchasing an additional 382,776 shares during the last quarter. Granahan Investment Management LLC grew its position in shares of BioLife Solutions by 49.7% during the 1st quarter. Granahan Investment Management LLC now owns 722,057 shares of the medical equipment provider’s stock worth $13,777,000 after purchasing an additional 239,701 shares in the last quarter. Ranger Investment Management L.P. bought a new position in BioLife Solutions during the 2nd quarter worth $6,736,000. Bank of New York Mellon Corp bought a new position in shares of BioLife Solutions in the second quarter worth $6,470,000. Finally, Summit Creek Advisors LLC acquired a new position in shares of BioLife Solutions in the 2nd quarter valued at approximately $5,099,000. 93.24% of the stock is currently owned by institutional investors and hedge funds.

About BioLife Solutions

BioLife Solutions, Inc develops and supplies tools and services used in the development, manufacture, preservation and distribution of cell and gene therapies. Its products are designed to help maintain the viability and functionality of cells, tissues and other biological materials during processing, freezing, storage and transportation.

The company’s portfolio includes cell and tissue preservation media, thawing and processing solutions, cryogenic storage systems, controlled-rate freezing equipment and related bioproduction technologies.