VCEL - Vericel downgraded at Truist after Q3 earnings miss
- Truist analysts led by Samuel Brodovsky slashed their rating on Vericel Corporation ( NASDAQ: VCEL ) on Wednesday to Hold from Buy after the commercial-stage biotech disappointed Wall Street with its Q3 2022 results.
- Citing a balanced risk/reward and valuation that implied the mid-term growth outlook, the team downgraded the stock and trimmed the VCEL price target to $22 from $30 per share.
- The team expects market volatility to limit the growth of the company’s MACI product to mid-to-high teens over the next several quarters.
- Brodovsky and the team intend to revisit their narrative on the stock, assuming growth to reaccelerate in 2H 2023/ 1H 2024 as the contribution from Vericel’s ( VCEL ) NexoBrid burn therapy increases.
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Vericel downgraded at Truist after Q3 earnings miss