Vericel (NASDAQ:VCEL) Given New $58.00 Price Target at Canaccord Genuity Group

Key Points

• Analysts at Canaccord Genuity Group have cut the price target for Vericel from $61.00 to $58.00, while maintaining a "buy" rating on the stock, indicating a potential upside of 62.78% from its current price.
• Vericel recently reported a quarterly earnings loss of ($0.01) per share, exceeding analysts' expectation of ($0.04), with revenue reaching $63.24 million.
• The company's stock received mixed reviews from analysts, with one analyst downgrading it to a "sell" rating, while others maintain a "buy" or "overweight" rating, reflecting a consensus rating of "Moderate Buy" with an average price target of $59.86.

Vericel (NASDAQ:VCEL - Free Report) had its target price reduced by Canaccord Genuity Group from $61.00 to $58.00 in a report issued on Friday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the biotechnology company's stock.

Other analysts have also recently issued reports about the company. Wall Street Zen cut Vericel from a "hold" rating to a "sell" rating in a report on Monday, May 12th. Truist Financial dropped their target price on Vericel from $61.00 to $51.00 and set a "buy" rating for the company in a report on Friday, April 11th. Finally, Stephens reiterated an "overweight" rating and issued a $67.00 target price on shares of Vericel in a report on Monday, June 16th. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the company. According to data from MarketBeat, Vericel currently has a consensus rating of "Moderate Buy" and an average price target of $59.86.

Vericel Trading Down 2.6%

Shares of NASDAQ:VCEL traded down $0.98 during trading on Friday, reaching $36.60. 123,542 shares of the company traded hands, compared to its average volume of 497,058. The firm has a market capitalization of $1.84 billion, a price-to-earnings ratio of 305.03 and a beta of 1.27. Vericel has a 52-week low of $33.09 and a 52-week high of $63.00. The business's fifty day moving average is $40.76 and its 200-day moving average is $45.25.

Vericel (NASDAQ:VCEL - Get Free Report) last released its earnings results on Thursday, July 31st. The biotechnology company reported ($0.01) EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.03. Vericel had a return on equity of 2.47% and a net margin of 2.85%. The company had revenue of $63.24 million during the quarter, compared to analysts' expectations of $64.61 million. During the same quarter last year, the business posted ($0.10) EPS. The firm's revenue for the quarter was up 20.1% compared to the same quarter last year. On average, sell-side analysts predict that Vericel will post 0.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Vericel

Several hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP raised its holdings in Vericel by 119.3% during the fourth quarter. Wellington Management Group LLP now owns 1,288,921 shares of the biotechnology company's stock worth $70,775,000 after purchasing an additional 701,064 shares during the last quarter. Champlain Investment Partners LLC acquired a new position in Vericel during the fourth quarter worth about $34,233,000. Allspring Global Investments Holdings LLC raised its position in Vericel by 244.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 859,486 shares of the biotechnology company's stock worth $35,755,000 after acquiring an additional 610,045 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Vericel during the fourth quarter worth about $28,126,000. Finally, Geneva Capital Management LLC grew its holdings in Vericel by 30.7% during the 2nd quarter. Geneva Capital Management LLC now owns 1,784,927 shares of the biotechnology company's stock valued at $75,949,000 after buying an additional 419,183 shares during the last quarter.

About Vericel

Vericel Corporation, a commercial-stage biopharmaceutical company, engages in the research, development, manufacture, and distribution of cellular therapies for sports medicine and severe burn care markets in North America. The company markets autologous cell therapy products comprising MACI, an autologous cultured chondrocytes on porcine collagen membrane for the repair of symptomatic, and single or multiple full-thickness cartilage defects of the knee; Epicel, a permanent skin replacement humanitarian use device for the treatment of adult and pediatric patients with deep-dermal or full-thickness burns; and NexoBrid, a biological orphan product for eschar removal in adults with deep partial-thickness and/or full-thickness thermal burns.