NEW YORK (TheStreet) -- Shares of BioLife Solutions Inc (BLFS) were spiking, sharply up 59.09% to $3.15 on heavy volume in early afternoon trading Wednesday, after the pharmaceutical company announced several new customer disclosures earlier today.
The disclosures are for the use of its CryoStor and HypoThermosol biopreservation media products in pre-clinical validation projects and clinical trials.
"We captured dozens of qualified leads and this event reconfirmed our belief that we have a phenomenal opportunity to help our customer further optimize yield and cost in the manufacturing and delivery logistics of their biologic based therapies, while improving the quality of their distribution practices," said BioLife Solutions President and CEO Mike Rice.
The company attended the recent International Society for Cellular Therapy conference.
About 10.87 million shares have exchanged hands as of 12:59 p.m. ET today, compared to its average trading volume of about 56,468 shares a day.
Bothell, Wash.-based BioLife is engaged in the developing, manufacturing and marketing hypothermic storage and cryopreservation solutions for cells and tissue.
Separately, TheStreet Ratings team rates BIOLIFE SOLUTIONS INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate BIOLIFE SOLUTIONS INC (BLFS) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."
Highlights from the analysis by TheStreet Ratings Team goes as follows:
- The company, on the basis of change in net income from the same quarter one year ago, has significantly underperformed when compared to that of the S&P 500 and the Health Care Equipment & Supplies industry. The net income has significantly decreased by 88.6% when compared to the same quarter one year ago, falling from -$0.48 million to -$0.91 million.
- Net operating cash flow has significantly decreased to -$0.70 million or 992.30% when compared to the same quarter last year. In addition, when comparing to the industry average, the firm's growth rate is much lower.
- BLFS has underperformed the S&P 500 Index, declining 22.00% from its price level of one year ago. The fact that the stock is now selling for less than others in its industry in relation to its current earnings is not reason enough to justify a buy rating at this time.
- BIOLIFE SOLUTIONS INC has improved earnings per share by 42.9% in the most recent quarter compared to the same quarter a year ago. This company has reported somewhat volatile earnings recently. We feel it is likely to report a decline in earnings in the coming year. During the past fiscal year, BIOLIFE SOLUTIONS INC reported poor results of -$0.32 versus -$0.14 in the prior year. For the next year, the market is expecting a contraction of 15.6% in earnings (-$0.37 versus -$0.32).
- The revenue fell significantly faster than the industry average of 22.6%. Since the same quarter one year prior, revenues fell by 27.0%. The declining revenue has not hurt the company's bottom line, with increasing earnings per share.
- You can view the full analysis from the report here: BLFS Ratings Report