Bank of America Corp DE Invests $45.21 Million in Vericel Corporation $VCEL

Bank of America Corp DE purchased a new stake in shares of Vericel Corporation (NASDAQ:VCEL - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,016,184 shares of the biotechnology company's stock, valued at approximately $45,210,000. Bank of America Corp DE owned 1.98% of Vericel as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Freestone Grove Partners LP bought a new position in Vericel during the 2nd quarter valued at about $755,000. Man Group plc purchased a new stake in shares of Vericel in the second quarter worth approximately $2,998,000. Jupiter Topco LLC purchased a new stake in shares of Vericel in the second quarter worth approximately $4,417,000. EFG International AG bought a new stake in shares of Vericel during the 2nd quarter worth approximately $5,674,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Vericel during the 2nd quarter worth approximately $596,000.

Analysts Set New Price Targets

VCEL has been the subject of several research reports. Weiss Ratings raised shares of Vericel from a "sell (d+)" rating to a "hold (c)" rating in a research report on Friday, July 31st. TD Cowen raised their target price on shares of Vericel from $55.00 to $58.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Wall Street Zen raised shares of Vericel from a "hold" rating to a "buy" rating in a research note on Saturday, July 18th. Truist Financial reissued a "buy" rating and issued a $58.00 price objective (up from $54.00) on shares of Vericel in a research note on Friday, July 31st. Finally, Canaccord Genuity Group set a $60.00 price objective on Vericel in a report on Thursday, July 30th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $58.40.

Insider Transactions at Vericel

In related news, CFO Joseph Mara, Jr. sold 5,000 shares of the company's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $44.75, for a total value of $223,750.00. Following the sale, the chief financial officer owned 16,009 shares in the company, valued at $716,402.75. This represents a 23.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sean Flynn sold 15,000 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $45.64, for a total transaction of $684,600.00. Following the completion of the transaction, the insider owned 1,647 shares in the company, valued at approximately $75,169.08. This trade represents a 90.11% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 37,232 shares of company stock worth $1,701,067. 7.60% of the stock is owned by company insiders.

Vericel Stock Down 1.2%

Shares of VCEL opened at $39.55 on Tuesday. The company has a 50 day moving average of $43.15 and a two-hundred day moving average of $38.72. Vericel Corporation has a twelve month low of $28.95 and a twelve month high of $49.32. The company has a market cap of $2.03 billion, a price-to-earnings ratio of 84.15 and a beta of 1.04.

Vericel (NASDAQ:VCEL - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The biotechnology company reported $0.04 EPS for the quarter, beating analysts' consensus estimates of ($0.03) by $0.07. The company had revenue of $77.46 million during the quarter, compared to analysts' expectations of $72.70 million. Vericel had a return on equity of 6.91% and a net margin of 7.91%.The firm's revenue was up 22.5% compared to the same quarter last year. During the same period last year, the business posted ($0.01) earnings per share. On average, sell-side analysts expect that Vericel Corporation will post 0.54 EPS for the current year.

Vericel Company Profile

Vericel Corporation is a commercial-stage biopharmaceutical company focused on cell therapies and advanced treatments for severe injuries and damaged tissue. The company develops and commercializes products designed to support the repair or replacement of tissue that may not heal adequately through conventional treatment.

Vericel's primary products include MACI, an autologous cell therapy used to repair symptomatic, full-thickness cartilage defects of the knee in adults, and Epicel, a cultured epidermal autograft used for permanent skin replacement in patients with deep dermal or full-thickness burns.

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