Vericel Corporation shares fell nearly 30% after the company presented at the Canaccord Genuity 2018 Musculoskeletal Conference and released its fourth quarter financial results in early March. Revenue rose 41.3% to $23.35 million – beating consensus estimates by $4.59 million – and earnings per share came in at one cent. Since the initial move lower, the stock has recouped most of these losses and is poised to retest its prior highs over the coming session.
On April 4, Leerink analysts initiated coverage on the stock with an Outperform rating and a $15.00 per share price target. Leerink analyst Danielle Antalffy believes that Vericel’s virtual monopoly in the underpenetrated articular cartilage repair market could ultimately see open-ended growth over the long term. The stock responded by moving sharply higher to retest its prior highs made on March 7 before the significant move lower. (See also: The Biotech Sector: A Primer.)
Vericel shares are retesting their prior highs following positive analyst commentary. …read more
Read more here: Vericel Stock Looks to Break Out From Prior Highs