Shares of Vericel Corp (NASDAQ:VCEL) saw strong trading volume on Wednesday after the company announced better than expected quarterly earnings. 72,208 shares were traded during trading, a decline of 91% from the previous session’s volume of 837,849 shares.The stock last traded at $17.07 and had previously closed at $16.65.
The biotechnology company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.09. The business had revenue of $22.50 million for the quarter, compared to the consensus estimate of $18.14 million. Vericel had a negative net margin of 23.35% and a negative return on equity of 37.86%. The business’s revenue was up 57.3% compared to the same quarter last year.
Several equities analysts recently issued reports on VCEL shares. Needham & Company LLC reduced their price objective on shares of Vericel from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, August 8th. LADENBURG THALM/SH SH raised shares of Vericel from a “neutral” rating to a “buy” rating in a research note on Monday, July 16th. BTIG Research reissued a “buy” rating and set a $17.00 price objective on shares of Vericel in a research note on Tuesday, August 7th. Finally, BidaskClub downgraded shares of Vericel from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. One equities research analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $16.75.
In related news, insider Dominick Colangelo sold 75,000 shares of the company’s stock in a transaction that occurred on Thursday, October 4th. The shares were sold at an average price of $15.02, for a total transaction of $1,126,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Gerard J. Michel sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $12.35, for a total transaction of $185,250.00. Following the transaction, the chief financial officer now directly owns 165,960 shares of the company’s stock, valued at approximately $2,049,606. The disclosure for this sale can be found here. Insiders have sold 114,000 shares of company stock worth $1,609,770 in the last three months. Insiders own 4.70% of the company’s stock.
A number of hedge funds have recently modified their holdings of VCEL. BlackRock Inc. increased its position in shares of Vericel by 145.5% in the second quarter. BlackRock Inc. now owns 2,586,435 shares of the biotechnology company’s stock worth $25,089,000 after acquiring an additional 1,532,840 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Vericel in the second quarter worth $5,196,000. Millennium Management LLC increased its position in shares of Vericel by 528.6% in the first quarter. Millennium Management LLC now owns 619,736 shares of the biotechnology company’s stock worth $6,166,000 after acquiring an additional 521,141 shares in the last quarter. Mutual of America Capital Management LLC acquired a new stake in shares of Vericel in the second quarter worth $3,917,000. Finally, Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Vericel in the second quarter worth $3,880,000. 76.57% of the stock is owned by hedge funds and other institutional investors.
The stock has a market capitalization of $513.57 million, a PE ratio of -34.14 and a beta of 3.36. The company has a debt-to-equity ratio of 0.16, a quick ratio of 7.48 and a current ratio of 7.72.
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About Vericel (NASDAQ:VCEL)
Vericel Corporation, a commercial-stage biopharmaceutical company, researches, develops, manufactures, markets, and sells patient-specific expanded cellular therapies to repair and regenerate damaged tissues and organs. It markets autologous cell therapy products, including MACI, an autologous cellularized scaffold product for the repair of symptomatic, and single or multiple full-thickness cartilage defects of the knee; and Carticel, an autologous chondrocyte implant for the repair of symptomatic cartilage defects of the femoral condyle caused by acute or repetitive trauma in patients that have inadequate response to a prior arthroscopic or other surgical repair procedure.
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