TimesSquare Capital Management LLC Invests $24.46 Million in Vericel Corporation $VCEL

Key Points

• TimesSquare Capital Management initiated a $24.46 million position in Vericel, purchasing 549,846 shares, or approximately 1.07% of the company. Other institutional investors also increased their holdings.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $58.40. Several firms recently raised their targets, including HC Wainwright at $70.
• Vericel exceeded quarterly expectations, reporting $0.04 in earnings per share versus a projected loss of $0.03 and revenue of $77.46 million, up 22.5% year over year. However, company insiders sold 52,232 shares worth roughly $2.3 million during the quarter.

TimesSquare Capital Management LLC purchased a new stake in shares of Vericel Corporation (NASDAQ:VCEL - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 549,846 shares of the biotechnology company's stock, valued at approximately $24,463,000. TimesSquare Capital Management LLC owned approximately 1.07% of Vericel at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. GW&K Investment Management LLC grew its stake in Vericel by 22.5% during the 4th quarter. GW&K Investment Management LLC now owns 1,580,967 shares of the biotechnology company's stock valued at $56,931,000 after acquiring an additional 290,795 shares in the last quarter. Granite Investment Partners LLC lifted its position in shares of Vericel by 66.6% in the first quarter. Granite Investment Partners LLC now owns 120,236 shares of the biotechnology company's stock worth $3,868,000 after purchasing an additional 48,056 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Vericel by 19.7% in the first quarter. Bank of America Corp DE now owns 1,098,771 shares of the biotechnology company's stock worth $35,347,000 after purchasing an additional 180,761 shares in the last quarter. Madison Asset Management LLC acquired a new stake in shares of Vericel during the fourth quarter worth approximately $1,819,000. Finally, Fisher Asset Management LLC boosted its holdings in shares of Vericel by 10.6% during the fourth quarter. Fisher Asset Management LLC now owns 187,616 shares of the biotechnology company's stock worth $6,756,000 after purchasing an additional 18,002 shares during the period.

Insider Buying and Selling

In other Vericel news, CFO Joseph Anthony 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 transaction of $223,750.00. Following the completion of the sale, the chief financial officer owned 16,009 shares of the company's stock, valued at $716,402.75. This represents a 23.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jonathan Mark Hopper sold 10,000 shares of the company's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $45.00, for a total value of $450,000.00. Following the sale, the insider directly owned 75,753 shares of the company's stock, valued at $3,408,885. The trade was a 11.66% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 52,232 shares of company stock worth $2,304,217. Insiders own 7.60% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on VCEL. Wall Street Zen upgraded shares of Vericel from a "hold" rating to a "buy" rating in a research note on Saturday, July 18th. HC Wainwright reissued a "buy" rating and set a $70.00 target price on shares of Vericel in a research note on Tuesday, July 28th. TD Cowen boosted their price target on shares of Vericel from $55.00 to $58.00 and gave the company a "buy" rating in a report on Friday, July 31st. Truist Financial restated a "buy" rating and issued a $58.00 target price (up from $54.00) on shares of Vericel in a research note on Friday, July 31st. Finally, Weiss Ratings raised Vericel from a "sell (d+)" rating to a "hold (c)" rating in a research report on Friday, July 31st. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $58.40.

Vericel Price Performance

Vericel stock opened at $43.59 on Tuesday. Vericel Corporation has a one year low of $28.95 and a one year high of $49.32. The company's fifty day moving average price is $44.19 and its two-hundred day moving average price is $37.95. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of 92.75 and a beta of 1.06.

Vericel (NASDAQ:VCEL - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The biotechnology company reported $0.04 earnings per share for the quarter, topping 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 business's quarterly revenue was up 22.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.01) earnings per share. As a group, sell-side analysts anticipate that Vericel Corporation will post 0.54 earnings per share for the current year.

Vericel Profile

Vericel Corporation is a biotechnology company specializing in the development, manufacturing and commercialization of cell-based therapies for patients with severe diseases and conditions. The company's expertise lies in regenerative medicine, where it harnesses the power of autologous cell processing to create products designed to restore function and promote healing in damaged tissues.

Vericel currently markets two FDA-approved therapies. MACI® (autologous cultured chondrocytes on porcine collagen membrane) is indicated for the repair of symptomatic cartilage defects of the knee in adult patients.

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