D. Boral Capital Lowers Avita Medical (NASDAQ:RCEL) Price Target to $10.00

Avita Medical (NASDAQ:RCEL) had its target price dropped by equities research analysts at D. Boral Capital from $14.00 to $10.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. D. Boral Capital’s price objective would indicate a potential upside of 190.70% from the company’s previous close.

A number of other analysts have also recently weighed in on the stock. Zacks Research upgraded shares of Avita Medical from a “strong sell” rating to a “hold” rating in a research note on Friday, December 19th. Lake Street Capital lowered shares of Avita Medical from a “buy” rating to a “hold” rating and cut their target price for the stock from $8.00 to $4.00 in a research report on Friday, October 17th. BTIG Research raised Avita Medical from a “sell” rating to a “neutral” rating in a research report on Thursday, November 20th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Avita Medical in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $5.67.

Avita Medical Price Performance

RCEL traded down $0.08 during midday trading on Thursday, hitting $3.44. 95,457 shares of the company’s stock traded hands, compared to its average volume of 242,015. The company has a market cap of $104.90 million, a PE ratio of -1.91 and a beta of 1.70. Avita Medical has a one year low of $3.22 and a one year high of $11.25. The stock’s fifty day simple moving average is $3.58 and its 200-day simple moving average is $4.52.

Avita Medical (NASDAQ:RCEL) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.03). The firm had revenue of $17.06 million for the quarter, compared to analyst estimates of $29.39 million. On average, research analysts expect that Avita Medical will post -0.95 EPS for the current year.

Hedge Funds Weigh In On Avita Medical

A number of hedge funds have recently made changes to their positions in RCEL. Bridgeway Capital Management LLC boosted its position in shares of Avita Medical by 213.8% during the 3rd quarter. Bridgeway Capital Management LLC now owns 118,004 shares of the company’s stock valued at $603,000 after acquiring an additional 80,404 shares in the last quarter. Divisadero Street Capital Management LP bought a new position in Avita Medical during the third quarter worth about $511,000. AQR Capital Management LLC acquired a new stake in Avita Medical during the first quarter valued at approximately $799,000. Jane Street Group LLC grew its stake in shares of Avita Medical by 36.1% in the 2nd quarter. Jane Street Group LLC now owns 86,730 shares of the company’s stock valued at $459,000 after purchasing an additional 22,986 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of Avita Medical by 49.7% in the 2nd quarter. Bank of America Corp DE now owns 62,551 shares of the company’s stock valued at $331,000 after purchasing an additional 20,767 shares during the period. Institutional investors and hedge funds own 27.66% of the company’s stock.

About Avita Medical

Avita Medical, Inc (NASDAQ: RCEL) is a regenerative medicine company focused on the development and commercialization of cell‐based therapies for acute and chronic wounds. Its flagship technology, the ReCell® Autologous Cell Harvesting Device, enables clinicians to create a suspension of a patient’s own skin cells at the point of care. The system is designed to accelerate wound healing, minimize donor‐site requirements and reduce scarring for patients suffering from burns, traumatic wounds and a variety of surgical and reconstructive procedures.

Founded in 2009 and headquartered in Carlsbad, California, Avita Medical has secured regulatory clearances in key markets, including CE mark approval in the European Union and 510(k) clearance from the U.S.