Oppenheimer analyst Kevin Degeeter maintained a Buy rating on Vericel Corp (VCEL) yesterday and set a price target of $23. The company’s shares closed yesterday at $20.22, close to its 52-week high of $21.01.
Degeeter said:
“We recently met with VCEL management to discuss 1) pace of new surgeon training, 2) potential for easier rehab procedures for MACI to drive deeper penetration and 3) strategies to inform use of MACI in ankles, hips and other joints. On net, we are incrementally more positive on the outlook for 2019 growth and believe there may be upside to 2019 revenue consensus of $112.5M and our estimate of $112.6M. Specifically, while management confirmed plans to stop disclosing the number of new surgeons trained on MACI, VCEL noted the recent trend of 75-100 new surgeons per quarter has continued into 2019 and is expected to continue for at least the next several quarters. Maintain Outperform rating.”
According to TipRanks.com, Degeeter is a 4-star analyst with an average return of 14.2% and a 53.6% success rate. Degeeter covers the Healthcare sector, focusing on stocks such as Catalyst Biosciences Inc, Molecular Templates Inc, and Neon Therapeutics Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Vericel Corp with a $22.50 average price target, implying an 11.3% upside from current levels. In a report issued on February 26, BTIG also assigned a Buy rating to the stock with a $22 price target.
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Based on Vericel Corp’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $5.24 million. In comparison, last year the company had a net profit of $287K.
Based on the recent corporate insider activity of 19 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of VCEL in relation to earlier this year. Last month, Dominick Colangelo, the President & CEO of VCEL bought 36,192 shares for a total of $99,999.
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Vericel Corp. engages in the research, product development, manufacture, and distribution of patient-specific, expanded cellular therapies to repair and regenerate damaged tissues and organs to normal structure and function. Its product portfolio includes MACI and Epicel.
