Short Interest in AVITA MED LTD/S ADR (NASDAQ:RCEL) Increases By 38.9%

AVITA MED LTD/S ADR (NASDAQ:RCEL) was the target of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 195,900 shares, a growth of 38.9% from the August 15th total of 141,000 shares. Based on an average daily volume of 110,700 shares, the short-interest ratio is currently 1.8 days. Approximately 0.3% of the shares of the company are sold short.

AVITA MED LTD/S stock opened at $28.21 on Thursday. The firm’s 50 day moving average price is $24.14 and its 200-day moving average price is $13.47. AVITA MED LTD/S has a 1 year low of $20.00 and a 1 year high of $55.35. The stock has a market cap of $605.61 million, a P/E ratio of -13.63 and a beta of 1.09.

Several brokerages have issued reports on RCEL. BTIG Research raised their target price on AVITA MED LTD/S from $8.00 to $41.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Bank of America began coverage on AVITA MED LTD/S in a research note on Thursday, August 27th. They issued a “buy” rating and a $42.00 price objective on the stock. BidaskClub raised AVITA MED LTD/S from a “strong sell” rating to a “sell” rating in a research note on Monday, September 7th. ValuEngine raised AVITA MED LTD/S from a “hold” rating to a “buy” rating in a research note on Monday, August 3rd. Finally, BofA Securities began coverage on AVITA MED LTD/S in a research note on Thursday, August 27th. They issued a “buy” rating and a $42.00 price objective on the stock. Two analysts have rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $34.67.

In other AVITA MED LTD/S news, CEO Michael S. Perry sold 7,128 shares of the firm’s stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $26.26, for a total value of $187,181.28. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders sold 31,220 shares of company stock worth $841,204 over the last three months.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. purchased a new stake in AVITA MED LTD/S in the 1st quarter worth $29,000. Advisor Group Holdings Inc. bought a new stake in shares of AVITA MED LTD/S in the first quarter worth about $55,000. Raymond James & Associates purchased a new stake in shares of AVITA MED LTD/S in the first quarter worth about $63,000. Two Sigma Advisers LP purchased a new stake in shares of AVITA MED LTD/S in the first quarter worth about $65,000. Finally, Advisors Asset Management Inc. bought a new position in AVITA MED LTD/S during the second quarter valued at approximately $145,000. Institutional investors own 6.64% of the company’s stock.

About AVITA MED LTD/S

Avita Medical Limited operates as a regenerative medicine company in the Asia Pacific, Europe, the Middle East, Africa, and the Americas. It offers regenerative products to address unmet medical needs in burn injuries, trauma injuries, chronic wounds, and dermatological and aesthetics indications. The company's patented and proprietary platform technology provides treatment solutions derived from the regenerative properties of a patient's own skin.

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