Avita Medical (NASDAQ:RCEL) Stock Price Expected to Rise, Lake Street Capital Analyst Says

Avita Medical (NASDAQ:RCEL) had its target price lifted by equities researchers at Lake Street Capital from $12.00 to $20.00 in a report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Lake Street Capital‘s price target would suggest a potential upside of 20.55% from the company’s current price.

Several other equities research analysts have also recently weighed in on RCEL. TD Cowen restated a “buy” rating on shares of Avita Medical in a research note on Tuesday, November 3rd. BTIG Research increased their price target on shares of Avita Medical from $15.00 to $21.00 and gave the company a “buy” rating in a research note on Friday. Wall Street Zen upgraded shares of Avita Medical from a “sell” rating to a “hold” rating in a research note on Sunday, August 2nd. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Avita Medical in a report on Monday, September 21st. 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 presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.00.

Avita Medical Price Performance

NASDAQ RCEL opened at $16.59 on Friday. The company has a market cap of $521.26 million, a P/E ratio of -14.06 and a beta of 2.03. The stock has a 50-day moving average of $12.77 and a two-hundred day moving average of $6.85. Avita Medical has a 1-year low of $3.22 and a 1-year high of $18.07.

Avita Medical (NASDAQ:RCEL) last announced its quarterly earnings data on Thursday, November 5th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.04. The company had revenue of $26.11 million during the quarter, compared to analyst estimates of $22.35 million. On average, analysts anticipate that Avita Medical will post -0.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Russell Investments Group Ltd. raised its holdings in Avita Medical by 47.7% during the third quarter. Russell Investments Group Ltd. now owns 41,449 shares of the company’s stock worth $486,000 after purchasing an additional 13,395 shares during the last quarter. Jefferies Financial Group Inc. purchased a new stake in Avita Medical during the third quarter worth $440,000. China Universal Asset Management Co. Ltd. grew its holdings in Avita Medical by 28.0% in the third quarter. China Universal Asset Management Co. Ltd. now owns 16,000 shares of the company’s stock valued at $191,000 after purchasing an additional 3,500 shares during the last quarter. Harpswell Capital Advisors LLC acquired a new stake in Avita Medical in the third quarter valued at $150,000. Finally, NewEdge Advisors LLC grew its holdings in Avita Medical by 71.4% in the second quarter. NewEdge Advisors LLC now owns 148,931 shares of the company’s stock valued at $615,000 after purchasing an additional 62,046 shares during the last quarter. Institutional investors and hedge funds own 27.66% of the company’s stock.

Avita Medical Company Profile

Avita Medical, Inc (NASDAQ: RCEL) is a regenerative medicine company focused on developing and commercializing therapies that use a patient’s own cells to help restore damaged skin and tissue. Its lead product is the RECELL System, an autologous cell-harvesting device designed to prepare a suspension of a patient’s skin cells at the point of care for application to wounds.

RECELL is used in the treatment of certain thermal burn wounds and other skin injuries. The system is intended to support wound healing and may reduce the amount of donor skin required for grafting by enabling clinicians to create a cell suspension from a small sample of the patient’s healthy skin.