Mathew Aby J., the Executive Vice President and Chief Scientific Officer of BioLife Solutions Inc. (NASDAQ:BLFS), recently sold a total of 20,800 shares of the company's common stock. The transactions, executed on December 16 and 17, 2024, were carried out under a pre-established Rule 10b5-1 trading plan. The sale comes as BioLife Solutions, with a market capitalization of $1.21 billion, has seen its stock surge 57.7% over the past year.
The shares were sold at a weighted average price ranging from $27.16 to $27.33 per share, amounting to a total value of $566,220. Following these transactions, Aby holds 263,119 shares in the company. According to InvestingPro analysis, the stock is currently trading near its 52-week high of $28.88, with analyst price targets ranging from $27 to $33.
These sales were part of a planned trading strategy, allowing executives to sell stock in a manner that is compliant with insider trading laws. InvestingPro data shows the company maintains a GOOD financial health score, with 8 additional key insights available to subscribers through comprehensive Pro Research Reports.
In other recent news, BioLife Solutions has seen a series of significant developments. The company has completed the sale of its freezer subsidiary, Custom Biogenic Systems, for $6.1 million, marking the end of its divestiture from freezer-related businesses. Additionally, BioLife Solutions sold its SciSafe division for $73 million, further strengthening its financial position.
In terms of financial performance, BioLife Solutions reported a 30% increase in year-over-year revenue for the third quarter of 2024, reaching $30.6 million. The cell processing platform revenue also grew by 43% to $19 million, and the adjusted gross margin improved to 54%.
Despite these divestitures, BioLife Solutions raised its cell processing revenue guidance for 2024 to be between $72 million and $73 million. However, the company revised its total revenue guidance for the same year to between $98 million and $100 million due to the sale of SciSafe.
Analyst firms have shown confidence in BioLife Solutions' strategic decisions. Benchmark maintained its Buy rating on shares of BioLife Solutions with a steady price target of $30.00, while KeyBanc Capital Markets increased the price target to $33 from $30. H.C. Wainwright adjusted the stock price target for BioLife Solutions, decreasing it to $27 from the previous $29, but kept a Buy rating on the stock. Stephens also confirmed its Overweight rating and a steady stock price target of $30.00 for BioLife Solutions.
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