Bank of Montreal Can Lowers Holdings in Vericel Corp (VCEL)
Bank of Montreal Can reduced its holdings in shares of Vericel Corp (NASDAQ:VCEL) by 63.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 14,353 shares of the biotechnology company’s stock after selling 25,397 shares during the period. Bank of Montreal Can’s holdings in Vericel were worth $202,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of the business. Bank of New York Mellon Corp grew its position in Vericel by 4.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 132,888 shares of the biotechnology company’s stock worth $1,289,000 after purchasing an additional 5,854 shares during the last quarter. Perkins Capital Management Inc. grew its position in Vericel by 1.3% during the 2nd quarter. Perkins Capital Management Inc. now owns 552,100 shares of the biotechnology company’s stock worth $5,355,000 after purchasing an additional 7,150 shares during the last quarter. Capital Fund Management S.A. purchased a new position in Vericel during the 2nd quarter worth $104,000. Quantitative Systematic Strategies LLC purchased a new position in Vericel during the 2nd quarter worth $108,000. Finally, California Public Employees Retirement System grew its position in Vericel by 26.9% during the 2nd quarter. California Public Employees Retirement System now owns 55,695 shares of the biotechnology company’s stock worth $540,000 after purchasing an additional 11,795 shares during the last quarter. 76.56% of the stock is currently owned by institutional investors.
Several research analysts have issued reports on the stock. BidaskClub raised shares of Vericel from a “sell” rating to a “hold” rating in a research report on Tuesday. Needham & Company LLC raised their price objective on shares of Vericel to $18.00 and gave the stock a “buy” rating in a research report on Tuesday, November 6th. Finally, BTIG Research reissued a “buy” rating and set a $17.00 price objective on shares of Vericel in a research report on Tuesday, August 7th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $16.75.
Vericel (NASDAQ:VCEL) last issued its earnings results on Tuesday, November 6th. The biotechnology company reported ($0.02) earnings per share for the quarter, beating the Thomson Reuters’ 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 15.80% and a negative return on equity of 17.39%. The company’s revenue was up 57.3% on a year-over-year basis. On average, equities analysts predict that Vericel Corp will post -0.23 earnings per share for the current fiscal year.
In other news, CFO Gerard J. Michel sold 15,000 shares of Vericel stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $12.35, for a total value of $185,250.00. Following the sale, the chief financial officer now owns 165,960 shares of the company’s stock, valued at $2,049,606. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Steven C. Gilman sold 9,000 shares of Vericel stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $12.03, for a total transaction of $108,270.00. Following the completion of the sale, the director now directly owns 9,000 shares in the company, valued at approximately $108,270. The disclosure for this sale can be found here. In the last ninety days, insiders sold 179,000 shares of company stock worth $2,617,770. Insiders own 4.70% of the company’s stock.
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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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