Avita Medical (NASDAQ:RCEL) Price Target Raised to $15.00

Avita Medical (NASDAQ:RCEL) had its price objective increased by BTIG Research from $11.00 to $15.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts also recently weighed in on RCEL. Weiss Ratings reissued a “sell (e+)” rating on shares of Avita Medical in a research note on Monday, September 21st. Wall Street Zen upgraded shares of Avita Medical from a “sell” rating to a “hold” rating in a report on Sunday, August 2nd. TD Cowen raised their price objective 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. Finally, 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 report on Friday, August 28th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Avita Medical has an average rating of “Moderate Buy” and an average target price of $12.20.

Avita Medical Stock Down 1.9%

Avita Medical stock opened at $13.10 on Monday. The business’s 50-day simple moving average is $10.65 and its 200 day simple moving average is $6.59. The stock has a market cap of $403.22 million, a price-to-earnings ratio of -9.10 and a beta of 1.99. Avita Medical has a 12-month low of $3.22 and a 12-month high of $13.73.

Avita Medical (NASDAQ:RCEL) last announced its quarterly earnings data 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 firm had revenue of $21.70 million for the quarter, compared to the consensus estimate of $20.25 million. As a group, sell-side analysts expect that Avita Medical will post -0.98 EPS for the current year.

Institutional Investors Weigh In On Avita Medical

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RCEL. BlackRock Inc. acquired a new position in shares of Avita Medical during the 2nd quarter worth about $2,333,000. NewEdge Advisors LLC increased its stake in shares of Avita Medical by 8,588.5% in the 1st quarter. NewEdge Advisors LLC now owns 86,885 shares of the company’s stock valued at $321,000 after acquiring an additional 85,885 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of Avita Medical in the 2nd quarter valued at about $213,000. Thompson Davis & CO. Inc. acquired a new stake in shares of Avita Medical in the 1st quarter valued at approximately $144,000. Finally, Ieq Capital LLC acquired a new stake in shares of Avita Medical in the 2nd quarter valued at approximately $134,000. Institutional investors own 27.66% of the company’s stock.

About Avita Medical

Avita Medical is a regenerative medicine company focused on developing and commercializing technologies that use a patient’s own cells to support skin repair and healing. The company’s platform is designed to create a suspension of regenerative cells from a small sample of healthy skin, which can then be applied to damaged areas.

Its primary product is the RECELL Autologous Cell Harvesting Device, a point-of-care system that prepares a patient’s skin cells for use in treating thermal burn wounds.