Vericel (NASDAQ:VCEL) Price Target Lowered to $51.00 at Truist Financial

Vericel (NASDAQ:VCEL) had its target price reduced by equities research analysts at Truist Financial from $61.00 to $51.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. Truist Financial’s price target points to a potential upside of 23.64% from the stock’s current price.

Other research analysts have also issued reports about the stock. Canaccord Genuity Group lifted their price target on shares of Vericel from $64.00 to $67.00 and gave the company a “buy” rating in a report on Monday, February 3rd. StockNews.com upgraded Vericel from a “sell” rating to a “hold” rating in a research note on Saturday, March 8th. Stephens reiterated an “overweight” rating and set a $65.00 price target on shares of Vericel in a research report on Wednesday, January 15th. Finally, HC Wainwright reissued a “buy” rating and issued a $60.00 price target on shares of Vericel in a report on Friday, February 28th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.86.

Vericel Price Performance

Shares of VCEL opened at $41.25 on Friday. The stock has a market capitalization of $2.07 billion, a PE ratio of 687.61 and a beta of 1.61. The business’s fifty day moving average price is $49.21 and its 200 day moving average price is $51.42. Vericel has a 12-month low of $37.76 and a 12-month high of $63.00.

Insider Transactions at Vericel

In related news, CEO Dominick Colangelo sold 26,592 shares of Vericel stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $45.78, for a total transaction of $1,217,381.76. Following the sale, the chief executive officer now directly owns 259,997 shares in the company, valued at $11,902,662.66. The trade was a 9.28 % 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 Siegal sold 3,908 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $61.99, for a total transaction of $242,256.92. Following the completion of the transaction, the insider now owns 1,206 shares of the company’s stock, valued at $74,759.94. This represents a 76.42 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 58,942 shares of company stock worth $2,724,548. Company insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Congress Asset Management Co. lifted its position in Vericel by 1.6% in the first quarter. Congress Asset Management Co. now owns 1,476,718 shares of the biotechnology company’s stock worth $65,891,000 after purchasing an additional 22,579 shares during the period. Portside Wealth Group LLC acquired a new stake in shares of Vericel in the first quarter valued at $266,000. GAMMA Investing LLC boosted its stake in Vericel by 5,916.5% during the first quarter. GAMMA Investing LLC now owns 129,175 shares of the biotechnology company’s stock valued at $5,764,000 after buying an additional 127,028 shares in the last quarter. Wellington Management Group LLP grew 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 acquiring an additional 701,064 shares during the period. Finally, California State Teachers Retirement System raised its position in Vericel by 4.6% in the fourth quarter. California State Teachers Retirement System now owns 45,857 shares of the biotechnology company’s stock worth $2,518,000 after acquiring an additional 2,014 shares in 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.