Vericel (NASDAQ:VCEL) Price Target Cut to $58.00 by Analysts 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 - Get Free Report) had its price target decreased by analysts at Canaccord Genuity Group from $61.00 to $58.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the biotechnology company's stock. Canaccord Genuity Group's price target indicates a potential upside of 62.78% from the company's current price.

A number of other equities analysts also recently weighed in on the company. Wall Street Zen downgraded Vericel from a "hold" rating to a "sell" rating in a research report on Monday, May 12th. Stephens restated an "overweight" rating and issued a $67.00 price target on shares of Vericel in a research note on Monday, June 16th. Finally, Truist Financial decreased their price objective on Vericel from $61.00 to $51.00 and set a "buy" rating on the stock in a report on Friday, April 11th. One analyst has rated the stock with a sell rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, Vericel has an average rating of "Moderate Buy" and a consensus price target of $59.86.

Vericel Price Performance

NASDAQ:VCEL traded up $0.69 during midday trading on Friday, reaching $35.63. The stock had a trading volume of 962,793 shares, compared to its average volume of 498,353. The firm's fifty day simple moving average is $40.93 and its 200-day simple moving average is $45.72. Vericel has a 1-year low of $33.09 and a 1-year high of $63.00. The stock has a market capitalization of $1.79 billion, a P/E ratio of 1,188.06 and a beta of 1.32.

Vericel (NASDAQ:VCEL - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The biotechnology company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.03. The business had revenue of $63.24 million during the quarter, compared to analysts' expectations of $64.61 million. Vericel had a return on equity of 1.09% and a net margin of 1.25%. The firm's revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.10) earnings per share. On average, equities research analysts anticipate that Vericel will post 0.14 earnings per share for the current fiscal year.

Institutional Trading of Vericel

Large investors have recently modified their holdings of the stock. Captrust Financial Advisors boosted its stake in Vericel by 3.4% in the fourth quarter. Captrust Financial Advisors now owns 6,111 shares of the biotechnology company's stock valued at $336,000 after buying an additional 199 shares in the last quarter. State of Wyoming boosted its stake in Vericel by 3.8% in the first quarter. State of Wyoming now owns 10,428 shares of the biotechnology company's stock valued at $465,000 after buying an additional 381 shares in the last quarter. Summit Investment Advisors Inc. boosted its stake in Vericel by 8.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 5,137 shares of the biotechnology company's stock valued at $282,000 after buying an additional 405 shares in the last quarter. Maryland State Retirement & Pension System raised its position in Vericel by 2.8% in the second quarter. Maryland State Retirement & Pension System now owns 14,795 shares of the biotechnology company's stock valued at $630,000 after purchasing an additional 408 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. raised its position in Vericel by 2.6% in the second quarter. Oppenheimer Asset Management Inc. now owns 20,092 shares of the biotechnology company's stock valued at $855,000 after purchasing an additional 516 shares during the last quarter.

Vericel Company Profile

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.

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