Zacks Investment Research Lowers AVITA Medical (NASDAQ:RCEL) to Hold

Zacks Investment Research lowered shares of AVITA Medical (NASDAQ:RCEL) from a buy rating to a hold rating in a research note released on Wednesday, Zacks.com reports.

According to Zacks, “AVITA Medical Inc. is a regenerative medicine company. It engages in developing and commercializing a technology platform which enables point-of-care autologous skin restoration for multiple unmet needs. AVITA Medical Inc., formerly known as AVITA Therapeutics Inc., is based in VALENCIA, Calif. “

RCEL opened at $10.35 on Wednesday. The business has a fifty day simple moving average of $13.27 and a 200-day simple moving average of $16.72. AVITA Medical has a fifty-two week low of $10.03 and a fifty-two week high of $28.49.

AVITA Medical (NASDAQ:RCEL) last released its quarterly earnings data on Monday, November 8th. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.16. The business had revenue of $7.02 million during the quarter, compared to analyst estimates of $6.98 million. AVITA Medical had a negative return on equity of 19.32% and a negative net margin of 71.51%. During the same period last year, the company posted ($0.48) EPS. Equities research analysts forecast that AVITA Medical will post -1.34 earnings per share for the current fiscal year.

Several institutional investors have recently modified their holdings of the company. Royal Bank of Canada boosted its position in shares of AVITA Medical by 51.9% in the third quarter. Royal Bank of Canada now owns 3,090 shares of the company’s stock worth $55,000 after buying an additional 1,056 shares during the period. Ameritas Investment Partners Inc. acquired a new stake in shares of AVITA Medical in the second quarter worth $38,000. Nisa Investment Advisors LLC acquired a new stake in shares of AVITA Medical in the second quarter worth $51,000. Legal & General Group Plc acquired a new stake in shares of AVITA Medical in the second quarter worth $52,000. Finally, Granahan Investment Management Inc. MA boosted its position in shares of AVITA Medical by 24.1% in the third quarter. Granahan Investment Management Inc. MA now owns 15,907 shares of the company’s stock worth $282,000 after buying an additional 3,092 shares during the period. 33.45% of the stock is owned by institutional investors and hedge funds.

About AVITA Medical

AVITA Medical, Inc, through its subsidiaries, engages in the development and commercialization of technology platform that enables point-of-care autologous skin restoration for multiple unmet needs. Its product RECELL system is a device that enables healthcare professionals to produce a suspension of spray-on skin cells using a small sample of the patient’s own skin for the treatment of acute thermal burns.

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