Casdin Partners Master Fund, a major holder of BioLife Solutions (BLFS), recently added 927,165 shares. The buy increased the fund’s position by 12 percent, and came to a total cost of $10.37 million.
The fund was the last buyer of shares with a 58,465 share pickup back in August, for $771,400. Otherwise, company insiders, including the company’s CEO, have been regular sellers of small amounts of shares, usually in the $1,000 to $20,000 range.
Overall, company insiders own 2 percent of shares.
The cell and gene therapy tool manufacturer has lost about half its value over the past year. That poor share performance comes as the company has lost money in recent quarters, but seems extreme as revenues are down by just 3 percent.
Today, BioLife trades at just a slight premium to their book value, and shares are going for about 5 times estimated forward earnings.
Action to take: Shares are trading near a 52-week low, and don’t appear to have formed a bottom yet. Interested traders can likely see a better price in the coming months, and should hold off until the price starts to stabilize.
For traders, the current downtrend could be a shorting opportunity. While options are limited, the January 2024 $7.50 puts, last going for about $0.40, could see mid-double-digit returns in the coming months.
Disclosure: The author of this article has no position in the company mentioned here, but may trade after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.