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."