BTIG upgraded Vericel to Buy from Neutral with a $39 price target. The company’s “strong fundamental performance” in Q2 was overshadowed by the loss of NexoBrid sales in the second half of 2023 due to a third-party testing issue that impacted initial lots of NexoBrid, stymying momentum, the analyst tells investors in a research note. However, the firm says this is completely transitory and has the potential to come back in second half of 2023 pending FDA discussions. The news is also secondary to Vericel’s improving base business performance, contends BTIG. The firm sees upside to numbers and the opportunity for multiple expansion as Vericel’s growth accelerates in fiscal 2024.
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