Vericel Corp (NASDAQ: VCEL)
Vericel Corp is having an incredibly strong day in the market today. When the opening bell rang, the stock was already well into the green. Now, it looks like the stock is likely to continue on the upward path for some time to come. Below, we’ll talk about what we’re seeing from VCEL, why, and what we’ll be watching for ahead.
What We’re Seeing From VCEL
As mentioned above, Vericel is having an incredibly strong start to today’s trading session. As soon as the market opened, the stock was already well into the green. In the first 5 minutes, we’ve seen strong upward movement that suggests that today will be a day of strong gains for the stock. At the moment (9:35), VCEL is trading at $4.42 per share after a gain of $1.83 per share (70.19%) thus far today.
Why The Stock Is Climbing
As soon as our partners at Benzinga Pro informed us of the gains, the CNA Finance team decided to do some digging to see exactly what was causing the news. In this particular case, it didn’t take long to dig up the story. Ultimately, VCEL is climbing as the result of a recent FDA approval.
In fact, yesterday, it was announced by the Food and Drug Administration that it has approved Maci for the repair of symptomatic, full-thickness cartilage defects of the knee in adult patients. That’s a big win for Vericel, as it means that the company will now be bringing its product to market. In a statement, Celia Witten, Ph.D., M.D., Deputy Director of the FDA’s Center for Biologics Evaluation and Research, had the following to offer:
“Different cartilage defects require different treatments, so therapy must be tailored to the patient… The introduction of Maci provides surgeons with an additional option for treatment.”
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team plans on keeping a close eye on VCEL. In particular, we’re excited to hear about how the company plans to commercialize their newly approved treatment. Nonetheless, we’ll keep a close eye on the news and bring it to you as it develops!
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