Vericel $VCEL stock broke above its 200 day moving average on January 10, 2023. $VCEL stock is in a technical weak uptrend.
Vericel expects MACI arthroscopic commercial launch in 2024
On January 10, 2023, Vericel announced recent business highlights. After a Type C meeting with the FDA, the company decided to move forward with a human factors validation study to support extending the MACI label to cover arthroscopic administration of MACI for the treatment of knee cartilage defects. The company now expects an accelerated potential commercial launch of arthroscopic MACI in 2024.
On December 28, 2022, the FDA announced that NexoBrid had been approved for the removal of eschar in adults with full-thickness, partial-thickness, and/or thermal burns. The US commercial availability of NexoBrid was anticipated for the second quarter of 2023.
In the first half of 2023, the company anticipates meeting with the FDA to discuss the MACI development program for the treatment of ankle cartilage defects.
“We made tremendous progress advancing our pipeline and expanding our business in 2022, highlighted by an accelerated regulatory pathway for the MACI arthroscopic delivery program and the recent approval of NexoBrid,” said Nick Colangelo, President and CEO of Vericel. “We also had very strong MACI performance to close the year and we look forward to building on this momentum in 2023 across both of our franchises, as we expect accelerating total revenue growth this year and further acceleration in 2024 driven by a full year of NexoBrid on the market and the planned launch of arthroscopic MACI.”
Vericel price target raised at HC Wainwright
Following the FDA’s approval of NexoBrid, HC Wainwright analyst Swayampakula Ramakanth increased the price target for Vericel to $37 from $35 and maintained a Buy rating on the stock on January 3, 2023. According to Ramakanth in a research note to investors, the drug’s label was broader than anticipated because it can be used up to twice, the first application covering up to 15% of the body’s surface area and the second application within 24 hours covering up to 20%. According to the terms of the collaboration agreement with MediWound, Vericel is anticipated to make an $7.5 million milestone payment in Q1.