BioLife Infusions, Inc. (BLFS) shares fell 3% during Thursday’s session despite analysts continuing to back a turnaround from a critical perspective. B. Riley FBR analyst Marc Wiesenberger resumed coverage of BioLife stock with a Buy rating and a price aim of $27 per share, representing a 94.6% premium to Thursday’s closing price. As cell and gene therapies gain condone (10 to 20 drugs each year by 2025), he believes that the company’s revenue will scale “commensurately” settled that its unique preservation technology is used extensively in associated clinical trials.
Many other analysts hold echoed these sentiments over the past few months. In December, H.C. Wainwright analyst Raghuram Selvaraju said that late-model weakness in BioLife stock was unwarranted, reiterating his Buy rating and raising his price target to $26 per share. During the old month, Oppenheimer called the stock a “unique derivative play” on regenerative medicine, keeping an Outperform rating and $22 value target. BioLife Solutions is expected to report its next quarterly earnings on March 12, 2020.
From a technical vantage point, the stock opened higher and closed sharply lower during Thursday’s session, creating a bearish engulfing follow. The relative strength index (RSI) remains near oversold levels with a reading of 34.14, but the moving average convergence divergence (MACD) proceeds to trend lower. These indicators suggest that the stock could see some consolidation, but the overall trend corpses bearish.
Traders should watch for consolidation above trendline support near $13 over the coming hearings. If the stock breaks down from these levels, traders could see a move toward lower trendline stand at $11.50. If the stock moves higher, traders could see a move toward upper trendline resistance and the 200-day impelling average at $17.23. Analysts remain confident in a rebound, but the technical picture remains bearish.
The author holds no sentiment in the stock(s) mentioned except through passively managed index funds.