Why BioLife Solutions (BLFS) Stock Is Surging Today

NEW YORK (TheStreet) -- BioLife Solutions  (BLFS) surged Thursday after the hypothermic storage product manufacturer announced a three-year partnership with Somahlution.

Under the terms of the deal, BioLife will manufacture DuraGraft, a tissue preservation solution to store harvested veins for coronary artery bypass graft (CABG) and other vascular access surgeries. 

"We are pleased to announce this new contract manufacturing agreement with Somahlution," said BioLife president and CEO Mike Rice in a statement. "Their requirements and demand forecast are highly aligned with our manufacturing capacity and core expertise in aseptic formulation, fill, and finish of biopreservation media products. We understand their critical requirements and will work very hard to meet and exceed their expectations."

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

The stock was up 16.64% to $2.77 at 3:21 p.m. More than 2 million shares had changed hands, which dwarfed the average volume of 67,425.

BLFS Chart BLFS data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

More from Markets

Tesla Has Lost 15% Since Musk's Take-Private Tweet

Tesla Has Lost 15% Since Musk's Take-Private Tweet

Why Most Americans Like a Volatile Stock Market: Study

Why Most Americans Like a Volatile Stock Market: Study

Should Retirees Invest in the Tech Sector?

Should Retirees Invest in the Tech Sector?

Here's How to Trade Walmart, Nordstrom, Macy's and J.C. Penney After Earnings

Here's How to Trade Walmart, Nordstrom, Macy's and J.C. Penney After Earnings

Here's Why Stock Picking Is Especially Important in the Retail Sector

Here's Why Stock Picking Is Especially Important in the Retail Sector