Vericel hits over 2-year high as Truist upgrades to 'buy', hikes PT

Vericel

25/01/2024 16:08

** Shares of drugmaker Vericel  VCEL.O  rise as much as 
8.6% to an over 2-year high of $44.35
    ** Brokerage Truist upgrades VCEL to "buy" from "hold"; 
raises PT to $51 from $39
    ** Truist says it does not see VCEL's valuation reflecting
its growth acceleration potential
    ** Brokerage raises expectations for sales of company's
burns drug NexoBrid to $13.5 mln for 2024 vs its previous
estimate of $11 mln 
    ** Based on results of a doctor survey, Truist says NexoBrid
can generate $300,000-$400,000 revenue per surgeon on average in
2024
    ** Survey results suggest that NexoBrid revenues can be $15
mln - $20 mln, exceeding brokerage's expectations if all 50
centers that have agreed to use the drug administer it
    ** Brokerage expects $194 mln annual sales for company's
knee cartilage damage repairing therapy called Maci
    ** Stock up 54.8% in the last 12 months

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))