Bank of America Corp DE Increases Stake in BioLife Solutions, Inc. $BLFS

Key Points

• Bank of America increased its BioLife Solutions stake by 73.4% in the first quarter, adding 382,776 shares to own 904,103 shares valued at approximately $17.25 million. Institutional investors collectively hold 93.24% of BLFS shares.
• BioLife Solutions reported quarterly EPS of $0.91, far exceeding the $0.03 consensus estimate, while revenue reached $28.47 million versus expectations of $27.80 million.
• BLFS shares opened at $36.97, near their 52-week high of $38.10, despite most analysts downgrading the stock to “Hold.” The consensus price target is $31.38.

Bank of America Corp DE lifted its position in BioLife Solutions, Inc. (NASDAQ:BLFS - Free Report) by 73.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 904,103 shares of the medical equipment provider's stock after acquiring an additional 382,776 shares during the quarter. Bank of America Corp DE owned 1.85% of BioLife Solutions worth $17,250,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Global Retirement Partners LLC purchased a new stake in shares of BioLife Solutions in the 4th quarter worth approximately $30,000. Kemnay Advisory Services Inc. purchased a new position in BioLife Solutions during the fourth quarter valued at approximately $35,000. Quarry LP raised its stake in BioLife Solutions by 50.9% in the third quarter. Quarry LP now owns 2,113 shares of the medical equipment provider's stock worth $54,000 after buying an additional 713 shares in the last quarter. Hantz Financial Services Inc. raised its stake in BioLife Solutions by 42.4% in the fourth quarter. Hantz Financial Services Inc. now owns 2,673 shares of the medical equipment provider's stock worth $65,000 after buying an additional 796 shares in the last quarter. Finally, State of Wyoming purchased a new stake in BioLife Solutions during the first quarter worth $52,000. 93.24% of the stock is owned by hedge funds and other institutional investors.

BioLife Solutions Stock Performance

Shares of NASDAQ BLFS opened at $36.97 on Friday. BioLife Solutions, Inc. has a fifty-two week low of $17.86 and a fifty-two week high of $38.10. The company has a market cap of $1.81 billion, a PE ratio of 31.87 and a beta of 1.93. The business has a 50-day simple moving average of $30.12 and a two-hundred day simple moving average of $24.77.

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

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Craig Hallum cut BioLife Solutions from a "buy" rating to a "hold" rating and set a $31.00 target price on the stock. in a research report on Wednesday, July 22nd. Lake Street Capital cut BioLife Solutions from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $33.00 to $31.00 in a research note on Wednesday, July 22nd. Benchmark downgraded BioLife Solutions from a "buy" rating to a "hold" rating in a research report on Monday, August 10th. Zacks Research upgraded BioLife Solutions from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 28th. Finally, TD Cowen downgraded shares of BioLife Solutions from a "buy" rating to a "hold" rating and reduced their target price for the stock from $33.00 to $31.00 in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $31.38.

BioLife Solutions Profile

BioLife Solutions NASDAQ: BLFS specializes in biopreservation and cold chain workflow solutions for cell and gene therapies, regenerative medicine and other advanced biologics. The company develops and markets proprietary cryopreservation media and technology platforms designed to maintain cell viability and functionality during processing, storage and transport. BioLife's product portfolio addresses critical steps in the manufacturing and distribution of cell-based products, helping life science researchers and biopharmaceutical manufacturers protect and preserve living cells.

The company's flagship offerings include CryoStor, a family of serum-free cryopreservation media; HypoThermosol, a hypothermic storage solution for short-term cell and tissue preservation; and the ThawSTAR system, an automated cell thawing instrument that delivers controlled and reproducible warming of frozen cell therapies.

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