Karen A. Foster, the Chief Quality and Operations Officer at BioLife Solutions Inc. (NASDAQ:), recently sold a portion of her company shares. 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 the stock trades near its 52-week high of $28.88, with the company showing impressive momentum through a 119% return over the past year. Based on InvestingPro analysis, the stock appears to be trading above its Fair Value. This transaction, carried out under a pre-established Rule 10b5-1 trading plan, amounted to a total sale value of $6,854. Following the sale, Foster retains ownership of 156,973 shares in the company. The sale was conducted to fulfill tax withholding obligations related to the vesting of restricted stock. With a market capitalization of $1.27 billion and strong liquidity indicators, including a current ratio of 2.78, the company maintains a solid 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 developments. The company has completed the sale of its freezer subsidiary, Arctic Solutions, for $6.1 million in cash, marking the end of its divestiture of freezer and related businesses. Additionally, BioLife sold its biostorage subsidiary, SciSafe Holdings, for $73 million, as part of its strategic shift towards its proprietary cell processing products.
These divestitures prompted H.C. Wainwright to adjust BioLife’s stock price target to $27, while maintaining a Buy rating. Despite the revised revenue projections, the firm remains confident in BioLife’s 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. Its cell processing platform revenue also saw a substantial rise, growing by 43% to reach $19 million. Despite the recent divestitures, BioLife Solutions raised its cell processing revenue guidance for 2024 to be between $72 million and $73 million, while revising its total revenue guidance to between $98 million and $100 million due to the sale of SciSafe.
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