Bothell, WA - Mathew Aby J., Executive Vice President and Chief Scientific Officer of BioLife Solutions Inc. (NASDAQ:BLFS), recently sold a portion of his holdings in the company's stock. The transaction comes as the company's shares trade near their 52-week high of $28.88, having delivered an impressive 119% return over the past year. According to InvestingPro analysis, the stock appears to be fairly valued at current levels. According to a recent filing, Aby sold 523 shares of BioLife Solutions on November 26 at a price of $27.20 per share, totaling $14,225.
Following this transaction, Aby's direct ownership now stands at 283,919 shares. The sale was conducted under a pre-established Rule 10b5-1 trading plan, which was adopted to satisfy tax withholding obligations related to the vesting of restricted stock.
In other recent news, BioLife Solutions has reported a notable 30% increase in revenue year-over-year for Q3 2024, reaching $30.6 million. The company's cell processing platform revenue also saw a substantial rise, growing by 43% to reach $19 million. Additionally, BioLife Solutions completed the sale of its wholly owned freezer subsidiary, Arctic Solutions, for $6.1 million in cash, marking the end of the company's divestiture of its freezer and related businesses.
The company also sold its wholly owned biostorage subsidiary, SciSafe Holdings, for $73 million in cash. Despite these divestitures, BioLife Solutions raised its cell processing revenue guidance for 2024 to be between $72 million and $73 million, but revised its total revenue guidance for the same year to between $98 million and $100 million due to the sale of SciSafe.
H.C. Wainwright adjusted the stock price target for BioLife Solutions, decreasing it to $27 from the previous $29, while keeping a Buy rating on the stock. On the other hand, Stephens maintained its Overweight rating and a steady stock price target of $30.00, and TD Cowen increased the company's price target from $28.00 to $31.00, maintaining a Buy rating on the stock. These recent developments reflect BioLife Solutions' successful transition towards a business model centered on consumable, recurring revenue streams with higher margin potential.
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