Mathew Aby J., Executive Vice President and Chief Scientific Officer at BioLife Solutions Inc. (NASDAQ:BLFS), recently sold shares of the company's common stock. According to a filing with the Securities and Exchange Commission, Mathew sold 404 shares at an average price of $27.02 per share, amounting to a total transaction value of $10,916. The transaction occurred as the stock trades near its 52-week high of $28.88, with InvestingPro data showing the company is currently overvalued based on its Fair Value analysis. Following this sale, Mathew holds 262,715 shares of BioLife Solutions.
The transaction was conducted under a pre-established Rule 10b5-1 trading plan, which Mathew implemented to manage tax withholding obligations related to the vesting of restricted stock.
In other recent news, BioLife Solutions has been the focus of several analyst reports. Maxim (NASDAQ:MXIM) Group adjusted its outlook on BioLife Solutions, raising the price target to $34 from the previous $30, while reaffirming its Buy rating. The adjustment comes in response to the company's strategic shift towards its Cell and Gene Therapy tools, which are expected to foster consistent business due to their integration into customer therapies. Maxim Group anticipates that BioLife Solutions will achieve sustainable top-line growth in 2025.
KeyBanc Capital Markets maintained its Overweight rating and $33.00 price target for BioLife Solutions. The firm's confidence in the company is bolstered by the recent appointment of Tony Hunt to the Board of Directors. KeyBanc anticipates that BioLife Solutions' CEO Rod de Greef, together with Hunt, will leverage the company's funds to further develop the company's core business.
Benchmark maintained its Buy rating on shares of BioLife Solutions with a steady price target of $30.00. The analyst from Benchmark recalibrated the company's fourth-quarter projections, now expecting revenues of $22.0 million. Despite the lower revenue forecast, the net loss per share is anticipated to improve to ($0.05) from the earlier ($0.07).
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. This change comes after BioLife Solutions completed the sale of its last wholly owned freezer subsidiary, Arctic Solutions, for $6.1 million in cash. BioLife Solutions also sold its wholly owned biostorage subsidiary, SciSafe Holdings, for $73 million in cash last week. These sales are part of BioLife's strategic shift to focus on its proprietary cell processing products, which offer higher margins and recurring revenue.
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