Vericel Corporation $VCEL Shares Sold by Congress Asset Management Co.

Key Points

• Congress Asset Management Co. cut its Vericel stake by 12.5% in the third quarter, selling 364,229 shares and retaining 2.55 million shares worth approximately $102.4 million, or 4.98% of the company.
• Vericel shares fell 2.5% to $40.05, while the company reported quarterly revenue of $77.46 million and EPS of $0.04, beating analyst estimates; revenue increased 22.5% year over year.
• Analysts remain generally positive, with Vericel carrying a “Moderate Buy” consensus rating and an average price target of $58.40, compared with the current share price.

Congress Asset Management Co. decreased its holdings in shares of Vericel Corporation (NASDAQ:VCEL - Free Report) by 12.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,552,066 shares of the biotechnology company's stock after selling 364,229 shares during the quarter. Congress Asset Management Co. owned 4.98% of Vericel worth $102,440,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in Vericel in the 2nd quarter valued at approximately $360,023,000. William Blair Investment Management LLC acquired a new position in shares of Vericel during the second quarter worth $88,662,000. Conestoga Capital Advisors LLC increased its holdings in shares of Vericel by 9.3% during the first quarter. Conestoga Capital Advisors LLC now owns 2,463,312 shares of the biotechnology company's stock worth $79,245,000 after buying an additional 208,750 shares in the last quarter. GW&K Investment Management LLC lifted its stake in shares of Vericel by 22.5% in 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 during the last quarter. Finally, Bank of America Corp DE bought a new position in shares of Vericel in the 2nd quarter valued at $45,210,000.

Vericel Stock Down 2.5%

Shares of NASDAQ VCEL traded down $1.02 during trading on Tuesday, reaching $40.05. The company had a trading volume of 669,041 shares, compared to its average volume of 580,210. The stock has a market cap of $2.05 billion, a P/E ratio of 85.21 and a beta of 1.02. The company's fifty day moving average price is $41.96 and its 200-day moving average price is $39.19. Vericel Corporation has a 12 month low of $28.95 and a 12 month high of $49.32.

Vericel (NASDAQ:VCEL - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The biotechnology company reported $0.04 earnings per share (EPS) 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 the consensus estimate 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 company earned ($0.01) earnings per share. As a group, equities analysts predict that Vericel Corporation will post 0.54 earnings per share for the current year.

Insider Activity at Vericel

In other news, insider Jonathan Siegal sold 4,500 shares of the company's stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $48.90, for a total value of $220,050.00. Following the sale, the insider directly owned 1,078 shares of the company's stock, valued at approximately $52,714.20. This represents a 80.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 7.60% of the company's stock.

Analysts Set New Price Targets

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

About Vericel

Vericel Corporation is a commercial-stage biopharmaceutical company focused on developing and marketing advanced cell therapies and specialty biologic products for the treatment of severe medical conditions. The company's products are designed to support tissue repair and regeneration, with an emphasis on orthopedic and burn-care applications.

Vericel's primary product is MACI, an autologous cellularized scaffold used to repair full-thickness cartilage defects in the knee. The therapy is made from a patient's own cartilage cells, which are expanded and seeded onto a collagen membrane before implantation.

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