After B.Riley FBR and Maxim Group gave BioLife Solutions (NASDAQ: BLFS) a Buy rating last month, the company received another Buy, this time from Northland Securities. Analyst Suraj Kalia maintained a Buy rating on BioLife Solutions (NASDAQ: BLFS) today and set a price target of $16. The company’s shares opened today at $13.27.
Kalia commented:
“We are raising our FY18 numbers from $15M to ~$20M. Our FY19 numbers go from ~$21M to ~$30M, which represents ~50% y/y growth. As a reminder, key approved products such as Yescarta and Invossa have not really started contributing yet. Company expects 2 – 3 additional regulatory product approvals for customers next year. Each approved product using BioLife’ cryopreservation media yields $500K – $2M in incremental revs/indication/ customer.”
According to TipRanks.com, Kalia is a 4-star analyst with an average return of 9.3% and a 60.6% success rate. Kalia covers the Healthcare sector, focusing on stocks such as Tactile Systems Technology, Obalon Therapeutics Inc, and Apollo Endosurgery Inc.
Currently, the analyst consensus on BioLife Solutions is a Moderate Buy with an average price target of $13, representing a -2.0% downside. In a report released today, Maxim Group also maintained a Buy rating on the stock with a $18 price target.
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Based on BioLife Solutions’ latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $3,482. In comparison, last year the company had a GAAP net loss of $768.2K.
Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is negative on the stock.
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BioLife Solutions, Inc. engages in the development, manufacture, and marketing of portfolio of biopreservation tools for cells, tissues, and organs including proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media. Its products include CryoStor, BloodStor, HypoThermosol FRS, and Cell Thawing Media.
