Granahan Investment Management LLC Grows Stake in BioLife Solutions, Inc. $BLFS

Key Points

• Granahan Investment Management increased its BioLife Solutions stake by 49.7% in the first quarter, buying 239,701 additional shares and ending with 722,057 shares worth about $13.8 million.
• BioLife Solutions reported a better-than-expected quarter, with EPS of $0.04 versus the $0.01 consensus and revenue of $27.5 million versus $25.66 million expected.
• Sentiment around the stock has turned more cautious after the Repligen acquisition announcement, as several analysts downgraded BLFS to hold/neutral and an investor law firm began reviewing the deal’s price and process.

Granahan Investment Management LLC raised its holdings in BioLife Solutions, Inc. (NASDAQ:BLFS - Free Report) by 49.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 722,057 shares of the medical equipment provider's stock after buying an additional 239,701 shares during the quarter. Granahan Investment Management LLC owned about 1.48% of BioLife Solutions worth $13,777,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Cannell & Spears LLC raised its holdings in shares of BioLife Solutions by 3.2% during the first quarter. Cannell & Spears LLC now owns 26,261 shares of the medical equipment provider's stock valued at $493,000 after acquiring an additional 825 shares in the last quarter. State of Wyoming purchased a new stake in BioLife Solutions in the first quarter worth $52,000. Cetera Investment Advisers boosted its holdings in BioLife Solutions by 26.8% in the first quarter. Cetera Investment Advisers now owns 11,614 shares of the medical equipment provider's stock valued at $222,000 after acquiring an additional 2,458 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in BioLife Solutions by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,035,757 shares of the medical equipment provider's stock valued at $19,761,000 after acquiring an additional 10,587 shares in the last quarter. Finally, Illinois Municipal Retirement Fund increased its position in BioLife Solutions by 12.2% during the 1st quarter. Illinois Municipal Retirement Fund now owns 25,422 shares of the medical equipment provider's stock valued at $485,000 after purchasing an additional 2,760 shares during the period. 93.24% of the stock is currently owned by institutional investors.

BioLife Solutions Trading Down 2.6%

Shares of BioLife Solutions stock opened at $29.98 on Friday. BioLife Solutions, Inc. has a 12 month low of $17.86 and a 12 month high of $32.23. The firm has a market capitalization of $1.46 billion, a P/E ratio of -374.70 and a beta of 1.94. The business has a fifty day simple moving average of $26.94 and a two-hundred day simple moving average of $23.55.

BioLife Solutions (NASDAQ:BLFS - Get Free Report) last released its earnings results on Thursday, May 7th. The medical equipment provider reported $0.04 earnings per share for the quarter, topping analysts' consensus estimates of $0.01 by $0.03. The firm had revenue of $27.50 million for the quarter, compared to the consensus estimate of $25.66 million. BioLife Solutions had a negative net margin of 2.80% and a positive return on equity of 1.81%. Analysts predict that BioLife Solutions, Inc. will post 0.02 earnings per share for the current year.

Trending Headlines about BioLife Solutions

Here are the key news stories impacting BioLife Solutions this week:

• Positive Sentiment: HC Wainwright reiterated a Neutral rating and a $31 price target while forecasting modest earnings growth for BioLife Solutions through 2027, which suggests analysts still see some upside from current levels. HC Wainwright earnings estimates and rating for BioLife Solutions
• Neutral Sentiment: Repligen’s planned acquisition of BioLife Solutions is being framed as strategically positive for Repligen’s cell therapy business, and the deal could provide a clear exit value for BLFS shareholders if completed. Zacks article on Repligen buying BioLife Solutions
• Negative Sentiment: Maxim Group downgraded BioLife Solutions (BLFS) from strong-buy to hold, adding pressure on the stock and signaling less enthusiasm from analysts. Maxim Group downgrade coverage via Zacks
• Negative Sentiment: Kahn Swick & Foti said it is investigating the adequacy of the price and process in BioLife’s proposed sale to Repligen, raising the risk of shareholder litigation or a challenged deal process. BusinessWire investor alert on BioLife Solutions sale investigation
• Negative Sentiment: TD Cowen also downgraded BioLife Solutions (BLFS) to hold, reinforcing the cautious tone around the stock after the acquisition announcement. TD Cowen downgrade on BioLife Solutions

Insider Buying and Selling

In other BioLife Solutions news, major shareholder Casdin Partners Master Fund, L sold 650,000 shares of the company's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $23.70, for a total value of $15,405,000.00. Following the sale, the insider owned 4,757,165 shares in the company, valued at approximately $112,744,810.50. This represents a 12.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 1,200,000 shares of company stock worth $28,125,000 over the last 90 days. Insiders own 2.20% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on BLFS shares. Wall Street Zen lowered shares of BioLife Solutions from a "buy" rating to a "hold" rating in a report on Saturday. William Blair set a $31.00 price target on shares of BioLife Solutions in a research report on Thursday. HC Wainwright downgraded shares of 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 research note on Thursday. Lake Street Capital downgraded shares of BioLife Solutions from a "buy" rating to a "hold" rating and decreased their price target for the stock from $33.00 to $31.00 in a research note on Wednesday. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of BioLife Solutions in a report on Friday, July 17th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $31.43.

BioLife Solutions Company 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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