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Vericel downgraded to Neutral from Buy at BTIG

BTIG downgraded Vericel (VCEL) to Neutral from Buy without a price target The stock is down 42% this year following two “softer” quarters, the analyst tells investors in a research note. BTIG’s survey of MACI users suggests limited increases in both biopsy growth and conversion from the MACI Arthro launch to drive estimates higher. The firm points out that 60% of surgeons surveyed expect no change to MACI volumes despite Arthro as an option now.

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