Avita Medical Inc. (NASDAQ:RCEL) Receives $11.40 Consensus Price Target from Brokerages

Shares of Avita Medical Inc. (NASDAQ:RCEL) have earned an average recommendation of “Moderate Buy” from the seven brokerages that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and five have issued a buy recommendation on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $11.40.

A number of analysts recently commented on RCEL shares. Lake Street Capital lifted their target price on shares of Avita Medical from $8.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, August 28th. TD Cowen upped their price target on shares of Avita Medical from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, August 19th. Wall Street Zen raised shares of Avita Medical from a “sell” rating to a “hold” rating in a report on Sunday, August 2nd. BTIG Research lifted their price objective on shares of Avita Medical from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, August 19th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Avita Medical in a research report on Wednesday, June 24th.

Avita Medical Price Performance

Shares of NASDAQ:RCEL opened at $10.21 on Friday. The business’s 50-day moving average is $7.48 and its 200 day moving average is $5.47. Avita Medical has a 1 year low of $3.22 and a 1 year high of $11.39. The firm has a market capitalization of $314.26 million, a P/E ratio of -7.09 and a beta of 2.02.

Avita Medical (NASDAQ:RCEL) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.04. The business had revenue of $21.70 million during the quarter, compared to analyst estimates of $20.25 million. On average, analysts expect that Avita Medical will post -0.98 EPS for the current year.

Institutional Trading of Avita Medical

Hedge funds and other institutional investors have recently made changes to their positions in the business. NewEdge Advisors LLC raised its holdings in shares of Avita Medical by 71.4% during the second quarter. NewEdge Advisors LLC now owns 148,931 shares of the company’s stock worth $615,000 after purchasing an additional 62,046 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Avita Medical in the second quarter valued at $95,000. Bank of America Corp DE purchased a new stake in Avita Medical in the second quarter valued at $213,000. Ieq Capital LLC purchased a new stake in Avita Medical in the second quarter valued at $134,000. Finally, BlackRock Inc. acquired a new stake in Avita Medical during the 2nd quarter worth about $2,333,000. Institutional investors and hedge funds own 27.66% of the company’s stock.

Avita Medical Company Profile

AVITA Medical, Inc is a regenerative medicine company focused on developing and commercializing treatments that use a patient’s own skin cells to support the healing of wounds and tissue defects. Its primary product is the RECELL Autologous Cell Harvesting Device, which enables clinicians to prepare a suspension of a patient’s skin cells at the point of care for application to damaged areas.

RECELL is designed to assist with the treatment of thermal burn wounds and certain full-thickness skin defects.