Bank of New York Mellon Corp Purchases New Shares in BioLife Solutions, Inc. $BLFS

Key Points

• Bank of New York Mellon initiated a BioLife Solutions position by purchasing 229,109 shares worth approximately $6.47 million, representing about 0.47% of the company. Institutional investors collectively own 93.24% of BLFS.
• BioLife Solutions reported quarterly earnings of $0.91 per share, far exceeding the $0.03 analyst consensus, while revenue of $28.47 million also topped estimates.
• Despite the strong earnings, analysts have generally turned more cautious: the consensus rating is “Hold” with an average price target of $31.38, below the stock’s reported $35.25 opening price.

Bank of New York Mellon Corp bought a new position in shares of BioLife Solutions, Inc. (NASDAQ:BLFS - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 229,109 shares of the medical equipment provider's stock, valued at approximately $6,470,000. Bank of New York Mellon Corp owned approximately 0.47% of BioLife Solutions as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. The Manufacturers Life Insurance Company boosted its position in shares of BioLife Solutions by 2.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,764 shares of the medical equipment provider's stock valued at $447,000 after acquiring an additional 555 shares during the last quarter. Isthmus Partners LLC raised its position in BioLife Solutions by 0.5% in the fourth quarter. Isthmus Partners LLC now owns 138,393 shares of the medical equipment provider's stock valued at $3,346,000 after purchasing an additional 622 shares during the period. Thrivent Financial for Lutherans lifted its stake in BioLife Solutions by 2.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 27,278 shares of the medical equipment provider's stock worth $588,000 after acquiring an additional 702 shares in the last quarter. Quarry LP boosted its stake in shares of BioLife Solutions by 50.9% in the third quarter. Quarry LP now owns 2,113 shares of the medical equipment provider's stock valued at $54,000 after purchasing an additional 713 shares during the period. Finally, Millennium Management LLC increased its position in shares of BioLife Solutions by 2.9% during the third quarter. Millennium Management LLC now owns 27,698 shares of the medical equipment provider's stock worth $707,000 after acquiring an additional 783 shares during the period. Hedge funds and other institutional investors own 93.24% of the company's stock.

BioLife Solutions Trading Down 0.8%

BioLife Solutions stock opened at $35.25 on Friday. The stock has a 50-day moving average price of $32.38 and a 200 day moving average price of $25.84. The stock has a market cap of $1.72 billion, a PE ratio of 30.39 and a beta of 1.91. BioLife Solutions, Inc. has a 52 week low of $17.86 and a 52 week high of $38.10.

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

Wall Street Analysts Forecast Growth

BLFS has been the subject of a number of analyst reports. Wall Street Zen downgraded shares of BioLife Solutions from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. HC Wainwright downgraded BioLife Solutions from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $32.00 to $31.00 in a report on Thursday, July 23rd. Jefferies Financial Group cut BioLife Solutions from a "buy" rating to a "hold" rating and upped their price objective for the stock from $30.00 to $31.00 in a research report on Thursday, July 23rd. Craig Hallum downgraded BioLife Solutions from a "buy" rating to a "hold" rating and set a $31.00 price objective on the stock. in a report on Wednesday, July 22nd. Finally, Lake Street Capital lowered BioLife Solutions from a "buy" rating to a "hold" rating and cut their target price for the stock from $33.00 to $31.00 in a research report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus 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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