Following this transaction, Wichterman holds 122,766 shares directly. The sale was executed under a pre-established Rule 10b5-1 trading plan, which was adopted to meet tax withholding obligations related to the vesting of restricted stock. InvestingPro analysis suggests the stock is currently trading above its Fair Value, with 12 additional ProTips available to subscribers. Access the comprehensive Pro Research Report, part of InvestingPro's coverage of 1,400+ US stocks, for detailed insights into BLFS's valuation and growth prospects. InvestingPro analysis suggests the stock is currently trading above its Fair Value, with 12 additional ProTips available to subscribers. Access the comprehensive Pro Research Report, part of InvestingPro's coverage of 1,400+ US stocks, for detailed insights into BLFS's valuation and growth prospects.
Following this transaction, Wichterman holds 122,766 shares directly. The sale was executed under a pre-established Rule 10b5-1 trading plan, which was adopted to meet tax withholding obligations related to the vesting of restricted stock.
In other recent news, BioLife Solutions (NASDAQ:BLFS) has made significant strides in its strategic shift towards a focus on proprietary cell processing products. The company recently completed the sale of its last wholly owned freezer subsidiary, Arctic Solutions, for $6.1 million in cash. This final divestiture, along with the sale of its biostorage subsidiary, SciSafe Holdings, for $73 million last week, marks a significant shift away from its capital equipment freezer and storage businesses.
Despite these divestitures, BioLife Solutions reported a notable 30% increase in revenue year-over-year in the third quarter of 2024, reaching $30.6 million. Its cell processing platform revenue also saw a substantial rise, growing by 43% to reach $19 million. The adjusted gross margin improved to 54%, with the adjusted EBITDA margin rising to 20%.
These recent developments have led to a revision of projected revenues for the next 12 months, prompting H.C. Wainwright to adjust the stock price target for BioLife Solutions from $29 to $27, while maintaining a Buy rating. Similarly, Stephens maintained its Overweight rating and a steady stock price target of $30.00, while TD Cowen increased the company's price target from $28.00 to $31.00, also maintaining a Buy rating. These revisions reflect the recent strategic changes and their impact on BioLife's financial outlook.
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