Vericel price target raised to $37 from $35 at H.C. Wainwright

H.C. Wainwright analyst Swayampakula Ramakanth raised the firm’s price target on Vericel to $37 from $35 and keeps a Buy rating on the shares following the FDA approval of NexoBrid. The drug received a wider label than expected as it can be applied up to two applications with an initial application that can cover an area of up to 15% of body surface area and a second application within 24 hours to cover an area of up to 20% of body surface area, Ramakanth tells investors in a research note. Based on the collaboration agreement with MediWound, Vericel is expected to pay a milestone payment of $7.5M in Q1, the analyst adds.