Core Viewpoint - BTIG downgraded Vericel Corporation from Buy to Neutral, removing its previous price target of $45, leading to a more than 7% decline in shares [1] Group 1: Share Performance and Market Sentiment - Vericel shares have dropped approximately 42% year-to-date following two weaker quarters [2] - The downgrade reflects a lack of expected growth from the MACI Arthro launch, with a survey indicating that around 60% of physicians anticipate no change in MACI volumes [2] Group 2: Growth Projections - BTIG projected a 20% increase in MACI procedure growth for fiscal 2026, aligning with Street estimates, followed by a slower average growth of 14.8% annually through fiscal 2028 [3] - The firm expects mid-to-high-teens overall growth, which is below consensus forecasts for fiscal 2026 and beyond [3] Group 3: Valuation and Investor Interest - Shares are currently trading at about 5x next-twelve-month EV/Sales, with much of the current weakness already reflected in the valuation [4] - Without clear upside catalysts, BTIG concluded that investor interest may not return in the near term [4]