Karen A. Foster, chief operating and quality officer at BioLife Solutions Inc. (NASDAQ:), recently sold a portion of her company’s stock. According to a recent SEC filing, Foster sold 252 shares of BioLife Solutions common stock on November 26, 2024, at a price of $27.20 per share. The transaction comes as shares trade near their 52-week high of $28.88, and the company shows impressive momentum via a 119% return over the past year. According to InvestingPro analysis, the stock appears to be trading above its fair value. This transaction, conducted under a pre-established Rule 10b5-1 trading plan, amounted to a total sales value of $6,854. Following the sale, Foster retains ownership of 156,973 shares of the company. The sale was made to satisfy tax withholding obligations related to the acquisition of restricted stock. With a market capitalization of $1.27 billion and strong liquidity metrics, including a current ratio of 2.78, the company maintains a strong financial position. For deeper insights into insider trading patterns and comprehensive financial analysis, InvestingPro subscribers can access the detailed Pro Research report, available for over 1,400 US stocks.
In other recent news, BioLife Solutions has seen significant advancements. The company has completed the sale of its freezer subsidiary, Arctic Solutions, for $6.1 million in cash, marking the end of its divestment of freezers and related businesses. Additionally, BioLife sold its biostorage subsidiary, SciSafe Holdings, for $73 million, as part of its strategic shift toward its proprietary cell processing products.
These divestitures led HC Wainwright to adjust BioLife’s stock price target to $27, while maintaining a Buy rating. Despite the revised revenue projections, the company remains confident in BioLife stock. Other analyst firms such as Stephens and TD Cowen have also shown confidence in BioLife’s strategic decisions, maintaining their Overweight and Buy ratings respectively.
BioLife’s third quarter of 2024 saw a notable 30% increase in revenue year-over-year, reaching $30.6 million. Revenue from its cellular processing platform also saw a substantial increase, growing 43% to $19 million. Despite recent divestitures, BioLife Solutions raised its 2024 cell processing revenue forecast to $72 million to $73 million, while revising its total revenue forecast to $98 million to $100 million due to the sale. from SciSafe.
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